The average condominium now costs $223,789, according to Royal LePage. During the same period, the price of a standard two-storey house rose 3.9% to $392,469, and the average price of a bungalow rose 7.6% to $276,343.
Total sales were down for houses and bungalows in Montreal, however, dropping 10.3% and 7.3% in the first quarter of this year, compared to a year ago. Condo sales remained fairly even, however, dropping less than 1%.
“Let’s recall that at this time last year, we were seeing the end of a record first quarter, due in part to willingness of buyers to buy before the new rules on mortgages come into force and the anticipated raise of interest rates,” said Dominic St-Pierre, director of the Quebec region for Royal LePage.
This year, first-time homebuyers and people looking for higher-end properties are most active in Montreal, said St-Pierre. He said the market is stabilizing as the number of multiple offers on properties continues to decline.
The largest price gains in Montreal condominiums have been where they are most expensive. The Royal LePage report shows the average price on a condo rose 14% to a citywide high of $325,000 in the last quarter compared to a year before.
Boucherville was not far behind in condo price gains, although at a much lower price – gaining 13.7% over the same period to reach an average of $210,000.
Ville-Marie showed the smallest gains, rising just 1.4% in average condo price to reach $292,000. Longueuil remained the most affordable area of Montreal for an average condo at $175,000, which was up 7.9% from a year before.
As for standard two-storey houses, the biggest gain was in Brossard, up 17.7% to an average price of $376,500. Notre-Dame-de-Grace/Cote-des-neiges dropped 6.7% in price for the largest decline, to an average of $482,500. It remained the second most expensive location for a two-storey house, however, behind Le Plateau Mont-Royal, at an average of $555,000.
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