Montreal's February home sales were down 12% from a year earlier, as the market suffered from a lack of listings.
The Quebec Professional Association of Real Estate Brokers said 4,399 homes in the Montreal market changed hands in February, a drop from 5,025 in the same month of 2021.
New listings stood at 5,899 last month, a 4% decrease from 6,130 last year.
The median price of a single-family home soared in Montreal by 20% from a year ago to $550,000, while condominium prices rose by an annualized 16% to $395,000.
The association said pressure on prices remains high, but an easing may come later this year after the Bank of Canada began raising interest rates earlier this week.
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