Sign up for our newsletter and get a curated list of the top trending stories and exclusive rewards every day.

Trending Topics

Get the MTL Blog app

Download on the App StoreGet it on Google Play

A New Report Says Montreal Real Estate Prices Are 'Catching Up' With Toronto & Vancouver

You might want to buy while you still can.
Contributing Writer
A New Report Says Montreal Real Estate Prices Are Quickly 'Catching Up' With Toronto & Vancouver

We had a deal. We would accept potholed roads, language politics, and terrible winters in exchange for paying a little bit less for Montreal real estate and the convenience of buying beer from the corner store.

But now it appears that capitalistic forces are altering the deal.

Editor's Choice:As Of Last Week, Quebec Still Had Over 250 Empty Full-Time Teaching Positions To Fill

Montreal's real estate prices are increasing faster than Toronto's and Vancouver's, according to a new report from CENTURY 21 Canada, which found that a downtown condominium in Montreal costs an average of $805 per square foot, a 13.5% increase from last year.

That's cheaper than the $1,083 per square foot it costs in Toronto, where prices jumped about 9%, and $1,192 in Vancouver, where they dipped by about 4%, but not by much.

Some of the most dramatic price increases were in Montreal's detached homes and townhouses, states the report, which found the city has, "the strongest real estate market in Canada right now."

For a downtown detached house in Montreal, the cost shot up about 42% to $958 per square foot, while townhouses increased 44% to $768 — but hey at least you can still get beers from the dep.

To complete the study, CENTURY 21 measured the average price per square foot for sales in the country between January and June.

It found that Montreal's housing market is heating up, despite the coronavirus.

[rebelmouse-image 26883651 photo_credit="Misscanon | Dreamstime" expand=1 original_size="1200x800"] Misscanon | Dreamstime

"When the pandemic took hold in Canada in mid-March, there was a lot of uncertainty about what would happen to real estate sales during the typically busy spring market," said Brian Rushton, executive vice-president of CENTURY 21 Canada, in a statement.

"What we have seen is that after a dip in the number of sales early in the pandemic, the pace of sales has returned to near-normal levels."

As for many parts of the economy, COVID-19 has changed the way real-estate brokers are doing business, said the report.

Virtual tours that allow sellers to minimize the number of people entering a home are becoming more popular, it said.

[rebelmouse-image 26883652 photo_credit="Bakerjarvis | Dreamstime" expand=1 original_size="1200x798"] Bakerjarvis | Dreamstime

And it's not only homebuyers that are having a harder time. A June report from the Regroupement des comités logement et associations de locataires (RCLALQ) sounded the alarm on worsening housing shortages in many parts of the province.

Quebec's vacancy rate is the lowest it's been in about 15 years, it states. Montreal's vacancy rate is 1.5%, which means renters may have a hard time finding a place.

In the report, the RCLALQ calls on the provincial government to help curb increases in rent, protect the rights of tenants and promote affordable housing. 

NOW WATCHThe Montreal Biodome Is Officially Reopening After Years Of Renovations

More from MTL Blog

Comments 💬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.

Loading...