Montreal Home Sales Plummet 28% In September

Home sales in Montreal fell by 28% in September, according to the Quebec Professional Association of Real Estate Brokers.

The association reported that 3,671 homes were sold last month in Montreal, down from 5,120 in September 2020. New listings for the month dropped to 5,818 from 7,499 in September 2020.

Median home prices continued to rise sharply in September, reaching $504,500 for single-family homes and $365,000 for condominiums.

The association said that the Montreal real-estate market is still showing significant overheating but the proportion of sales above the asking price has weakened in the past five months.

The association said this trend is being reflected in a reduction in the number of buyers making an offer on the same property.