Montreal October home sales down from record level last year, but prices up

A sign meaning sold is shown on the lawn of a residential property on the west island of Montreal, Saturday, November 4, 2017. Graham Hughes/The Canadian Press

The pace of home sales in Montreal in October fell 24 per cent compared with a record total for the month last year, while prices soared higher.

The Quebec Professional Association of Real Estate Brokers says sales in Montreal totalled 4,320 in October, down from 5,684 in October 2020.

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The drop came as the median price of a single family home rose to $515,000 from $430,250 a year ago, while the median price for a condominium rose to $379,900 from $322,500.

The median price for plexes rose to $707,250 from $629,000 a year ago.

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New listings for the month fell to 5,515 compared with 7,110 in the same month last year, while active listings totalled 11,195 compared with 14,074 in October 2020.

The association says the Montreal real estate market still shows signs of significant overheating and continues to experience a large proportion of sales for above the asking price.

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