Unless stymied once again by pandemic restrictions, immigration is expected to be a major driver of increased demand for housing.
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The aggregate price of a home in the Greater Montreal area in the fourth quarter of 2022 is expected to increase eight per cent year-over-year to $564,800, according to the Royal LePage Home Price Forecast for 2022.
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The forecast, made public on Wednesday, also sees the median price of a single-family detached property rising by nine per cent $648,600, while the median price of a condominium is forecast to increase 6.5 per cent to $447,300.
While the forecast notes that detached homes have been the most highly sought after property type in 2021, “strong demand for condominiums is expected to re-emerge in the new year, as potential buyers face tight competition and rising prices in the detached and semi-detached segments; not to mention the anticipated first increase to interest rates since March 2020.”
In a statement, Dominic St-Pierre, vice-president and general manager of Royal LePage Quebec, said he expects multiple-offer scenarios will be less common in the coming year than they have been in 2021.
