After record-breaking developments in 2018, which has worsened national trends, housing prices in Montreal are expected to continue next year – a rate higher than in both Toronto and Vancouver.
The city recorded the highest year-on-year appreciation of the three largest Canadian metropolitan areas, according to a survey released Friday by Royal Lepage.
Dominic St-Pierre, Vice President and CEO of Quebec, predicts Montreal will remain the seller in 2019 and probably longer.
"The Montreal market is very active due to its affordability compared to other Canadian cities and unprecedented economic conditions, including rising wages," he said.
Final Quarter Report
Montreal's housing growth continued in the last quarter of 2018.
Prices rose by 4.1 percent over the same period last year to reach a total of $ 407,230.
The price of a two-storey house also increased 3.5% over the period, reaching $ 517,190.
St-Pierre said that Montreal is likely to retain its leading position on the Canadian real estate market in 2019, although the pace of growth could slow down.
"It's a modest but steady growth," he said.
He noted that Montreal did not come from the same rising price appreciation he had seen in the Greater Toronto and Greater Vancouver markets over the last decade.
Royal LePage predicts home prices in Montreal will increase by three percent, compared with 1.3 percent in Toronto and 0.6 percent in Vancouver.
The house price in the larger town of Montreal is still about half the home price in the Toronto area and about one-third of the price of those on the bigger Vancouver market.
A separate report released at the beginning of the week on the Canadian luxury market has also shown that Montreal is the exception to the slowdown that is being felt abroad.
Vancouver, Toronto and Calgary recorded large declines in real estate sales in 2018.
But home sales in Montreal, with more than $ 1 million, rose 20 percent y / y, even though homes selling over $ 4 million fell by eight percent.