The Gazette: Real-estate market roars - Island hot; Prices jump 15% from February '09

March 23, 2010  - Real-estate prices on Montreal Island were up 15 per cent last month over February 2009, and there's no telling how much higher they are going to go.

The widening gap between on-island and off-island prices is draining Montreal of young francophone families. In the English-speaking community, which has historically been more concentrated on Montreal Island, many young anglophone first-time buyers in the relatively affordable West Island have begun paying more than asking price.

Worried by market trends, Montreal Mayor Gérald Tremblay announced a series of financial and fiscal incentives on Sunday for first-time homebuyers in the city of Montreal.

The Greater Montreal Real Estate Board reported on March 4 that home sales last month in the greater metropolitan region were up 45 per cent compared with February 2009.

Economic recovery has helped restore buyer confidence.

In the Montreal metropolitan region as a whole, the price of a single-family detached home was up nine per cent last month compared with February 2009.

Janet Saunderson, who is the listings agent for the property on Neptune, said one in five properties listed between $200,000 and $300,000 that sold in Dorval and Pointe Claire in January and February sold for more than the asking price.

By comparison, seven per cent of properties in certain Montreal neighbourhoods like Notre Dame de Grâce and Villeray sold for more than the asking price over the past six months, according to real estate board figures.

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Marlene Ofter

Marlene Ofter

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