Following our article last week on condo appreciation rates in Montreal, we’ve compiled a list of the best and worst areas for single family home appreciation last year. On average, home prices in Montreal grew by 8% in 2017, to a median of $448,000.
All data in this article is pulled from Centris averages over the past year (the 4 quarters of 2017).
Highest Appreciation Rate: Verdun (20%)
Verdun’s average price for detached homes skyrocketed in 2017, a 20% jump to a median of $778,000. Increased development in Pointe St Charles and St Henri may have caused more homeowners to look towards this residential neighbourhood, which lies just below Montreal’s SouthWest borough.
Related: Top Montreal Neighbourhoods to Invest in – 2018
Other Notable Areas: Dorval, Rosemont, Beaconsfield and Kirkland
It’s no surprise that suburban family areas such as Beaconsfield and Kirkland performed well last year when it comes to single family home appreciation. Dorval also presents itself as an interesting prospect, offering a combination of high appreciation rates and low purchase prices (the average home selling at $390,000). Lastly, Rosemont saw excellent growth in the detached home sector with an appreciation rate of 19% and a median price of $544,500.
| Area | Appreciation – 2017 | Average Price |
|
Verdun
|
20% | $778,000 |
|
Dorval
|
20% | $390,000 |
|
Rosemont
|
19% | $544,500 |
|
Beaconsfield
|
18% | $606,500 |
|
Kirkland
|
16% | $556,000 |
|
Plateau
|
15% | $794,000 |
|
CDN / NDG
|
15% | $730,000 |
|
Westmount
|
13% | $1,550,000 |
Worst Appreciation Rate: Ville Marie (-7%)
Surprisingly, Downtown Montreal and Old Montreal recorded the weakest performance in single family home prices last year, with the average home depreciating by 7%. The poor appreciation rates could be attributed to the high price-bracket – $787,500, a budget at which many families would prioritize suburban areas with better schools and more square footage.
Other Poor Performers: Montreal North, HOMA, Saint Anne de Bellevue, Mount Royal
Several Montreal boroughs fell under the city average of 8%. It is important to note that a decreasing median price over a one year timespan is not necessarily indicative of a stagnant market. For example, in Ville Mount Royal, average time on market dropped by 22% (to 90 days) pointing to strong demand or limited supply conditions of a seller’s market. In some cases, a drop in median price on Centris could simply indicate that fewer expensive properties were listed on the market for sale in 2017 than in 2016.
| Area | Appreciation – 2017 | Average Price |
|
Ville Marie
|
-7% | $787,500 |
|
Montreal North
|
-2% | $270,000 |
|
HOMA
|
0% | $353,000 |
|
Sainte Anne
|
2% | $369,000 |
|
Mount Royal
|
2% | $1,130,000 |
This article, Best and Worst Montreal Boroughs for Single Family Home Appreciation – 2018, appeared first on Shupilov News.