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Montreal Island vs Suburbs: Real Estate Prices and Appreciation Rates

How does the Island of Montreal compare to other areas in the GMA when it comes to price growth and the housing market?

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Our recent article on appreciation rates in various boroughs of Montreal generated questions from our readership regarding appreciation rates on the Island of Montreal compared to suburban areas in the CMA. Do home prices in the urban agglomerate of Montreal grow faster than those outside the city core? What are the differences in appreciation per property type?
 
The latest market barometer (Q4, 2017) compiled by the Quebec Federation of Real Estate Boards provides insight on annual trends in housing prices, based on Centris data. We used this data to compare price growth in six different metropolitan areas of Montreal: Island of Montreal, Laval, North Shore, South Shore, Saint-Jean-Sur-Richelieu, and Vaudreuil Soulanges.
Key findings of the barometer for the fourth quarter of 2017 include:
  • In general, housing prices showed the highest annual appreciation on the Island of Montreal.
  • Saint Jean de Richelieu offered the highest housing affordability.
  • On the Island of Montreal, single family homes performed better than condos
  • In Laval, the condominium market performed better than the single family home market
  • In the North and South Shore, detached homes and condos performed equally well
  • Vaudreuil-Soulanges showed a below average appreciation in both the condo and single family home market
  • In Saint-Jean-sur-Richelieu, the single family market performed better than the condo market
Montreal Island vs Suburbs: Real Estate Prices and Appreciation Rates
Montreal Island vs Suburbs: Real Estate Prices and Appreciation Rates

Single Family Home Market

 Area Median Price Appreciation
Island of Montreal $467,500
9%
Laval $318,000 2%
North Shore $261,000 5%
South Shore $300,000 5%
Vaudreuil-Soulanges $290,000 1%
Saint-Jean-sur-Richelieu
$249,000
6%

 

  • Best appreciation rate: Island of Montreal
  • Most affordable: Saint-Jean-sur-Richelieu

Condominium Market

Median Price Appreciation
Island of Montreal $312,000
8%
Laval $230,750 7%
North Shore $178,750 5%
South Shore $204,500 5%
Vaudreuil-Soulanges $192,500 0%
Saint-Jean-sur-Richelieu
$174,000
0%

 

  • Best appreciation rate: Island of Montreal
  • Most affordable: Saint-Jean-sur-Richelieu

5-Year Trends: Average Appreciation Rates

Single Family Condos Plexes
Island of Montreal
22%
12%
17%
Laval 13% 10% 16%
North Shore 13% 7% 13%
South Shore 14% 10% 14%
Vaudreuil-Soulanges 13% 5%
28%
Saint-Jean-sur-Richelieu 10%% 10% 15%

 

  • Best place to buy a single family home based on 5-year appreciation rates: Island of Montreal
  • Best place to buy a condominium based on 5-year appreciation rates: Island of Montreal
  • Best place to buy a ‘plex based on 5-year appreciation rates: Vaudreuil-Soulanges

This article, Montreal Island vs Suburbs: Real Estate Prices, Appreciation Rates, appeared first on Shupilov News.

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