Quebec’s real estate board says Montreal-area home sales fell 15 per cent on a year-over-year basis in January amid a shortage of supply and limited purchasing power for some households.
The Quebec Professional Association of Real Estate Brokers says 2,364 properties changed hands throughout the month in the Montreal census metropolitan area, down from 2,774 during the same time a year ago.
Charles Brant, the board’s market analysis director, says that despite a slowdown in activity, the scarcity of properties continues to drive up prices – especially for multiplexes with two to five units.
Median home prices were up across all categories in the first month of the year, led by an 8 per cent increase for multiplexes to $841,800.
The median price of a single-family home rose 4 per cent to $615,000 year-over-year in January, while the median price of a condominium increased 2 per cent to $428,000.
The board says new listings totalled 6,550 for January, up 8 per cent year-over-year.
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