The pace of growth of Montreal’s residential property values has swelled by more than double since 2017, according to figures released earlier this month by the municipal government.
Greater Montreal home values increased by an average of 13.7% from 2017, considerably larger than the 5.9% registered during the previous municipal roll roughly two years ago.
During this period, single-family detached homes saw a 20% increase in value, ending up at an average of $600,000. Meanwhile, condo values grew by 8.7%, up to an average of $365,000.
“The market has just completely exploded over the past few years since 2017,” residential broker Rebecca Sohmer told CTV News.
Condos have been especially noteworthy, with demand dramatically intensifying and median prices increasing twice as fast as the rate seen in single detached housing.
A late August report by Royal LePage stated that from January to July of this year, the median price of the Greater Montreal area’s condos spiked up by 10.3% annually, up to $286 per square foot (psf). To compare, single-detached homes saw 5.2% growth during the same time frame.
In the City of Montreal, the condo median price grew by 7.9% year-over-year to $433 psf. Single-family detached properties saw their average value rise by 6.9% to $313 psf.
“Baby boomers looking for smaller units, millennials increasing their purchasing power, and more foreign buyers contributed to a hike in condo prices and demand in the past three years,” Royal LePage Altitude broker Maxime Tardif said at the time.
“Available land is limited on the island; builders and developers are making every square foot count. As a result, more high-end, spacious units are being constructed in the suburbs, particularly near transit stations.”
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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