Montreal’s record price increase continued in the last quarter of 2018 and is expected to increase further in 2019. Housing prices in Montreal are now growing faster than in Toronto and Vancouver.
Dominic St-Pierre, Vice President of Royal LePage, predicts Montreal will remain in a dealer market after 2019. ”The Montreal market is very active due to the unprecedented economic conditions, including affordability and rising fees compared to other Canadian cities,“ he said.
Fourth Quarter Statistics
1) In the last quarter of 2018, Montreal residential real estate prices increased by 4.1 percent compared to the same period in 2017.
2) The average total property price is now $ 407,230.
3) The price of a two-storey detached house increased by 3.5 percent to $ 517.190.
4) Two-storey houses recorded the highest appreciation rates on the South Coast, where the media gained 7.1 percent on the previous year.
5) On the island of Montreal, prices rose from 1 percent in the west to 3.7 percent in central Montreal.
6) Condo sales increased 11.8 percent year-on-year in the fourth quarter of 2018, while sales of two-storey houses increased only 2.6 percent.
Despite Montreal’s recent fluctuation, the city has not experienced the same price increase over the past decade as seen in the Toronto and Vancouver markets.
Melike Vodina / realestatecoulisse.com