Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

  • Advanced Search
  • Overview
  • Multichannel Amplification
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Hamburger menu
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO
    • Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Multichannel Amplification
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

Condominium segment on the Island of Montreal shifts to a seller's market for the first time in five years Français


News provided by

Royal LePage Real Estate Services

Apr 13, 2018, 06:00 ET

Share this article

Share toX

Share this article

Share toX

  • Low inventory drives multiple offers in the single-family home market
  • Steady rise in single-family home price appreciation pushes demand towards condominiums
  • Montreal Centre and Montreal West dominate the market with the highest price increases in the two-storey home segment

MONTREAL, April 13, 2018 /CNW/ - The Royal LePage House Price Survey released today shows that the aggregate price of a home1 in the Greater Montreal Area increased by 6.1 per cent year-over-year in the first quarter of 2018, reaching $389,197. The Montreal real estate market remains very strong, driven by low single-family home inventory. In the condominium market, demand has almost absorbed the surplus of inventory that defined the market in recent years, causing buyers to accelerate their purchase process in light of limited supply.

When broken down by property type, the median price of a two-storey home increased by 8.3 per cent, compared to the same quarter in 2017, reaching $492,751, while the price of a bungalow saw a more modest increase of 3.4 per cent to $301,662. During the same period, the median price of a condominium increased by 3.5 per cent to $314,554.

Condominiums shift to seller's market

Condominiums continue to display the largest sales growth among all property types studied for the Greater Montreal Area and the Island of Montreal, increasing by 17.1 per cent and 13.5 per cent year-over-year, respectively, in the first quarter.

"The condominium segment on the Island of Montreal has shifted from a buyer's market to a seller's market for the first time in over five years," said Dominic St-Pierre, senior director, Royal LePage, Quebec region. "In fact, the price of condominiums in Montreal Centre increased by 5.4 per cent to $382,902. This trend is beginning to overflow into some suburbs.

"Two elements are driving condominium market momentum. First, the inventory shortage in the single-family segment is putting upward pressure on prices for these homes, prompting some buyers to favour condominiums. Second, the limited number of available condominiums is allowing sellers to define market conditions," said St-Pierre. "This will likely translate into an increase in housing starts in this segment for the remainder of the year, providing developers with renewed confidence in selling units."

The study also shows that bungalow sales increased by 4.3 per cent while two-storey home sales remained stable, increasing by 0.7 per cent in the first quarter of 2018, compared to the same period last year.

Montreal West and Montreal Centre lead market growth

The increase in multiple offers observed in the single-family home segment in Montreal Centre has now spread to Montreal West this quarter due to decreased inventory in this part of the city.

"Multiple offers that initially targeted single-family properties in the $300,000 range are now being seen for properties in the $400,000 price range given the strong demand," explains Mr. St-Pierre.

The central and western neighbourhoods of the island, compared to the suburbs, continued to show price appreciation and sales growth in the first quarter.

"Economic development and new residential construction projects are attracting buyers to these areas, while possibilities in Montreal East are just beginning," said St-Pierre. "The eastern area of the island could, however, become very attractive to real estate developers, thanks to public transit projects such as the expansion of the Montreal metro blue line that will launch in the coming years."

Price appreciation for two-storey homes in Montreal Centre and Montreal West is also growing, with median price appreciation of 13.9 per cent and 14.4 per cent, respectively, in the first quarter compared to the same period last year. The bungalow market saw more modest increases of 1.5 and 2.6 per cent, respectively, in these two regions of the city.

In the suburbs, condominiums remained in a buyer's market during the first quarter, as the median price increased year-over-year by 0.4 per cent and 2.6 per cent on the South Shore and the North Shore of Montreal, respectively, while single-family homes for the most part are well into a balanced market with price increases ranging from 3.1 to 7.6 per cent.

Royal LePage Greater Montreal Area House Price Survey Data: First Quarter, 2018

Two-Storey Homes


Q1 2018 Median
Price

Q4 2017 – Q1 2018
Change (%)

Change

Q1 2017 – Q1 2018
(%)

Laval

$427,563

1.4%

5.7%

Montreal Centre

$686,253

0.1%

13.9%

Montreal East

$506,489

-0.5%

1.0%

Montreal West

$549,226

7.2%

14.4%

North Shore Montreal

$394,215

1.2%

7.6%

South Shore Montreal

$431,775

-0.9%

4.8%

Greater Montreal

$492,751

1.0%

8.3%

Bungalow


Q1 2018 Median
Price

Change

Q4 2017 – Q1 2018
(%)

Change

Q1 2017 – Q1 2018
(%)

Laval

$312,062

0.6%

3.8%

Montreal Centre

$443,691

0.3%

1.5%

Montreal East

$348,687

0.8%

6.3%

Montreal West

$355,430

-1.0%

2.6%

North Shore Montreal

$267,749

1.9%

3.1%

South Shore Montreal

$296,842

0.9%

3.4%

Greater Montreal

$301,662

1.0%

3.4%

Condominium


Q1 2018 Median
Price

Change

Q4 2017 – Q1 2018
(%)

Change

Q1 2017 – Q1 2018
(%)

Laval

$242,781

-0.6%

-2.8%

Montreal Centre

$382,902

0.6%

5.4%

Montreal East

$283,987

0.5%

2.5%

Montreal West

$265,255

-0.5%

-0.3%

North Shore Montreal

$230,025

-0.1%

2.6%

South Shore Montreal

$232,737

0.9%

0.4%

Greater Montreal

$314,554

0.5%

3.5%

Aggregate


Q1 2018 Median
Price

Change

Q4 2017 – Q1 2018
(%)

Change

Q1 2017 – Q1 2018
(%)

Laval

$354,080

0.9%

3.9%

Montreal Centre

$493,244

0.4%

9.2%

Montreal East

$393,545

0.0%

2.1%

Montreal West

$460,657

5.0%

10.7%

North Shore Montreal

$313,680

1.3%

5.3%

South Shore Montreal

$349,205

-0.2%

3.9%

Greater Montreal

$389,197

0.9%

6.1%


*The data in the above table may not correspond to those previously reported for the same period due to later updates in the market.

About the Royal LePage House Price Survey 

The Royal LePage House Price Survey provides information on the three most common types of housing in Canada, in 53 of the nation's largest real estate markets. Housing values in the Royal LePage House Price Survey are based on the Royal LePage Canadian real estate market Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge. 

About Royal LePage 

Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of more than 18,000 sales representatives in 600 offices across Canada. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women's and children's shelters and educational programs aimed at ending domestic violence. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbolTSX:BRE. 

For more information, please visit http://www.royallepage.ca.

_______________________________________
1
Aggregate prices are calculated via a weighted average of the median values of three types of properties in the regions surveyed. Powered by RPS Real Property Solutions.

SOURCE Royal LePage Real Estate Services

Lambert Guilbault, Kaiser Lachance Communications, 514-677-5978, [email protected]

Modal title

Organization Profile

Royal LePage Real Estate Services

    Also from this source

  • Waiting in the wings: Renters continue to eye path to home ownership, watching for deeper drops in interest rates and home price declines

  • The new real estate reality for retirees: Exiting the workforce with mortgage debt

  • A tale of two markets: Real estate activity trending up in Canada's more affordable regions, treading water in the most expensive

Contact Cision

  • 866-245-2317
    from 8 AM - 10 PM ET
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media

Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2025 CNW Group Ltd. All Rights Reserved. A Cision company.