Condo prices in Montreal have remained on an upward trend, running counter to a declining national average. Still, when buying a new condo, it helps to take a closer look at borough-specific averages, since appreciation rates can fluctuate widely across residential zones. Is it better to buy a condo in an emerging area with high potential returns, or in an area with a developed commercial artery? How does property value growth in the Downtown core compare to Montreal’s residential suburbs?
We’ve pulled Centris data over the past four quarters to determine which Montreal neighbourhoods saw the highest appreciation in their condo markets. While some areas recorded skyrocketing prices, other areas saw their condo prices decrease over the past year.
Highest Appreciation Rate: Town of Mount Royal (22%)
If you recently bought a condo in Town of Mount Royal (Ville Mont-Royal), you can make a toast to your smart investment! The average condo in this tranquil suburban town appreciated by 22% last year, to an median price of $402,500.
Excellent Appreciation Rates: Lachine, Rosemont and Villeray / Little Italy
The average Lachine homeowner saw their condo appreciate by 12% last year – a notable figure compared to the city-wide average of 4%. Rosemont and Villeray saw their condo prices grow by 7% and 6% respectively. Of the three, Villeray also offered the most affordable condo prices, at an average of $277,500.
Good Appreciation Rates: Montreal North and Verdun / Nun’s Island (5%)
Montreal North and Verdun / Nun’s Island experienced above-average appreciation rates in 2017, both coming in at 5%.
Average Appreciation Rates: Outremont and Ville Marie
In line with Montreal’s city average, Outremont and Ville Marie (Downtown and Old Montreal) both recorded annual appreciation rates of 4%.
Below-Average Appreciation Rates: Lasalle, Plateau, South West
Lasalle’s condo appreciation rate in 2017 came in just below the city average, at 3%. Single family homes performed much better in this residential neighbourhood, with an average appreciation of 9%.
Both Plateau and Montreal’s SouthWest borough (Griffintown, St Henri, Ville Émard and Pointe St Charles) recorded an average condo appreciation of 1%.
Negative Appreciation Rates: City of Westmount (-6%)
Surprisingly, Montreal’s most affluent “city-within-a-city” recorded the lowest appreciation rate for condos in 2017. The average Westmount condo depreciated by 6% over the past 4 quarters, to a median price of $587,084.
|Area||Condo Appreciation – 2017||Average Condo Price|
|Town of Mount Royal||22%||$402,500|
|Verdun /Nun’s Island||5%||$338,000|
|Downtown / Old Montreal||4%||$352,000|
This article, Montreal Boroughs Ranked by Condo Appreciation Rates – 2018 , appeared first on Shupilov News.