Home prices in Montreal could rise 8.5% by the end of the year: real estate survey

Home prices in the greater Montreal area are likely to increase by 8.5 percent in the fourth quarter of this year, according to a recent survey.

Real estate company Royal LePage says its outlook is based on a stronger-than-expected first quarter.

Royal LePage commercial and residential broker Marc Lefrancois said several factors could explain the projected increase, including an expected decline in mortgage interest rates and strong demand for low-supply homes, partly due to immigration.

According to the Professional Association of Real Estate Brokers of Quebec, the median price of a single-family home in Montreal is $553,000 – a five percent increase in the first quarter of 2024 compared to the same period last year.