Montreal Area Home Prices Rose 20% (!) In The Last Year — Here's Where Prices Are Highest

If you happened to blink at any point in the last two years you might have missed the moment when your dream of homeownership in the near future slipped away. The latest market report from the Quebec Professional Association of Real Estate Brokers shows Montreal home prices are still going up.

In February 2022, the median price of a single-family home in the Montreal area was $550,000 — 20% higher than it was in February 2021.

The median condo price soared 16% year-over-year to $395,000. The median price for a two to five-unit plex was $765,000, also up 16%.

Here's the QPAREB's breakdown by area of median prices in February 2022:

Montreal Island:

• Single-family home: $730,000
• Condo: $440,000
• Plex: $804,000

• Single-family home: $557,000
• Condo: $400,000

• Single-family home: $495,000
• Condo: $328,750
• Plex: $585,000

• Single-family home: $550,000
• Condo: $365,000
• Plex: $700,000

• Single-family home: $600,000
• Condo: $357,000

Quebec City metro area prices were significantly less than those in Montreal in February 2022: $339,960 for a single-family home, $225,000 for a condo, and $412,500 for a plex.

In the province overall, the median prices were $422,000 for a single-family home, $360,000 for a condo, and $529,900 for a two to five-unit plex.

The QPAREB says a decrease in available housing inventory, overbidding, and a proportionally larger number of high-priced home sales are among the reasons for the continued price increases.

The number of sales of homes over $700,000, for example, increased 26% in February 2022 compared to February 2021, the association said.