As home prices continue to fall in Toronto’s once-hot housing market, in Montreal, the opposite is happening: prices keep shooting up, and so does demand.
In January, the average price for a single-family home was $307,250, up 6% from January 2017, according to a report released Tuesday by the Greater Montreal Real Estate Board (GMREB). The average price for a condo was $244,750, up 3%, while plexes, which cost $495,000 on average in January 2018, saw the biggest growth at 8%.
It’s interesting to note that in Montreal, condo prices saw the slowest growth relative to other home types. In Vancouver and Toronto, where detached homes are no longer affordable for most prospective homebuyers, demand for condos have increased substantially — as have their prices.
At $307,250, the average price of a single-family home in Montreal is still relatively affordable. For comparison’s sake, the average price of a detached home in the Greater Toronto Area was $970,823 in January 2018. In Vancouver’s Lower Mainland, the price sat at a staggering $1,323,100.
In Montreal, sales have also gone up, even as the number of listings has declined. In January, GMREB registered 2,598 home sales across the city — up 13% from January 2017 — but the number of properties for sale has fallen by 14%. Single-family homes were the most popular choice, but condos saw the biggest surge in demand compared to last year, growing by 19%.
Montreal’s housing market has been quietly seeing growth for a while now. This is likely a reflection of the province’s strong economy: in January, Statistics Canada reported that Quebec saw faster employment growth in 2017 than both Ontario and Canada as a whole.
Others say that non-resident buyers, which have faced tax increases in both Vancouver and Toronto, are now gravitating to the city, which does not levy any taxes on such buyers.
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