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Home Prices in The West Island Are Rising Faster Than Any Other Montreal Area

The average West Island home costs 18.8% more than it did last year.

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According to the Royal LePage House Price Survey and Market Forecast, Montreal’s residential real estate market has done particularly well in the second quarter of 2018.

The aggregate average price of all properties in the Greater Montreal Area appreciated by 5.9% between April and June, compared to the same period last year.

Compared the the national average of 2%, Montreal’s gain is a notable one.

So far in 2018, real estate in Montreal has appreciated by 6.4% versus 4.7% in the rest of Canada.

Canada’s overall gains are being slowed down by year-over-year declines in the Greater Toronto Area and Greater Vancouver.

Quebec’s good economy and robust job market continued to fuel demand during the second quarter, which lifted prices and created overall stability in the Greater Montreal Area’s real estate market. Across all housing types, sellers are significantly benefiting from low inventory,” writes Dominic St-Pierre, Senior Director of Royal LePage.

Low unemployment rates and wage gains in Quebec have led to a strong provincial economy. Weekly earnings in Quebec have been rising more quickly than any other province, since November 2017.

Inventory is also predicted to continue decreasing in the second half of 2018.

Prices by property type

In the second quarter, the median price of a two-storey home rose by 7.7% . It has now reached $492,828.

The median price of a bungalow appreciated by 4.5% year-over-year, to $308,249.

The median price of condos in Montreal increased to 3%, reaching $315,192.

West Island leads the way in price appreciation

Two-storey homes in Montreal’s West Island recorded the highest appreciation rate in the GMA, increasing by 18.8% to $570,778. This is the third consecutive quarter that the West Island has seen the strongest price growth compared to other municipalities and boroughs.

“The advantage of buying in the West Island is that the area remains affordable but is expected to grow in price over the next few years with the arrival of the REM (Réseau express métropolitain). Until now, it has been rather poorly served by transit. Some potential sellers will wait until closer to the completion of the REM to put their houses up for sale in order to attract more buyers and likely benefit from an increase in the value of their property.” (Dominic St-Pierre)

Nearly a quarter of houses in the West Island sold above asking price in the second quarter of 2018.

Bungalow sales have increased by 2.8% year-over-year during the second quarter of 2018,

Two-storey home sales decreased by 2.2 % this quarter, compared to the second quarter of 2017.

Condominium sales rose by 12.4%. 

Set up a real estate alert for a home in Montreal.

Royal LePage Greater Montreal Region House Price Survey Data: Second Quarter, 2018

Two-Storey Home

Q2 2018 Median Price

Q1 2018 – Q2 2018 Change (%)

Change

Q2 2017 – Q2 2018 (%)

Laval

$430,078

1.6%

6.2%

Montreal Centre

$694,463

3.0%

10.5%

Montreal East

$477,190

-1.6%

-2.9%

Montreal West

$570,778

2.9%

18.8%

North Shore Montreal

$387,152

0.7%

5.9%

South Shore Montreal

$433,335

0.3%

6.3%

Greater Montreal

$492,828

1.3%

7.7%

Bungalow

Q2 2018 Median Price

Q1 2018 – Q2 2018 Change (%)

Change

Q2 2017 – Q2 2018 (%)

Laval

$315,096

0.9%

3.4%

Montreal Centre

$467,912

1.9%

2.9%

Montreal East

$345,361

0.0%

4.5%

Montreal West

$393,982

2.2%

9.2%

North Shore Montreal

$268,236

0.2%

2.8%

South Shore Montreal

$304,697

1.5%

5.7%

Greater Montreal

$308,249

1.0%

4.5%

Condominium

Q2 2018 Median Price

Q1 2018 – Q2 2018 Change (%)

Change

Q2 2017 – Q2 2018 (%)

Laval

$244,045

0.4%

-2.5%

Montreal Centre

$383,028

1.1%

4.1%

Montreal East

$288,463

2.3%

3.5%

Montreal West

$274,225

0.3%

2.3%

North Shore Montreal

$221,709

-0.6%

1.3%

South Shore Montreal

$234,312

1.3%

1.3%

Greater Montreal

$315,192

1.1%

3.0%

Aggregate

Q2 2018 Median Price

Q1 2018 – Q2 2018 Change (%)

Change

Q2 2017 – Q2 2018 (%)

Laval

$356,524

1.3%

4.1%

Montreal Centre

$497,438

2.1%

7.1%

Montreal East

$381,701

-0.2%

0.0%

Montreal West

$484,128

2.5%

15.3%

North Shore Montreal

$309,962

0.4%

4.2%

South Shore Montreal

$353,051

0.8%

5.5%

Greater Montreal

$391,224

1.2%

5.9%

*The data in the above table may not correspond to those previously reported for the same period due to later updates in the market.

 


This article, Home Prices in The West Island Are Rising Faster Than Any Other Montreal Area, appeared first on Shupilov News.

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