If the rise in rent prices is giving many people a hard time, it has also become more difficult to access property with the price of houses on the real estate market in Greater Montreal. In fact, home values have skyrocketed over the past five years, according to a recent study.
In its analysis of the first quarter of 2024, the Professional Association of Real Estate Brokers of Quebec (APCIQ) reveals several activity indicators, including the average price of single-family and co-ownership residences put up for sale during this period, according to the system from Centris. The organization also provides an inventory for the entire province as well as each of the metropolitan regions.
Thus, in Quebec, the average price of single-family properties sold at the start of the year amounted to $496,726 and has jumped 67% over five years compared to the first quarter of 2019, according to our calculations. This type of property cost on average $297,770 during this period, according to APCIQ archives. As for condominiums, the value of units sold in the first months of 2024 was $415,342 on average, after having climbed 47% over the past five years – the transaction price then reached $281,758.
What about more specifically for the greater Montreal region?
What you need to know: As with the province as a whole, property values in Greater Montreal have made a major jump in the space of five years.
Here is the difference in the average price for each property type between the first quarter of 2019 and that of 2024 as well as the percentage increase, according to our calculations:
Single-family
- 2024: $652,489
- 2019: $389,969
- 67% increase
Condominiums
- 2024: $456,852
- 2019: $301,585
- Increase of 51.5%
This is therefore an average overall increase of almost 60% (59.3%) for the purchase of these homes in Montreal and the surrounding area in five years.
In case you didn’t know: If you are thinking of becoming an owner to escape rising rents and/or leave Montreal to help your wallet fight debt, it is in your best interest to discover which cities in Quebec where you could find the best price for the purchase of your future home via our article on the subject.
