Montreal home prices surged in March as sales dropped: Quebec real estate board

MONTREAL – The Quebec Professional Association of Real Estate Brokers says last month’s Montreal home prices crept up by an average 17 per cent from last year as sales fell by almost 10 per cent.

The board says the median price of a single-family home reached $565,550 in March, an 18 per cent gain from last year.

Condominiums saw a 16 per cent increase, making the median price $402,600 last month.

Sales for the month totalled 5,493, down 13 per cent from 6,281 last March.

Last month’s new listings amounted to 7,217, down nine per cent from 7,295 the previous March.

Charles Brant, the association’s director of market analysis, says the month was characterized by a renewed increase in prices, along with sales decreasing at a lower level than what was seen pre-pandemic.

“This new feverish surge, against a backdrop of overbidding, may be one of the very last ones. Indeed, the number of active listings tends to stabilize, or even increase in certain sectors and categories, after the steady decline recorded since thebeginning of the pandemic,” he said in a news release.

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