But some types of housing – in certain parts of the Montreal region – saw increases over 14 per cent, year-over-year.
Housing prices in Montreal continued to rise during the third quarter of 2018, according to the House Price Survey released on Tuesday morning. However, the increase was slightly lower than during the pervious quarter.
The aggregate price of a home in the Montreal region was up 5.4 per cent from the previous year, according to the real estate company, rising to $396,909.
During the second quarter, prices rose 5.9 per cent year-over-year.
The aggregate price was up 0.9 per cent from the previous quarter.
The aggregate price is a weighted average based on the median value of condos, bungalows and two-storey houses sold during the period.
However, some areas saw much larger increases.
The price of a two-storey house in Montreal Centre (the Royal LePage survey divides Montreal in three areas — West, East and Centre) rose 14.4 per cent year-over-year to $749,795. That was a three-per-cent increase from the previous quarter.
That increase was credited to limited supply.
Across the region, the median price of a two-storey house was up 6.5 per cent from the previous year, and 0.4 per cent from the previous quarter, to $500,021.
In the western part of Montreal Island, the median price of a two-storey house was up 5.1 per cent from the year before, but down five per cent from the previous quarter.
The median price of a condo, across the region, rose 1.9 per cent from the previous year and 4.5 per cent from the previous quarter to $323,329.
Condo sales rose 12.1 per cent across the region, according to the survey, with the South Shore seeing a 30.8 per cent increase in condo sales and the North Shore seeing a 25.9 per cent increase in condo sales.
Royal LePage is forecasting an increase of 0.7 per cent quarter-over-quarter in the aggregate price of a home during the fourth quarter of 2018.