Mirabel sees a modest increase while Saint-Jerome remains stable
MONTREAL, April 4, 2013 /CNW/ - The Royal LePage House Price Survey released today showed a slight year-over-year increase in house prices for Mirabel, while prices remained more or less stable in Saint-Jerome for the first quarter of 2013.
During the first quarter of 2013, the average price of a detached bungalow in Mirabel rose by 2 per cent in relation to the average price in the first quarter of 2012, to $229,500. The average price of a standard two-storey house rose by 3.8 per cent, to $316,500.
For the same period in Saint-Jerome, the price of a detached bungalow remained stable at $185,000, while the average price of a standard two-story house dropped by 4.5 per cent to $253,500. However, the value of condominiums rose sharply, by 9.4 per cent, to $145,000.
"The gains in Mirabel can be explained by buyers' attraction to its extremely competitive property tax rates, while in Saint-Jerome, stable pricing is an indication of market equilibrium," says Ronald Lecuyer, Real Estate Broker for Royal LePage.
"The data lead us to believe that the next few months will be a good period for the market in these regions. Relative price stability, coupled with low interest rates and elevated consumer confidence in Quebec, are favorable to real estate activity. In fact, although the market has reached relative equilibrium, it is likely to gradually become a seller's market if these conditions persist," added Mr. Lecuyer.
As forecast at the beginning of the year, Royal LePage expects an uptick in the market in the third and fourth quarters and maintains its prediction that house prices will continue to rise in relation to 2012, although more modestly.
"The modest increase in prices in Mirabel and price stability in Saint-Jerome are in line with Royal LePage forecasts for 2013, which call for an overall price increase of 3.8 per cent by the end of the year, and a decline in sales of approximately 2.4 per cent," Mr. Lecuyer concludes.
About the Royal LePage House Price Survey
The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey which highlights house price trends for the three most common types of housing in Canada in 90 communities across the country. A complete database of past and present surveys is available on the Royal LePage Web site at www.royallepage.ca. Current figures will be updated following the complete tabulation of the data for the first quarter of 2013. A printable version of the third quarter 2013 survey will be available online on May 3, 2013.
Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts.
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 14,000 real estate professionals in over 600 locations nationwide. 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 & 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, visit www.royallepage.ca.
SOURCE: Royal LePage Real Estate Services
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