House bubble
© Rafael Ben-Ari / 123RF Stock Photo

The Quebec Professional Association of Real Estate Brokers says August home sales and new listings in the Montreal region were down about 30% each from last year.

The real estate association says sales in the region amounted to 3,372 in August, down from 4,847 during the same month last year.

New listings for the month totalled 4,487, a 27% drop from 6,174 last August.

The association says median prices continued to rise sharply in August, increasing by 17% year-over-year to $500,000 for single-family homes.

The median price of a condominium rose by 20% year-over-year to $375,000, while the average price of plexes jumped by 13% to $679,750.

The association says the Montreal real estate market is still showing significant overheating conditions, but the proportion of sales concluded above the asking price has weakened over the past four months.