Home sales declined in Montreal in March, but prices rose

A sign meaning sold is shown on the west island of Montreal, Saturday, November 4, 2017. THE CANADIAN PRESS/Graham Hughes

Residential property prices in the Montreal area rose an average of 17 per cent in March compared to the same month last year, while the number of transactions decreased by 10 per cent, the Association professionnelle des courtiers immobiliers du Québec (APCIQ) said Tuesday.

The median price of a single-family home reached $565,550 in March, an 18 per cent gain compared to last year, the association said.

Condominium prices registered a 16 per cent increase, bringing the median price for this housing category to $402,600 last month.

Sales for the month totaled 5,493, down 13 per cent from 6,281 last March. New listings last month totaled 7,217, down 9 per cent from 7,295 in March 2021.

Charles Brant, director of the APCIQ's Market Analysis Department, noted that March was characterized by a further increase in prices, as well as a drop in sales to a level below that seen before the pandemic.

This report by The Canadian Press was first published in French on April 5, 2022.