But they decreased in other Canadian cities.
Condos in Montreal have been a hot commodity in the last few years, considering that starter houses are now extremely costly and some millennials are now financially secure enough to buy a first home.
Anyone who's been in Dorval recently can tell you that new condominium developments are sprouting up along the lakeshore like weeds — and yet condo prices remain competitive compared to other housing types, according to a recent Statistics Canada report.
The pandemic has changed real estate purchasing habits across Canada. With Canadians spending much more time at home, larger single-family properties like houses have been in high demand, the federal agency says.
Of course, this higher demand for condos, from would-be homeowners and investors alike, has resulted in higher prices in many cities, including Montreal. New condo prices across the country rose 7.3% since early 2021, mostly thanks to skyrocketing increases in Vancouver (8.3%) and Toronto (8.9%). In comparison, Montreal's increase of 3.5% seems practically mild.
And the buildings can't go up fast enough in some cities. Early 2022 saw a decrease of 4.7% in new condos under construction in Vancouver, marking the third quarter in a row of declining inventory growth, according to StatsCan.
The good news is that the pandemic has also given Canadians more freedom in regard to their location. With remote work now the norm, potential buyers may consider moving to more affordable cities to make their homeowning dreams come true. Of the cities included in the survey, Statistics Canada reported a decrease in quarter-over-quarter condo prices in Ottawa, Edmonton and Halifax.