Montreal home sales down 18% from last July: Quebec real estate association – Montreal
The Quebec Skilled Affiliation of Actual Property Brokers says Montreal gross sales in July fell by 18 per cent final 12 months, with the plexes class alone seeing a 38 per cent drop.
The affiliation says gross sales for the month amounted to three,080 in contrast with 3,772 final 12 months, whereas properties with between two and 5 models plunged from 454 final July to 281 final month.
Charles Brant from the affiliation’s market evaluation division interpreted the drop as affirmation that the market dynamic has shifted, largely due to a big hike within the nation’s key rate of interest.
READ MORE: Financial institution of Canada rate of interest hike is a ‘hammer to housing’ market: BMO economist
Brant says the magnitude of the rate of interest hike accelerated the market’s slowdown, however it’s way more gradual than in different main Canadian cities.
On the similar time, new listings are up 22 per cent from 4,023 final July to 4,901 final month.
The median value of single-family properties in Montreal was $550,000 in July, up 10 per cent from the identical time final 12 months, however down $30,000 from April’s peak of $580,000.
