Montreal housing prices surge - Pace outperforms that of Toronto

Montreal Nov 25, 2010  - Over the past decade, housing prices in Montreal have grown at about the same pace as those in the Vancouver market – and even more quickly than prices in Toronto – a CMHC analyst told a conference Wednesday.

Yet while some economists have raised concerns about a possible housing bubble in the high-pricedVancouver market, analysts are predicting a soft landing next year in Montreal, with a return to a more balanced market.

Citing data from the National Bank House Price Index, Canadian Mortgage and Housing Corp. senior market analyst Bertrand Recher said Montreal prices have risen steadily since 2002, with only a slight dip during the 2009 recession.

That’s a key difference between the Montreal market and the housing markets in Toronto and Vancouver – both of which were hit during the recession, explained National Bank senior economist Marc Pinsonneault.

“There were more fluctuations in the prices in Vancouver,” he said. “You didn’t have that in Montreal.”

It’s partly a question of affordability. The average price of a single family home in Montreal was $418,026 during the third quarter of 2010, compared with more than $660,000 in Vancouver.

Read the full article form the Montreal Gazette

Marlene Ofter

Marlene Ofter

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CENTURY 21 Max-Immo
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