Montreal's Real Estate Market in 2022

POINTE-CLAIRE, Quebec - May 20, 2022 - PRLog -- Vancouver, Toronto, Montreal, and Ottawa's housing markets will most likely be the ones to set the pace for price changes across the country. According to CMHC, prices will range from $743,100 to $831,100 on average in 2023 and from $756,500 to $867,800 on average in 2024. The federal government outlined a strategy to lower the cost of homeownership in Canada for first-time buyers in its 2022 budget.

By the end of 2022, the average home price in Montreal is predicted to rise by almost 12%. Despite government vows to cool the market, house costs are expected to climb even more in 2022. This year's average price of a Montreal home is expected to rise even further, according to Royal LePage's House Price Survey and Forecast, which was issued on February 1. The average price of a property in Montreal is expected to rise by 12.5%, to $599,200. Canadian housing prices are predicted to "remain elevated" and affordability will "decrease" over the next five years, which is bad news for potential homeowners.

In the first three months of 2022, the median price of a single-family home rose by about 20%, reaching $636,200. Condos, on the other hand, are expected to witness a 17.7 percent increase in price, taking the average price to $446,700.

If you've been unsuccessful in purchasing a home in the previous two years, you're not the only one. Reducing the number of houses for sale in Dollard-Des Ormeaux has had an impact on the way people shop for homes. Before looking for a new property, sellers traditionally put their current residence on the market. There is a shortage of inventory since people are trying to acquire a new home before they put their current one on the market."

Montreal's composite home price for Q4 of 2022 is still much lower than the country's two main real estate markets across the country. Keep an eye out for this discrepancy in averages between the cities of Vancouver and Toronto against Montreal.

Source By : https://landmarkrealties12.blogspot.com/2022/05/montreals...