Residential property prices in the Montreal area rose 17% in March, compared to the same period of 2021.
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This was indicated on Tuesday by the Professional Association of Real Estate Brokers of Quebec (APCIQ), which also noted a 10% decline in the number of transactions during the same period.
The median price of a single-family home was $565,550, up 18%, while condominiums and small income properties saw median price increases of 16% to $402,600 and $773 $500 respectively.
On the other hand, sales fell by 13% for a total of 5,493 residences sold, compared to 6,281 a year earlier in the census metropolitan area (CMA) of Montreal, where new listings fell by 9% s amounting to 7217.
“The month of March was marked by a new vigorous rise in prices, around 17%, all categories combined. […] This new outbreak of fever, against a backdrop of overbidding, could be one of the very last,” said Charles Brant, director of the Market Analysis Department.
“The number of active listings tends to stabilize, or even go up in certain sectors and categories, after an incessant fall recorded since the start of the pandemic,” explained Mr. Brant.