Montreal home sales hit level not seen since 2014: Quebec housing association
The Quebec Professional Association of Real Estate Brokers says October home sales in Montreal dropped to a level not seen since 2014.
Sales for the month totalled 1,501, a 35 per cent decrease from a year prior, but in the single-family home category alone fell to a level not seen since 2000.
The association's director of its market analysis department attributed the drop in sales to the increase in interest rates and inflation, which have both weighed on purchasing power.
Charles Brant says the market is seeing a cautious attitude from people and investors who would make purchases but are instead waiting for the market to stabilize and conditions to be more favourable.
His association says the median price of a single-family home reached $510,000, a one per cent drop from a year earlier, while the median price of a condo hit $380,000 and was relatively unchanged from last year.
The median price in the duplex and triplex market was $700,000, which amounts to a $10,000 decline from October 2021 or a 1.4 per cent decrease.
Last month's new listings totalled 5,440, a two per cent increase from October 2021.
- This report by The Canadian Press was first published Nov. 3, 2022.
CTVNews.ca Top Stories
Air turbulence: When can it become dangerous?
Flight turbulence like that encountered by a Singapore Airlines flight on Tuesday is extremely common, but there's one aspect of severe turbulence an aviation expert says can lead to serious injury.
B.C. serial killer Robert Pickton hospitalized after prison attack
British Columbia serial killer Robert Pickton was attacked and sustained life-threatening injuries in a Quebec prison Sunday in what officials described as a 'major assault.'
'Mr. Trump doesn't worry us', says Canadian ambassador
As Prime Minister Justin Trudeau continues the 'Team Canada' charm offensive to U.S. lawmakers and business leaders, Canada's ambassador to the United States downplayed the effect of another Trump presidency on Canada.
WATCH Why today's inflation numbers are good if you have a mortgage
New inflation data is 'welcome news' for consumers and an economist says it could signal the possibility for a interest rate cut as several core measures also continue to ease.
'Miscommunication' Liberals say of Speaker Fergus event invite Conservatives call partisan
House of Commons Speaker Greg Fergus is facing fresh Conservative-led calls to resign, this time over "very partisan" and 'inflammatory' language used – the Liberals say mistakenly – to promote an upcoming event.
Toronto Blue Jays fan struck by 110 m.p.h foul ball offered tickets, signed baseball by team
The Toronto Blue Jays have offered tickets and a signed baseball to a fan who says she was struck in the face by a 110 m.p.h (177 km/h) foul ball at Friday’s game.
OPP continues to investigate boat collision north of Kingston, Ont. that left 3 people dead
Ontario Provincial Police continue to investigate a long weekend fatal boat collision on Bobs Lake, north of Kingston, Ont.
opinion Tom Mulcair: With Trudeau spiralling, Mark Carney waits in the wings
In his latest column for CTVNews.ca, former NDP leader Tom Mulcair argues that if there's an unofficial frontrunner in the eventual race to replace Justin Trudeau as Liberal leader, it has to be former Bank of Canada governor Mark Carney.
Loblaw boycott organizers say they plan to keep movement going past May
The organizers of a month-long boycott of Loblaw-owned stores say they've decided to extend the boycott past May.