Montreal Home Buyers 35% Increase

Montreal Home Buyers 35% Increase

Montreal home buyers 35% increase in the city center since last year according to the Royal Lepage Q3 Market Report.

Some highlights from the report:

● With close to 6% year-over-year home price appreciation in the third quarter, the Greater
Montreal Area residential market had the highest appreciation rate since the second
quarter of 2018.
● Montreal East had the highest aggregate price appreciation rate in the country,
increasing 8.5% year-over-year.
● Nationally, Royal LePage expects the Greater Montreal Area to experience the highest
price increase, closing the year with an increase of 6.0% in the fourth quarter compared
to the same quarter in 2018.

“Nationally, Royal LePage’s price summary for 63 markets across the country revealed that the
aggregate price of a home in Canada increased 1.4% in the third quarter of 2019 rising to
$630,335, which is 50% higher than the aggregate price of a home in the Greater Montreal Area. “With a fast-growing market, buyers who havepostponed entering the market are now faced with a $35,000 year-over-year increase in Montreal
Centre and a $23,000 increase in Greater Montreal.”

New builds from the beginning of 2019 compared to the same period in 2018, there is
a 20.5% increase in new construction in the metropolitan area.

Montreal East saw the highest appreciation rate of the aggregate this quarter among Canada’s largest urban centres this
quarter, increasing 8.5% year-over-year to reach $439,499. In particular, two-storey home prices
jumped 11.3% in one year in the region.

Royal Lepage forcasts a continuing strong market with increased prices driven by a lack of inventory.

Read the full Royal Lepage Report here:

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Bonnie Meisels
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