Since it's a new year, most of us have come up with different resolutions or plans that we want to achieve over the next few months. For some of us, that may be purchasing a home in the city. Despite Montreal's history of having a pretty cheap housing market compared to other major cities in Canada, things are taking a turn for the worse.
TL;DR Experts predict the Montreal housing market in 2019 will favour sellers, with housing prices rising at a rate higher than both Vancouver and Toronto. Below are statistics and more details proving that Montreal housing prices will rise throughout the year.
2019 is definitely not the year for affordable housing prices in Montreal. With prices expected to rise at a higher rate than those both in Toronto and Vancouver, you may want to renew your apartment lease for another year.
Out of all three major cities in Canada, Montreal saw the biggest growth in real estate prices at the end of last year.
Prices in the Montreal housing market increased by 4.1% in the final quarter of 2018. With prices on two-storey homes going up by 3.5%, the average cost of such structures comes to $517,190.
According to the CBC, Montreal home prices went up by 3%, almost twice the price growth in Toronto and five times that in Vancouver. This doesn't exactly mean that Montreal is the most expensive place to purchase a home right now, as the average price of a house in the city is still a third of the price of what you'd pay in Vancouver.
But while the luxury market cooled down in Vancouver, Toronto, and Calgary in 2018, luxury sales increased by 20% in Montreal.
This trend is only going to continue into 2019.
Needless to say, you're going to want to put off house hunting for at least another year. Who knows, maybe one day the housing market in Montreal will skyrocket and surpass both Toronto and Vancouver.