Time to say goodbye to your dream of owning a home?
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.