While market watchers focused on the housing frenzies in Toronto and Vancouver, or waited for the collapse in Alberta, Montreal real estate quietly had its best year since 2010.
Montreal saw housing sales climb 5% in 2015 with prices rising an average of 3%, according to the Quebec Federation of Real Estate Boards. The average price of a home now stands at $295,000 in Canada’s second-largest city.
The Federation expects increases to continue, at least through the busy spring buying season. Single-family units are forecast to increase in price by 2%. Given increases of 9.8% and 18.9% in Toronto and Vancouver, respectively, Montreal remains incredibly affordable and could be attractive for foreign buyers.
The QFREB also expects to see oversupply in the Montreal condominium market decline this year, noting a 25% reduction in condo starts for 2015.