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Country Home vs City Home: A Comparison of Prices and Appreciation Rates

JLR's new report compares the single family home market in Montreal to other, more rural, parts of Quebec.

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JLR’s new report compares the single family home market in Montreal to rural parts of Quebec.

Key findings:

  • Median prices for single family homes are highest on Montreal Island, at $445,000.
  •  La Vallée de l’Or  in the Abitibi-Témiscamingue region of northwestern Quebec saw the highest y-o-y appreciation rate, at 11%.

JLR’s census after the first quarter of 2018 looks at 98 geographic zones in Quebec.

The biggest jump in sales activity was seen in the Rouyn-Noranda district, where 25% more homes were sold this year compared to last year. In total, this amounts to 515 single family homes. The real estate market in this region is strongly tied to the forestry and resource extraction industry, closely following the trends caused by employment and economic activity in that sector.

The 5 biggest increases in residential sales were recorded in:

  • Rouyn-Noranda (25%)
  • Shawinigan (13%)
  • Longueuil (12%)
  • Sept-Rivières-Caniapiscau (10%)
  • Québec (10%)

The 5 biggest decreases in residential sales were recorded in:

  • Les Collines de Outaouais (-9%)
  • Papineau (-8%)
  • Joliette (-8%)
  • Le Granit (-6%)
  • Rimouski-Neigette (-5%)

The highest median price in the census areas around Montreal is recorded on Montreal Island, where the average single family home costs $455,000.

The five most expensive regions for single family homes are:

  • Montreal ($455,000)
  • Longueuil ($339,650)
  • Laval ($327,000)
  • Thérèse de Blainville ($320,000)
  • La Vallée de Richelieu ($314,420)

Despite its high median price, Montreal Island was not among the top 5 areas in Quebec for price appreciation in 2018.

La Vallée de l’Or recorded the highest increase in its median price, with an appreciation rate of 11% for single family homes.

Other notable areas for price appreciation include:

  • Antoine Labelle (10%)
  • La Cote de Beaupré (10%)
  • Memphrémagog (9%)
  • Rouville (8%)

Overall, the strongest price gains are noted in the north east regions of Quebec, Montérégie, and the Eastern Townships.

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This article, Country Home vs City Home: A Comparison of Prices and Appreciation Rates, appeared first on Shupilov News.

 

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