The city’s average housing price is less than half that of either Toronto or Vancouver
Despite a recent upward spike in the rate of growth, Montreal’s home prices are still among the lowest nationwide, according to the Canadian Real Estate Association.
The city’s average residential property price went up by 6.29% on an annual basis in October, clearly outpacing Toronto’s 2.64% and Vancouver’s 1.03%.
The actual values, however, allayed fears that the city might be the next candidate for a housing bubble. Montreal’s average stood at $350,000 as of October, while Toronto and Vancouver have vastly greater costs associated with a home purchase, with respective averages of $766,300 and $1,062,100.
Read more: Record-high sales prices forecast for Montreal in 2018-19
“Montreal real estate price growth is attracting attention since it leads the country,” Better Dwelling noted in its analysis of the CREA data. “Except Montreal has lagged Toronto and Vancouver significantly over the past few years.”
The last peak that Montreal reached was way back in June 2010, when the city posted a year-over-year price growth of 8.89%. Canada’s hottest markets had their peaks much more recently, with Toronto’s on April 2017 (31.43%) and Vancouver’s on July 2016 (32.61%).
Read more: What’s driving up real estate prices in Toronto?
Moreover, long-term trends bear out the observation that Montreal is in no danger of overheating any time soon: Montreal’s prices grew by 41.19% over the past 10 years, while Vancouver had a 96.98% gain and Toronto saw a 113.34% increase during the same time frame.
