Homeowners may be happy to hear that the Montreal real estate market is booming, with homes costing about $35,000 more than last year. However, the news may not be all good if you’re a Montreal resident wanting to buy a home.
When measured by the aggregate increase in home prices, the Montreal real estate market is now ahead of the markets in Toronto and Vancouver. Data from each quarter, along with different types of home and their price increase are used to create the House Price Survey.
The average Canadian home now costs about $630,000, with homes increasing in price an aggregate of 1.4 percent, according to the survey which looks at the housing market in 63 Canadian towns and cities.
Prices of homes are going up faster in Montreal than in any other place in Canada. Despite that, the aggregate home price in Canada is about twice the aggregate price in Montreal.
The Montreal real estate market seems set to thrive, despite experts predicting an overall slow down.
In the centre of Montreal the increase over last year is about $35,000, with an increase of $23,000 in the city as a whole. These increases clearly affect home buyers who have delayed their decision to buy a home.
In order to create the right balance between supply and demand in the city, with regards to Montreal real estate, new home construction is mandatory; in this case it increased by 20.5 percent.
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