Royal LePage’s latest survey predicts further appreciation in 2019.
Montreal’s record setting price growth continued in the last quarter of 2018, and is expected to rise further in 2019, according to Royal LePage’s survey released today.
Housing prices in Montreal are now rising at a faster pace than those in both Toronto and Vancouver.
Dominic St-Pierre, VP of Royal LePage, predicts that the Montreal area will remain a seller’s market past 2019.
“The Montreal market is very active, due to its affordability compared to other Canadian cities and unprecedented economic conditions, including rising wages,” he said.
Fourth Quarter Statistics
In the last quarter of 2018, Montreal residential real estate prices increased 4.1% when compared to the same period in 2017.
The average aggregate property price is now $407,230.
The price of a two-storey detached home rose 3.5% to an average of $517,190.
Two-storey houses recorded the highest appreciation rates on the South Shore, where the median home appreciated by 7.1% year-over-year.
On Montreal island, prices rose by between 1% in the west and 3.7% in central Montreal.
Condo sales increased by 11.8% year over year in the fourth quarter of 2018, while the two-storey house sales only went up 2.6%.
Despite Montreal’s recent surge, the city has not experienced the same type of soaring price appreciation as witnessed in the Toronto and Vancouver markets over the past decade.