A New Report Explains Why Home Prices In Montreal Have Been Increasing Lately

Montreal supposedly has a "chronically low" housing supply right now.
A New Report Explains Why Home Prices In Montreal Have Been Increasing Lately
Rodrigolab | Dreamstime
Staff Writer

A new report from Royal LePage reveals that a "chronically low" housing supply in Montreal is contributing to an overall increase in prices during the first quarter of 2021 and will contribute to even more increases in the near future. 

"Residential demand has continued to grow in Greater Montreal and the number of single-family homes for sale on the market today is approximately half of the inventory we had before the pandemic," said Dominic St-Pierre, vice-president and general manager of Royal LePage Quebec, in the press release.

Editor's Choice: There's A Turquoise-Water Beach Near Montreal Where You Can Pretend You're Not In Quebec

The report goes on to explain that in Montreal itself, the "aggregate price of a home increased 11.1 per cent" this year. Two-storey homes and bungalow prices have also increased by 15.7% and 12.3%, respectively.

The price of condos, meanwhile, has also increased by 7.8% for an average price of $455,433. Royal LePage said that increases of up to 16% in the Greater Montreal Area should be expected by the end of the year. 

"Although we believe that the price increase will gradually subside as public health measures are relaxed, buyers who waited, especially first-time buyers, could be priced out of the market, as we do not foresee price softening in the medium term," added St-Pierre. 

increasedroyallepage
MontrealReal EstateReal Estate
  • Teddy Elliot
  • Teddy Elliot
    Teddy Elliot was a Staff Writer for MTL Blog. He was born and raised in Montreal, Quebec and has a B.A. in Literature. Teddy has been a journalist for three years and was once an English teacher. His creative work has appeared in The Blasted Tree and Parenthetical Magazine. When he's not chasing scoops, Teddy can be found cheering on Aston Villa and listening to 80s power ballads. He was shortlisted for a Digital Publishing Award in 2021.

Montreal had nearly 500 break-ins in May — Here are the hardest-hit neighbourhoods

At roughly 15.7 break-ins per day, May was the busiest month of the year for criminals so far.

STM monthly passes are going up next month and here's exactly how much more you'll pay

Prices change on July 1.

Canadians will a get a new grocery payment this week and here's how much you'll receive

Check your bank accounts!

Loto-Québec is looking for 9 winners who may not know they've won up to $2 million

You may want to give your tickets another look.

Quebec's July weather forecast is out and it's a bit of a mixed bag

It's not all sunshine and rainbows...

11 current and former Canadiens players are on Cameo — Here's how much they charge per video

They range from $60 to $300.

The Canadian government is doing a census follow-up and some people face fines up to $1,000

Census enumerators are now making phone calls and going door to door across Canada.

June's Canada Child Benefit payment is on its way and a raise is coming next month

The new benefit year kicks off in July.

Brendan Gallagher says he's leaving the Montreal Canadiens: 'I'll be moving on'

He shed some tears during his latest interview.

Poilievre says Quebec separatism was 'wiped out' under Conservatives. Polls say otherwise.

The Tory leader insists separatist sentiment in Alberta and Quebec is being driven by the Liberals.