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Montreal home sales for November drop to levels not seen since 2014

MONTREAL — The Quebec Professional Association of Real Estate Brokers says November home sales in Montreal dropped to a level not seen since 2014 as rising interest rates lowered activity and drove up inventory.

Sales for the month totalled 2,716, a 38 per cent drop from a year earlier for the largest November drop since the Centris provincial database was created in 2000.

The association says higher interest rates weighed across the market, though sales in the multiplex segment saw the biggest declines at 60 per cent compared with last year, while condo sales were down 41 per cent and single-family home sales were down 30 per cent.

Prices were fairly stable in the month with condo prices unchanged from October and single-family home prices up slightly, while compared with last year, prices were down two per cent for condos and one per cent for single-family homes.

The median price for a condo was $380,000, while it was $520,000 for a single-family home, and in the multiplex segment of between two and five units, the median was $715,000.

Active listings were up 58 per cent compared with a year earlier at 16,397, while new listings were down three per cent from last year.

This report by The Canadian Press was first published Dec. 5, 2022.

The Canadian Press