The median price of a single-family home in Montreal in July was $550,000, down $30,000 from the April peak, according to data from the Quebec Professional Association of Real Estate Brokers. Prices, however, are still 10 per cent higher than last year at this time.
The number of homes changing hands also slumped, with sales dropping 18 per cent from the year before to a total of 3,080 during July. The board added that as interest rate hikes continue, the market slowdown is “showing signs of intensifying.”