The housing market in Montreal appears to be cooling as it drops around 30 percent compared to September 2020.
The Quebec Professional Association of Real Estate Brokers reports that only 3,671 homes were sold in the area in 2021, while in the same month from the year before, there were 5,120 sales. To top it off, there were also fewer listings, with only 5,818 homes placed on the market compared to roughly 7,500 from the year prior.
Prices are still on the rise in the area, a likely suspect as to why there haven’t been as many sales. The Association also says that buyers are bidding less on homes with pieces above the listed cost, also supporting the idea that buyers are reacting to overinflated prices.
The average price of a single-family home in the Montreal area is $504,500, while condos go for $365,000, and plexes cost around $690,000.
Source: The Canadian Press