Montreal home prices increased 43% in past decade
According to statistics from the Canadian Real Estate Association, home prices in Montreal have increased by a whopping 43% since 2009. This includes a 13% increase since 2016, when Quebec’s largest real estate market started to catch fire.
Further, if you consider the last 6 months, the biggest increase in homes values across major Canadian cities sees Montreal at the top of that list. Between August 2018 and February 2019, home prices in Montreal increased by 3%, whereas in cities such as Vancouver, Edmonton, Calgary, and Moncton, those numbers are in the red.
When compared to the rest of Canada, Montreal is faring much better in terms of year over year price increases. Where Canada has seen a decrease in home prices generally over the past year at -5.2%, Montreal has seen an increase of over 6%.
Royal LePage reported this week with slightly different data, however the conclusion is the same—Montreal’s housing market is the hottest in Canada. “The median home value in Montreal Centre enjoyed an 8.1% year-over-year increase to reach $406,332. This is far above the movements observed in the Greater Toronto Area (3.4% growth to $836,425) and Greater Vancouver (1.5% shrinkage to end up at $1,239,306).”
A strong demand for condos in Montreal is one of the many drivers of this surge in pricing and buyer interest. An increase in foreign buyers as well as a robust economy are also contributing factors to Montreal’s robust real estate market.