The price of a home in the greater Montreal area could increase by 8.5 per cent in the fourth quarter of this year, a recent market survey shows.
Real estate company Royal LePage says its forecast is based on a stronger-than-expected first quarter.
Royal LePage commercial and residential broker Marc Lefrancois says several factors could explain the predicted surge, including an anticipated decrease in mortgage interest rates and a strong demand for homes with lower supply, partly linked to immigration.
The median price of a single-family home in Montreal is $553,000, according to the Quebec Professional Association of Real Estate Brokers – a five per cent increase in the first quarter of 2024 compared to the same period last year.