Quebec Standard

Tuesday, June 28, 2022

Greater Montreal house prices have risen 18.5% since the previous spring

Quebec

Key takeaways: 

  • The average house now costs $571,400; prices are predicted to keep rising in a tight market.
  • Royal LePage has predicted that home costs in the greater Montreal province will increase by 12.5 percent to an average of about $600,000 in 2022, compared to the same quarter last year. 

Thirteen years after purchasing her condominium in Notre-Dame-de-Grâce, Ligia Pena is willing to move, but the self-employed Ph.D. student has figured she can’t afford to.

“As much as I can make a lot of cash selling my condo because the value has risen greatly in a previous couple of years, I just can’t afford anything – not only on the island but off the island, also,” Pena said.

The tight market has directed Royal LePage to adjust its forecast upward to remember the continued stress on housing costs. In a survey released Tuesday, the realtor anticipated that home costs in the greater Montreal province would increase by 12.5 percent, to an average of almost $600,000 in the last quarter of 2022, compared to the same quarter the previous year. 

“Our incredibly hot sellers’ market and our low inventory case continue and are expected to continue this year,” said Sean Broady, a real estate agent with Royal LePage in Beaconsfield. 

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The average house now costs $571,400

“I think they were expecting a little more inventory to strike the market, which hasn’t happened.” 

“There’s a lot of customers,” agreed Martin Desjardins, a real estate agent for the Montreal-based real estate agency Keller Williams.  

“We’re noticing that imbalance between the inventory and the supply — and still the thirst from customers.”

Catch-22 for would-be customers

Desjardins’s customers are like Pena: they’re willing to sell their house but choose not to since they’ve become priced out of the market. 

Source – cbc.ca

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