Of the three largest metropolitan areas in the country, the Greater Montreal Area real estate market saw the highest appreciation rate in the fourth quarter of 2018, according to the Royal LePage House Price Survey.
With an increase of 4.1%, Montreal reached an aggregate price of $407,230 in 2018.
The average price of two-storey homes experienced an increase of 3.5% during the fourth quarter of 2018, reaching a price of $517,190.
Bungalow average prices increased by 5.1% reaching $315,257 whereas the median price of a condominium saw a 4.9% increase to $328,254.
“2018 was a record year in the Greater Montreal real estate market,” said Dominic St-Pierre, Vice-President and General manager of Royal LePage in Quebec. “The price appreciation rate exceeded the national average for the last three quarters of 2018, the unemployment rate remained historically low, and consumer confidence greatly surpassed the average of the past 10 years.”
Montreal will maintain its leading position in the Canadian real estate market in 2019, according to St-Pierre, albeit at a slower pace than last year.
The Conference Board of Canada also ranked Montreal as the leading Canadian city for economic growth in 2018.
Royal LePage reported that the Greater Montreal Area will remain a frontrunner among Canadian cities in terms of home price appreciation again in 2019, estimating an increase of 3%, compared to a 1.3% increase in the Greater Toronto Area and a 0.6% increase in Greater Vancouver.
“Greater Montreal will remain a sellers’ market in 2019, and likely longer,” continued St-Pierre. “The Montreal market is very active due to its affordability compared to other Canadian cities and unprecedented economic conditions, including rising wages.”