Last Updated on October 24, 2023 by Ephraim Vecina
Montreal prices have enjoyed steady growth over the past few years, and even more last month if new figures from the Quebec Professional Association of Real Estate Brokers are any indication.
Single-detached housing saw 6% growth in their median price to end up at $354,990. Meanwhile, condos enjoyed an even stronger 10% growth to $290,000.
According to data released by the municipal government in early September, property values in the region have steadily grown, increasing by 13.7% from 2017. This average outstripped the 5.9% figure seen in the previous municipal roll roughly two years ago.
“The market has just completely exploded over the past few years since 2017,” residential broker Rebecca Sohmer told CTV News.
During the same period, single-family detached homes had a 20% increase to an average of $600,000. Condo values went up by 8.7% to an average of $365,000.
This accompanied a 14% year-over-year uptick in sales last month, for a total of 3,659 residential transactions. This was a new record for September and the third straight month of double-digit sales growth, according to the QPAREB.
Additionally, September was the 48th straight month of supply shrinkage, with new listings falling by 21% annually to 16,830. This was the largest September decline since 2000.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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