According to a new survey done by Royal LePage looking at Real Estate in Montreal, people who are looking to buy a home in Montreal's city centre can "expect to pay $35,000 more than last year," indicating that the Montreal housing market is still a hot place to be selling and an increasingly expensive place to be buying.
The House Price Survey collects data from each quarter and considers the increase in home prices for different types of homes.
The new survey indicates that Montreal's housing market has now surpassed both Vancouver and Toronto in terms of aggregate price rate increases.
The price summary survey is also done across 63 Canadian housing markets, where homes saw an aggregate price increase of about 1.4% making the average home in Canada about $630,335.
Even with Montreals booming housing market right now, that aggregate Canadian home price is about double the aggregate price of a home in Montreal.
Dominic St-Pierre, Director and VP of Royal Lepage for the Quebec Region indicated that there was anticipation of a slow-down for the Montreal market, but instead, conditions are "continuing to tighten," with the market continuing to grow.
"Buyers who have postponed entering the market are now faced with a $35,000 year-over-year increase in Montreal Centre and $23,000 increase in Greater Montreal."
Take a look at the data below.
The continued expansion of and activity within the Montreal market has resulted in both growth in sales and growth in price - meaning Montreal has yet again surpassed Toronto and Vancouver when it comes to the aggregate year-over-year appreciation.
This aggregate year-over-year price comparison is really just looking at homes in a certain area and averaging out the price point of a certain type of home in that area. Then they compare them, year-over-year, to see the percentage in price increase.
While these percentages may seem small, they have a huge impact on big numbers, like the price of a home.
The survey also indicates that the appreciation rate for condos in Laval is, "for the first time, higher in Laval than anywhere else in the region," likely driven by affordability relative to Montreal's city centre.