The average home price in Montréal should experience a slight rise in the
first quarter of 2010
Demand for all types of properties increased in the fourth quarter of 2009 due to the economic recovery and consumer confidence in the Montréal real estate market
During the fourth quarter, the Montréal market posted a rise in home prices in all surveyed property sectors. The average price of a detached bungalow rose by 4.3% to
"The last quarter of 2008 saw the start of the economic crisis. That situation deeply affected the real estate market and contributed to the decline in home sales. It is therefore not surprising that the fourth quarter of 2009 is superior to the same period the previous year. Despite some layoffs, the economy is faring quite well in Québec. The current recovery and low interest rates are encouraging people to consider purchasing a property," explains Dominic St-Pierre, Director, Royal LePage Real Estate Services, Québec region.
The inventory of detached bungalows, two-storey houses, and condominiums is currently decreasing. "It's normal for the real estate market to stabilize after several months of aggressive growth. Right now, inventory is dwindling because the real estate market is performing well and properties are selling fast" adds Dominic St-Pierre.
We are estimating a four to five percent increase in the average home price in 2010. "The possible rise in interest rates, down payments which should be increasing from five to ten percent, and the reduced mortgage amortization period will certainly contribute to an increase in home prices as there may be keen interest in the real estate market in 2010 before these new regulations take effect," says Dominic St-Pierre.
Survey of Canadian House Prices in the fourth quarter of 2009
Average home prices
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Detached bungalow
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Average Last quarter Average Difference
Market Q4 2009 average Q4 2008 (%) Bungalow
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Beaconsfield 305,000 300,000 285,000 7.0%
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Boucherville 253,600 240,000 244,987 3.5%
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Côte-St-Luc 246,000 245,000 242,000 1.7%
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Dorval 252,500 250,000 241,000 4.8%
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Lachine 235,000 230,000 222,000 5.9%
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Lasalle/Verdun 205,000 206,000 200,000 2.5%
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West Island N/A N/A N/A N/A
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Notre-Dame-de-Grâce N/A N/A N/A N/A
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St-Bruno 223,900 217,360 N/A N/A
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St-Lambert 240,000 232,000 230,000 4.3%
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Westmount N/A N/A N/A N/A
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Montréal 248,157 243,286 237,855 4.3%
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*Type of property not covered in the sector
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Standard Two-storey house
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Difference
Average Last quarter Average (%) 2-storey
Market Q4 2009 average Q4 2008 house
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Beaconsfield 380,000 375,000 365,000 4.1%
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Boucherville 292,600 289,333 284,166 3.0%
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Côte-St-Luc N/A N/A N/A N/A
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Dorval 255,000 252,000 241,000 5.8%
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Lachine 242,500 240,000 230,000 5.4%
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Lasalle/Verdun N/A N/A N/A N/A
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West Island 372,000 370,000 365,000 1.9%
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Notre-Dame-de-Grâce 380,000 382,000 372,000 2.2%
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St-Bruno 249,000 243,984 N/A 0.0%
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St-Lambert 286,000 279,000 275,000 4.0%
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Westmount 655,000 660,000 640,000 2.3%
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Montréal 357,888 355,917 346,521 3.3%
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*Type of property not covered in the sector
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Standard Condominium
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Difference
Average Last quarter Average (%) Standard
Market Q4 2009 average Q4 2008 condo
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Beaconsfield N/A N/A N/A N/A
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Boucherville 173,500 177,000 173,350 0.1%
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Côte-St-Luc 239,000 236,000 230,000 3.9%
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Dorval 222,500 220,000 210,000 6.0%
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Lachine 255,000 253,000 245,000 4.1%
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Lasalle/Verdun 165,000 163,000 162,000 1.9%
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West Island N/A N/A N/A N/A
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Notre-Dame-de-Grâce 233,000 234,000 232,000 0.4%
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St-Bruno 185,000 177,000 N/A 0.0%
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St-Lambert 177,000 174,500 168,000 5.4%
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Westmount 300,000 285,000 260,000 15.4%
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Montréal 220,625 217,813 210,044 5.0%
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*Type of property not covered in the sector
The Royal LePage Survey of Canadian House Prices is the largest, most comprehensive study of its kind in
Housing values in the Royal LePage 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. Historical data is available for some areas back to the early 1970s.
About Royal LePage
Royal LePage is Canada's leading provider of franchise services to residential real estate brokerages, with a network of over 14,000 agents and sales representatives in 600 locations across
For more information visit www.royallepage.ca or www.brookfieldres.com
For further information: Valérie Dupuis, Fleishman Hillard Inc., (514) 908-0110 ext. 312, [email protected]; Tammy Gilmer, Director, Public Relations and National Communications, Royal LePage Real Estate Services, (416) 510-5783
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