Montreal’s weather has been hot lately, but even hotter? The city’s housing market.
For the first time in seven years, the value of homes in the Greater Montreal Area rose faster than the national average, a trend that some experts predict won’t slow down any time soon.
Among the hottest markets in the city are NDG and the West Island, said Royal Lepage Village General Manager George Gaucher.
“I would say NDG into the West Island is definitely the hot spot. In Pointe Claire if you put up a house and it’s in good shape, between $300 [thousand] and $400,000, you’ll get multiple offers,” he said. “In certain areas, up to 25 per cent of houses are sold above asking.”
In NDG, prices have gone up about 15 per cent compared to this time last year, which is among the highest price hikes in Canada. The median cost of a house in Montreal is $400,000, a six per cent increase over 2017.
The national average increase, by comparison, was two per cent.
Gaucher said Montreal’s strong economy and job market are at the root of the large increase, not foreign buyners, who he said still make up a small percentage overall owners.
While the increase might make home ownership more difficult for some, Montreal is still readily affordable compared to Toronto, where the average home still costs twice as much.