It’s Not Just You — Montreal Condo Prices Are Rising

Condos in Montreal have been a hot commodity in recent years, as starter homes are now extremely expensive and some millennials are now financially secure enough to buy a first home.

Anyone who’s been to Dorval lately can tell you that new condominium developments are sprouting along the lake like weeds – and yet condo prices remain competitive with other housing types, according to a recent Statistics Canada report. .

The pandemic has changed real estate buying habits across Canada. With Canadians spending far more time at home, large single-family properties like homes are in high demand, according to the federal agency.

Of course, this increased demand for condos, both from future owners and investors, has led to higher prices in many cities, including Montreal. Prices for new condos across the country have increased by 7.3% since the start of 2021, mainly thanks to dizzying increases in Vancouver (8.3%) and Toronto (8.9%). In comparison, the 3.5% increase in Montreal seems practically moderate.

And buildings can’t go up fast enough in some towns. The start of 2022 saw a 4.7% decline in new condos under construction in Vancouver, marking the third consecutive quarter of declining inventory growth, according to Statistics Canada.

The good news is that the pandemic has also given Canadians more freedom over their location. With remote work now the norm, potential buyers may consider moving to more affordable cities to fulfill their homeownership dreams. Of the cities included in the survey, Statistics Canada reported lower quarter-over-quarter condominium prices in Ottawa, Edmonton and Halifax.

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