The cost of housing per square foot has skyrocketed in Montreal while other cities saw little change over the last year, according to a new national survey.
The study found that condominium prices in downtown Montreal are up 13.5 per cent from last year to, on average, $805 per square foot.
A newly-released annual report from CENTURY 21 Canada reveals that, following an early-spring decline due to the COVID-19 pandemic, sales numbers are bouncing back and house prices across the country are maintaining their strength. The study compared the price per square foot of properties sold between January 1 and June 30 of this year, compared to the same period last year.
“When the pandemic took hold in Canada in mid-March, there was a lot of uncertainty about what would happen to real estate sales during the typically busy spring market,” said Brian Rushton, executive vice president of CENTURY 21 Canada. “What we have seen is that after a dip in the number of sales early in the pandemic, the pace of sales has returned to near-normal levels as real estate agents and companies innovated new ways of doing things. The real estate industry has proved resilient through the past several months. And even further, prices have held steady as well.”