Montreal home prices now on par with other Canadian cities: CENTURY 21 survey

Century 21’s annual survey says home prices rose across Canada this year.

Home prices across Canada, including Quebec, increased in 2021 during the COVID-19 pandemic, according to real estate company CENTURY 21 Canada’s fifth annual Price per Square Foot survey.

Specifically, in Quebec, “real estate has been strong for several years now.

“Yet again, prices increased significantly since last year, with the price of a detached house in Montreal’s downtown and southwest rising 41 per cent to $1,350 per square foot while townhouses increased 22 per cent to $937 per square foot and condos 16 per cent to $935,” says the survey. “Over the past five years, prices in Montreal have essentially caught up to those in Vancouver and Toronto.”

Mohamad Al-Hajj, owner of CENTURY 21 Immo-Plus in Montreal, said the city “saw affordable prices for many years, but people saw the value in this city and the cost of a home is now on par with other major cities in the country.”

Across the country in general, “while real estate is most often dependent on the local market, the past year has seen widespread increases in prices from coast to coast,” says the CENTURY 21 statement. “In its annual, nationwide study, CENTURY 21 Canada compared the price per square foot of properties sold between January 1 and June 30 this year, compared to the same period last year.

Brian Rushton, Executive Vice-President of CENTURY 21 Canada, said all regions saw price growth.

“When the pandemic began in 2020, the market became unchartered territory. But because of low inventory and high demand from buyers looking for a larger space, prices have steadily climbed for the past year, particularly for detached homes outside of urban centres. That shifted as the year went on, with growth in home prices slowing and condo prices starting to increase again. It’s still a seller’s market from Victoria to St. John’s.”

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