Montreal in no danger of overheating any time soon

by Ephraim Vecina on 30 Nov 2018

While Montreal’s average home sales price considerably increased by 6.29% year-over-year in October, historical trends will quash any fears that the market is headed towards a state of potential meltdown, the Canadian Real Estate Association assured.

The last peak that Montreal reached prior to last month was June 2010’s annual price growth of 8.89%. This is a positively bygone era compared to Toronto and Vancouver’s peaks, which were on April 2017 (31.43% increase) and July 2016 (32.61% growth), respectively.

In addition, Montreal’s prices grew by 41.19% over the past 10 years, a rate less than half that of Vancouver (96.98%) or Toronto (113.34%).

Read more: Montreal housing market continues hot streak to 2020

“Montreal real estate price growth is attracting attention since it leads the country,” Better Dwelling noted in its analysis of the CREA numbers. “Except Montreal has lagged Toronto and Vancouver significantly over the past few years.”

Indeed, Montreal’s average home price was at $350,000 as of October. Toronto ($766,300) and Vancouver ($1,062,100) continued to host Canada’s most expensive housing markets.


Related stories:
Montreal to grow increasingly unfriendly to first-time buyers
Montreal’s largest mixed-use complex to arise soon


Post a Comment

Most Trending News

Pandemic effects waning amid strong fall market in GTA

The Toronto Regional Real Estate Board (TRREB) is reporting a busy fall market, as sales and average sale prices rose from August to September, although new listings declined.

Read More
This is why your move costs more than you thought it would

Packing up and moving is arduous enough, but making matters worse for many Canadians is that there are many additional charges they’re often unaware of.

Read More
Canadian home prices to grow 5% through 2021: RE/MAX

Canadian home prices should rise another 5% before the end of 2021, says a new report from RE/MAX. Single-family detached homes have grown the most.

Read More