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Montreal | Home prices soared in March, sales fell

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(Montreal) Residential property prices in the Montreal area rose an average of 17% in March, compared to the same month last year, while the number of transactions fell 10%, the Professional Association of Quebec Real Estate Brokers (APCIQ).

The median price of a single-family home hit $565,550 in March, up 18% from a year ago, the group said.

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

Sales for the month totaled 5,493, down 13% from 6,281 last March.

New registrations last month were 7,217, down 9% from 7,295 in March 2021.

The director of the APCIQ’s Market Analysis Service, Charles Brant, pointed out that the month of March had been characterized by a new increase in prices, as well as by a drop in sales to a level lower than that observed before the pandemic.

“This new outbreak of fever, against a backdrop of escalation, could be one of the very last. Indeed, the number of registrations in force tends to stabilize, or even go up in certain sectors and categories, after an incessant fall recorded since the start of the pandemic,” he said in a press release.



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