A buying frenzy involving mainly first-time buyers is pushing up housing prices in Greater Montreal - First-time buyers are trying to get into the market this spring as interest rates are expected to rise in the second half of 2010.

March 23, 2010  - FIRST-TIMERS ENTER BIDDING

Homes priced between $200,000 and $300,000 are the most in demand.

The growth in sales is eating into supply. Active listings in the metropolitan region were down 19 per cent last month, compared with February 2009.

A) Here's how much prices increased last month from February 2009, in percentage terms, for selected regions of Greater Montreal. The prices are for single-family detached homes.

Montreal region 9%

Montreal Island 15%

Laval 9%

North Shore 9%

South Shore 8%

Vaudreuil-Soulanges 3%

B) Here's what the median sale prices were last month for single-family detached homes:

Montreal region $245,000

Montreal Island $324,500

Laval $255,000

North Shore $214,900

South Shore $237,500

Vaudreuil-Soulanges $245,000

C) Despite higher prices this year, Montreal remains a more affordable market than Toronto or Vancouver. The following are median sale prices for single-family detached homes in the three metropolitan areas last month:

Montreal $245,000

Toronto $366,300

Vancouver. . . . . . . . $771,321

Sources: Greater Montreal Real Estate Board; Toronto Real Estate Board; Real Estate Board of Greater Vancouver
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Marlene Ofter

Marlene Ofter

Certified Real Estate Broker
CENTURY 21 Max-Immo
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