House prices in Montréal will continue to heat up in 2018

House prices in Montréal will make gains in 2018

Home prices in the Montréal region are anticipated to rise by 5.5% in 2018, according to a new forecast by Royal LePage. The aggregate price of a home is predicted to surge from $387,000 to $408,285 over the course of the year.

“We’ll have a very strong market, the fundamentals are going to remain strong,” Dominic St-Pierre, senior director for the Quebec region at Royal LePage, told the Montreal Gazette, adding that 2018 will be even better than 2017.   

Home prices in the Montréal region were up 5% in November 2017, when compared to November 2016, according to the Greater Montréal Real Estate Board (GMREB). That increase is the result of a growing economy and the lowest unemployment rate that the city has seen in decades, according to Royal LePage.

Also read: Strong consumer confidence fuels real estate purchases in Montreal

St-Pierre highlighted a recent Conference Board of Canada survey on consumer confidence. The survey found that 45.6% of Quebecers think now is a good time to make a large purchase, like real estate.

“I’ve never seen that in my working life. People have confidence in the economy, unemployment is very low, interest rates are still pretty affordable … so you have the perfect elements for a strong market.”

Only Toronto will see a higher pace of real-estate price growth than Montréal. Royal LePage predicts that the Toronto area will see prices rise by 6.8% in 2018. Vancouver ranks third, with prices forecast to rise by 5.2% next year.

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