While Montreal’s average home sales price considerably increased by 6.29% year-over-year in October, historical trends will quash any fears that the market is headed towards a state of potential meltdown, the Canadian Real Estate Association assured.

The last peak that Montreal reached prior to last month was June 2010’s annual price growth of 8.89%.This is a positively bygone era compared to Toronto and Vancouver’s peaks, which were on April 2017 (31.43% increase) and July 2016 (32.61% growth), respectively.

In addition, Montreal’s prices grew by 41.19% over the past 10 years, a rate less than half that of Vancouver (96.98%) or Toronto (113.34%).

Read more:Montreal housing market continues hot streak to 2020[1]

“Montreal real estate price growth is attracting attention since it leads the country,” Better Dwelling noted in its analysis of the CREA numbers.“Except Montreal has lagged Toronto and Vancouver significantly over the past few years.”

Indeed, Montreal’s average home price was at $350,000 as of October.Toronto ($766,300) and Vancouver ($1,062,100) continued to host Canada’s most expensive housing markets.

 

Related stories:
Montreal to grow increasingly unfriendly to first-time buyers
Montreal’s largest mixed-use complex to arise soon[2][3]

 

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While Montreal’s average home sales price considerably increased by 6.29% year-over-year in October, historical trends will quash any fears that the market is headed towards a state of potential meltdown, the Canadian Real Estate Association assured.

The last peak that Montreal reached prior to last month was June 2010’s annual price growth of 8.89%.This is a positively bygone era compared to Toronto and Vancouver’s peaks, which were on April 2017 (31.43% increase) and July 2016 (32.61% growth), respectively.

In addition, Montreal’s prices grew by 41.19% over the past 10 years, a rate less than half that of Vancouver (96.98%) or Toronto (113.34%).

Read more:Montreal housing market continues hot streak to 2020[1]

“Montreal real estate price growth is attracting attention since it leads the country,” Better Dwelling noted in its analysis of the CREA numbers.“Except Montreal has lagged Toronto and Vancouver significantly over the past few years.”

Indeed, Montreal’s average home price was at $350,000 as of October.Toronto ($766,300) and Vancouver ($1,062,100) continued to host Canada’s most expensive housing markets.

 

Related stories:
Montreal to grow increasingly unfriendly to first-time buyers
Montreal’s largest mixed-use complex to arise soon[2][3]

 

Are you looking to invest in property?If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage.Click here to get help choosing the best mortgage rate[4]

References

  1. ^ Montreal housing market continues hot streak to 2020 (www.canadianrealestatemagazine.ca)
  2. ^ Montreal to grow increasingly unfriendly to first-time buyers (www.canadianrealestatemagazine.ca)
  3. ^ Montreal’s largest mixed-use complex to arise soon (www.canadianrealestatemagazine.ca)
  4. ^ Click here to get help choosing the best mortgage rate (www.canadianrealestatemagazine.ca)

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