Montreal Homes Prices Are Set To Be Even More Unaffordable In 2022
In the rest of Canada, they'll get even higher, according to a new forecast.
If you were planning to buy a home in Montreal, you might want to do it quickly because next year, you might not even be able to afford it. According to Royal LePage's home price forecast, the median home price in Greater Montreal is set to increase by 8% — to $564,800 — by the end of 2022.
The 8% increase represents the aggregate forecast for home prices in 2022. This factors in both single-family homes and condominiums. Royal LePage forecasts detached single-family homes will see the largest price increase.
Royal LePage forecasts Canada\u2019s aggregate home price will rise 10.5% year-over-year to $859,700 in 2022. \n Canadian home values are expected to rise strongly again next year, however at a slower pace compared to 2021.https://blog.royallepage.ca/royal-lepage-forecasts-double-digit-home-price-growth-in-canada-in-2022/\u00a0\u2026— Royal LePage Canada (@Royal LePage Canada) 1639578846
In the fourth quarter of 2021, the median price of a detached single-family home in the Montreal area was an estimated $595,000. By the last quarter of 2022, it could increase by around 9%, according to the report. This means that the median home price would be $648,600 — a jump of $53,600.
Needless to say, $53,600 could mean a world of difference to Montrealers who are in the market for a new house.
Condos in Montreal, meanwhile, remain slightly more affordable — but not by much, to be honest. In Q4 2021, Royal LePage estimated that the median price of a condo in the Montreal area was $420,000. But they're also set to see a marked price increase if the forecasts come to pass.
Royal LePage sees the median price of a Montreal condo increasing by $27,300, or 6.5%, to $447,300.
If you think that's bad, the rest of Canada has it much worse. In Toronto, for instance, the median condo price is forecasted to increase by 12% — one of the highest increases in the country.
This article's cover image was used for illustrative purposes only.
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