2018: A year of record prices for Canadian homes

Quebec has one of the most expensive housing markets in the world, with prices rising at close to double the national average over the past year. In the province’s metropolitan area (the water-fed capital…

2018: A year of record prices for Canadian homes

Quebec has one of the most expensive housing markets in the world, with prices rising at close to double the national average over the past year.

In the province’s metropolitan area (the water-fed capital area is Geneva), the median price of a two-storey, detached home grew to $1.15m in April compared with $983,200 a year earlier, according to new figures from the Montreal Real Estate Board. It marked the fourth month of record price growth in Montreal.

The region that includes Montreal saw the rise in prices come despite a year-over-year drop in the number of listings, coming as demand from foreign buyers increased during the centennial celebrations for Expo 67. While that drive came from China, the US, the Middle East and Europe, it was not enough to offset a fall in inventory from last year, rising 5.6% to 5,270 properties.

There was “strong demand” for lower-priced housing, especially condos and townhouses, the board said. In April, the average price of a condo was $279,800, up 25% year-over-year. The median price rose 3.2% to $265,000.

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