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.
The range across the country is WILD. 😱
You may find yourself cursing the cost of rent in Montreal, but how does it stack up against other major Canadian cities? A new rent report by Zumper has an answer — and it ranks Montreal as 14th most expensive when renting a one-bedroom home.
According to Zumper, an online rental platform, the median cost of renting a one-bedroom home in Montreal is $1,380 per month.
That's $750 less than Vancouver, which took the top spot at $2,130 per month and $420 less than Toronto, which was second most expensive at $1,800 per month.
It's also $540 more than the rent in St. John's, Newfoundland, which was the lowest on the list at $840 per month.
Places that are more expensive than Montreal when it comes to renting a one-bedroom include Halifax, Ottawa, Hamilton and Barrie.
The least expensive rents on the list besides St. John's are found in Edmonton, Regina and Quebec City where the median price of a one-bedroom is $900 per month.
This means Montrealers pay $480 more per month for one-bedrooms than folks living in Quebec's provincial capital.
So, are you packing your bags yet? Or are you perfectly content right here in Montreal?
According to new data from Royal LePage.
It splits the data into six regions: Montreal Centre, Montreal East, Montreal West, Laval, Montreal North Shore and Montreal South Shore.
Here are the median real estate prices in Greater Montreal at the end of Q3, according to Royal LePage data:
Single-family detached house
Montreal Centre: $1,060,500
Montreal East: $546,500
Montreal West: $742,200
Montreal North Shore: $430,000
Montreal South Shore: $522,700
Greater Montreal Overall: $571,400
Montreal Centre: $502,200
Montreal East: $425,000
Montreal West: $410,400
Montreal North Shore: $307,900
Montreal South Shore: $330,900
Greater Montreal Overall: $410,400
Overall, the data shows that the median price of a single-family detached home increased by 2.2% compared to the three months prior (Q2 2021), and by 20% compared to the same time period last year.
The median price of a condo increased by 1.3% from Q2 and 12.2% from 2020.
In a statement, the vice-president and general manager of Royal LePage in Quebec, Dominic St-Pierre, said these are the lowest quarter-to-quarter price changes seen since the start of the pandemic, which he calls "signs of a slowdown."
Nevertheless, he said the lack of inventory will continue to put "upward pressure" on home prices, as prices continue to rise.
Guess we should have started saving at two months old...
And if you're wondering just how expensive rental prices can get, we found a Montreal apartment for rent that costs $17,000 a month.
In total, the condo-style apartment would cost $204,000 a year, which is the same as the price of a house elsewhere in Quebec.
The apartment, located in Griffintown, is 3,200 square feet and has nine rooms in total.
The 687-square-foot living room has a magnificent view of downtown.
It's composed of a dining room and another living room because, at this price, you might as well have two.
The kitchen opens into the living room and has a central island that can easily accommodate five guests.
There are three bedrooms, all of which have a breathtaking view of the Montreal skyline. The largest room is 260 square feet.
Plus, three bathrooms with marble floors and walls.
The rental also includes access to many common areas, such as a heated pool and a garage.
This apartment is just steps away from the Lachine Canal and has tons of amenities within walking distance. If ever you've got the funds to snag this beautiful space, you can reach out to Centris realtor Stéphane Azoulay to book a visit.
Time to start saving...
The real estate market has exploded in Canada since the beginning of the pandemic, to the point that buying a home in Canada is the most difficult it's been since the 1980s. And when it comes to buying a home in Montreal, this is the first time in history that prices have been this high.
"The RBC Housing Affordability measure recorded its most significant deterioration in more than 30 years," said the Royal Bank of Canada's Housing Trends and Affordability report, released October 7.
Prices will continue to rise at the end of 2021, having jumped by 2.7 points to 45.3% in the second quarter, due to an "extremely tight supply-demand ratio."
In Montreal, homeownership costs represent 38.4% of household income, and RBC says the city has reached an "all-time high."
But it's not in Quebec that affordability is the most difficult. To buy a home in Vancouver, you would have to invest 63.5% of your household income, in Toronto 59.1% and in Victoria 48%.
RBC predicts that prices in Canada will continue to rise in the short term, eventually slowing and stabilizing in 2022.
This article’s cover image was used for illustrative purposes only.
This Avenue du Docteur-Penfield property is for sale, which means we can peek inside!
If you live in Montreal, chances are you've driven along avenue du Docteur-Penfield in the Golden Square Mile and looked up at the posh-looking buildings, wondering what they're like inside. Now, thanks to a new real estate listing, you can peek inside a $1,499,000 penthouse for sale in the Royal Penfield condominium.
According to the listing, this penthouse was "designed for elegant living on a grand scale."
It features two bedrooms and two bathrooms spread across 1,725 square feet and also comes with a three-car garage.
The master bedroom has its own den, walk-in closet and ensuite bathroom with a thermostatic shower.
Luxurious touches throughout the home include marble countertops, maple floors, and hardwood doors.
The unit also has a large private balcony with views of the downtown skyline and comes with its own 24-hour doorman and gym.
What do you think? Does it live up to the name Royal Penfield?