The latest Word From the Economist, published by the Québec Federation of Real Estate Boards (QFREB), compares prices in the most and least affordable parts of Quebec in 2017-2018. Most Expensive and Most Affordable Areas in Quebec for Real Estate
Despite price appreciation in almost all areas, real estate is still relatively affordable in Quebec- according to the data, half of all single family homes in least expensive areas are purchased for under $100,000!
On the more expensive end, all ten areas with the highest median price for detached homes were on the Island of Montreal, mostly located close to the Downtown core. In the price growth category, the areas that dominate the list were mainly in the Greater Montreal area, or in parts of the countryside that are popular for their resort features.
Here’s a summary of the findings:
- In total, 82,639 residential properties were sold on Centris® across Québec in 2017.
- The average single-family homes sold $242,500 in Quebec, a 3% increase relative to 2016.
- Municipality of Saint-Zotique (Montérégie), Municipality of Chelsea (Outaouais) and Municipality of Les Cèdres (Montérégie) showed the highest price increases in residential sales, 76%, 47$ and 46% respectively.
- City of Pointe-Claire (Montréal), City of Kirkland (Montréal) and City of Beaconsfield (Montréal) showed the best conditions for sellers of single family homes, by recording the lowest number of months of inventory.
- Borough of Outremont (Montréal), City of Dollard-des-Ormeaux (Montréal), Borough of Rosemont–La Petite-Patrie (Montréal) had the best market conditions for sellers of condominiums.
- Verdun, Rosemont–La Petite-Patrie and Saint-Léonard (Montréal) showed the best market conditions for sellers of plexes.
- The most expensive home was sold in Westmount in 2017, for $8,300,000. The most expensive condo was sold in Downtown Montreal for $6,000,000 (+ tax).
When it comes to single family homes, the City of Westmount recorded the highest average at $1,550,000, followed by Outremont and Hamstead in second and third place.
The least expensive areas to buy a detached home in Quebec City of Thetford Mines, in which half of all homes in 2017 sold for less than $97,750, followed by City of la Tuque, and City of Asbestos.
Condominiums were recorded as more expensive than single family homes in the category of most affordable properties, while prices of the most expensive condos fell far below the prices of the most expensive homes.
In 2017, City of Westmount, Outremont and Town of Mount-Royal were the most expensive areas in Quebec to buy a condominium. Saint Jerome, Area of Hull and City of Magog offered the affordable options.
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