Montreal Sees Steep Home Sale Drop

The Montreal, QC, census metropolitan area had a drop in sales in November. The sharp drop is likely due to the rapid rise of interest rates, says the Quebec Professional Association of Real Estate Brokers (QPAREB). There were 2,716 residential sales for the month of November, a 38 per cent decline over November 2021. The last time there were so few transactions for a month of November was in 2014. Among the different types of properties, plexes (210 sales) are the most affected by this decrease with a 60 per cent decline in sales when compared to November 2021. The board says that “with this continued decline in sales, it is not surprising to find a historic jump in active listings. Current listings are now comparable to pre-pandemic levels and, particularly, to late 2019 data.