A new report from Royal LePage suggests that while Montreal's real estate market might start to cool down, home prices are still projected to increase more overall than any other market in Canada.
The company recorded a 21.7% year-over-year increase in the "aggregate price of a home" ("a weighted average of the median values of all housing types collected") in the Montreal area in the second quarter of 2021, bringing it to $514,000.
"Overall, the City of Montreal saw 990 $1 million–plus residential real estate transactions," including condos, attached and single-family homes, "in the first half of 2021, an increase of 112% from the same period in 2020," the report states.
Though sales in $2 to $4 million homes in Montreal rose by 138%, sales in $1 to $2 million homes made up the largest share of sales overall, with 807 Montreal properties sold in the first half of 2021, Sotheby's says.
Sales in properties over $4 million more than doubled between 2020 and 2021 — just six were sold in the first half of 2020, compared to the 14 properties sold in the same period in 2021.
The report said that according to the Quebec Professional Association of Real Estate Brokers, on average, selling a residential property in Montreal during the first quarter of 2021 took approximately 44 days, compared to the 68 it took to sell a home less than a year prior.
The City of Montreal and Formula E organizers have finally reached a settlement after five long years of deliberations and arguments. The saga, which involved a lawsuit against the city and Mayor Valérie Plante following a cancelled 2018 race, is finally over thanks to the out-of-court agreement.
In a press release, Benoit Dorais, chairman of the executive committee responsible for finance and legal affairs, said that the city "authorized an out-of-court settlement in the amount of capital, interest and costs of $3 million payable by the City to Formula E Opérations Limitée (FEO) in full and final settlement of the case."