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Montreal home sales down 28 per cent in September: Quebec real estate association

In this file photo, a real estate sign stands in front of a condo in Montreal.
In this file photo, a real estate sign stands in front of a condo in Montreal. Ryan Remiorz/The Canadian Press

The Quebec Professional Association of Real Estate Brokers says September home sales in the Montreal area fell by 28 per cent compared with a year ago as the market continued to edge toward pre-pandemic levels.

The association says 3,671 homes were sold last month in the area, down from 5,120 in September 2020.

Read more: Montreal’s highest-price home of 2021 just sold, and it cost $8 million

New listings for the month also dropped from 7,499 last September to 5,818 last month.

Median prices continued to rise sharply in September, reaching $504,500 for single-family homes, $365,000 for condominiums and $690,000 for plexes.

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The association says the Montreal real estate market is still showing significant overheating conditions, but the proportion of sales concluded above the asking price has weakened over the past five months.

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The association says this trend is being reflected in a reduction in the number of buyers making an offer on the same property.

Read more: Canadian real estate highly vulnerable thanks to price hikes, overvaluations: CMHC

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