While Montreal’s average home sales price considerably increased by 6.29% year-over-year in October, historical trends will quash any fears that the market is headed towards a state of potential meltdown, the Canadian Real Estate Association assured.
The last peak that Montreal reached prior to last month was June 2010’s annual price growth of 8.89%. This is a positively bygone era compared to Toronto and Vancouver’s peaks, which were on April 2017 (31.43% increase) and July 2016 (32.61% growth), respectively.
In addition, Montreal’s prices grew by 41.19% over the past 10 years, a rate less than half that of Vancouver (96.98%) or Toronto (113.34%).
“Montreal real estate price growth is attracting attention since it leads the country,” Better Dwelling noted in its analysis of the CREA numbers. “Except Montreal has lagged Toronto and Vancouver significantly over the past few years.”
Indeed, Montreal’s average home price was at $350,000 as of October. Toronto ($766,300) and Vancouver ($1,062,100) continued to host Canada’s most expensive housing markets.
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