Montreal Home Sales Fell 18% In July

Home sales in Montreal fell 18% in July, according to the Quebec Professional Association of
Real Estate Brokers.

The association said that Montreal home sales in July amounted to 3,080 compared with 3,772
a year ago, while sales of plexes, or homes with between two and five units, declined 38% to
281 from 454 a year ago.

The Montreal housing market has cooled off largely due to rising mortgage rates, the
association said in a news release.

New listings in the Montreal area rose 22% to 4,901 in July from 4,023 a year earlier.

The median price of a single-family home in Montreal was $550,000 in July, up 10% from the
same month in 2021, but down $30,000 from a peak of $580,000 reached in April of this year.