Young Montrealers' dreams of homeownership might be slipping further and further beyond reach. Montreal area home prices jumped significantly between the third quarter of 2020 and the third quarter of 2021, according to the latest report from the Quebec Professional Association of Real Estate Brokers (QPAREB).
It recorded a 17% increase in the median single-family home price in Greater Montreal — up to $500,250 — compared to Q3 of 2020.
While all areas included in the QPAREB report saw price increases, some were more dramatic than others.
Montreal Island actually posted the smallest increase in the median home price: just 11% compared to Q3 2020.
Laval and Saint-Jean-sur-Richelieu each posted a 14% increase. The QPAREB noted a 19% increase in the median single-family home price on the South Shore; a 20% increase on the North Shore; and a whopping 25% increase in the MRC of Vaudreuil-Soulanges.
The median condo price also increased in every part of Greater Montreal, according to the report: a 9% increase on the Island of Montreal compared to Q3 2020; a 21% increase in Laval; 22% on the South Shore; 24% in Vaudreuil-Soulanges; 26% in Saint-Jean-sur-Richelieu; and a 28% increase on the North Shore.
Meanwhile, the number of real estate transactions and active listings in the Montreal area both plummeted, by 29% and 20%, respectively, compared to Q3 last year.
Considering this ultra-lavish two-level residence comes with three bedrooms, three bathrooms, two garages, a private walk-out terrasse, and the prettiest windy stairs I've ever seen, it's safe to say that you get what you pay for.
Though it saw the largest month-over-month drop in average rent per square foot last month, falling 6.2% to $2.21 per square foot, Montreal's rental rates have been going up over the last few years and the pandemic didn't do much to slow things down, the report states.
In an attempt to give the most accurate rental numbers possible, the report lists the 16 most popular apartments in Montreal over the past 19 months based on pageviews.
Norgate & Renaissance
The Olympic Village
Côte Vertu I
Place Du Boulevard Apartments
District C.D.N. Apartments
Place Kingsley Apartments
5015-5025 & 5051 Clanranald Avenue
La Tour Lafontaine
Domaine d'Iberville Apartments
Terrasses Embassy Apartments
"In these 16 select popular rental buildings, the average rent is up 3% annually to $1,406 per month, and the market is just as strong as the overall data suggests," the report says.