A new report from Royal LePage suggests that while Montreal's real estate market might start to cool down, home prices are still projected to increase more overall than any other market in Canada.

The company recorded a 21.7% year-over-year increase in the "aggregate price of a home" ("a weighted average of the median values of all housing types collected") in the Montreal area in the second quarter of 2021, bringing it to $514,000.

Editor's Choice: Downtown Montreal Transformed Into New York City For A Movie Shooting (PHOTOS)

The good news is that "the peak of home price increases should be behind us," according to Royal LePage Quebec Vice-President Dominic Saint-Pierre.

The less good news: the company forecasts a 17.5% year-over-year aggregate home price increase in the fourth quarter — "the highest of all forecasted regions in the country," the report states.

For comparison, Royal LePage forecasts a 14.5% year-over-year increase in the Toronto area, a 15% increase in the Vancouver area and a 7.5% increase in the Calgary area.

Saint-Pierre offered some reassurance, however.

"Real estate, like many other economic drivers, is cyclical," he said, explaining that the steep price increase of the last year "was spurred by an unprecedented health crisis."

"The return to more moderate appreciation rates will occur naturally as the economy regains balance and people develop post-pandemic consumer habits."