Average house prices in Montreal increase over the first quarter of 2010
- Inventory remains low, first-time homebuyers are scouting the real estate market and demand for all types of properties is on the rise -
MONTREAL, April 8 /CNW/ - The House Price Survey released today by Royal LePage Real Estate Services indicates that low inventory coupled with high demand from first-time homebuyers and a sustained interest in all types of properties by consumers are contributing to an increase in the average price of homes for the first quarter of 2010.
"There has been a great deal of activity in the real estate market in Montreal over the first quarter of 2010, as seen by the reported increase of 7% in the selling price of detached bungalows, standard two-storey properties, and condominiums. Sales of condominiums have soared in Montreal due to the high levels of activity from first-time homebuyers and the vast inventory for the kind of property they are looking for. On average, the inventory is rather low in Montreal and, at the moment, there are insufficient bungalows and standard two-storey homes to meet the current demand. This type of situation gives rise to an increase in the selling price," explains Dominic St-Pierre, Director, Royal LePage Real Estate Services, Quebec Region.
For the first quarter of 2010, the Montreal market posted average price increases for all property types surveyed. The average price of a bungalow climbed by 7.2 percent to $249,172, the price of a standard two-storey house increased by 7.6 percent year over year to reach $355,109, while the average price of a condominium increased by 7.6 percent, to $222,244.
"The first quarter of 2010 was clearly a seller's market and buyers were forced into situations where they had to make quick, on-the-spot decisions. It was not uncommon to witness multiple offer scenarios and to see properties sell above their asking price. In the majority of cases, properties were selling at their asking price or very close to it," adds Dominic St-Pierre.
The number of properties sold this quarter significantly increased compared to the same period last year. "However, this increase is hardly surprising given that sales from the first quarter of 2010 are being compared to those in 2009. At this time last year, the real estate market was experiencing a downturn due to the economic crisis. If we compare units sold during the first quarter of 2010 to those sold in the first quarter of 2007, we note only a slight increase," according to Dominic St-Pierre.
Royal LePage House Price Survey for the first quarter of 2010
Average house prices
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Standard bungalow
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Last Difference
Average quarter Average (%)
Market Q1 2010 average Q1 2009 Bungalow
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Beaconsfield 305,000 305,000 290,000 5.2%
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Boucherville 256,000 253,000 237,000 8.0%
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Côte-St-Luc 249,000 246,000 239,000 4.2%
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Dorval 260,000 252,500 243,000 7.0%
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Lachine 245,000 235,000 224,000 9.4%
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Lasalle/Verdun 206,000 205,000 198,000 4.0%
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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 228,378 223,900 200,000 14.2%
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St-Lambert 244,000 240,000 228,000 7.0%
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Westmount* N/A N/A N/A N/A
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Montréal 249,172 245,050 232,375 7.2%
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* Type of property not covered in the sector
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Two-storey house
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Difference
Last (%) 2-
Average quarter Average storey
Market Q1 2010 average Q1 2009 house
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Beaconsfield 380,000 380,000 370,000 2.7%
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Boucherville 305,000 292,600 276,500 10.3%
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Côte-St-Luc* N/A N/A N/A N/A
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Dorval 265,000 255,000 244,000 8.6%
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Lachine 255,000 242,500 232,000 9.9%
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Lasalle/Verdun* N/A N/A N/A N/A
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West Island 374,000 372,000 360,000 3.9%
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Notre-Dame-de-Grâce 383,000 380,000 375,000 2.1%
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St-Bruno 253,980 249,000 230,000 10.4%
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St-Lambert 290,000 286,000 273,000 6.2%
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Westmount 690,000 655,000 610,000 13.1%
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Montréal 355,109 345,789 330,056 7.6%
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* Type of property not covered in the sector
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Condominium
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Difference
Last (%)
Average quarter Average Standard
Market Q1 2010 average Q1 2009 condo
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Beaconsfield* N/A N/A N/A N/A
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Boucherville 190,500 173,500 168,750 12.9%
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Côte-St-Luc 239,000 239,000 229,000 4.4%
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Dorval 232,000 222,500 212,000 9.4%
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Lachine 262,000 255,000 247,000 6.1%
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Lasalle/Verdun 168,000 165,000 165,000 1.8%
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West Island* N/A N/A N/A N/A
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Notre-Dame-de-Grâce 235,000 233,000 230,000 2.2%
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St-Bruno 188,700 185,000 177,000 6.6%
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St-Lambert 180,000 177,000 170,000 5.9%
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Westmount 305,000 300,000 260,000 17.3%
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Montréal 222,244 216,667 206,528 7.6%
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* Type of property not covered in the sector
About the Royal LePage House Price Survey
The Royal LePage Survey of Canadian House Prices is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey, which highlights house price trends for the three most common types of housing in Canada in 80 communities across the country. A complete database of past and present surveys is available on the Royal LePage Web site at www.royallepage.ca, and current figures will be updated following the end of the first quarter. A printable version of the first quarter 2010 survey will be available online on May 7, 2010.
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 1970.
About Royal LePage
Royal LePage is Canada's leading provider of franchise services to residential real estate brokerages, with a network of nearly 14,000 real estate professionals in over 600 locations across Canada. Royal LePage is the only Canadian real estate company to have its own charitable foundation; the Shelter Foundation which is dedicated exclusively to funding women's shelters and violence prevention and education programs. Royal LePage is managed by Brookfield Real Estate Services, and is part of a brand family that includes Royal LePage, Real Living, Johnston and Daniel, and La Capitale Real Estate Network. An affiliated company, Brookfield Real Estate Services Fund, is a TSX listed income trust, trading under the symbol "BRE.UN."
For more information visit www.royallepage.ca
For further information: Valérie Dupuis, Fleishman Hillard Inc., (514) 866-6776, [email protected]; Tammy Gilmer, Director, Public Relations and National Communications, Royal LePage Real Estate Services, (416) 510-5783
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