VANCOUVER, BC--(Marketwired - October 23, 2017) - A nationwide study conducted by CENTURY 21 Canada has revealed that the average price-per-square foot (PPSF) of homes in Ville Marie and Southwest areas of Montreal have more than doubled in the past decade. Montreal prices have gone up by 251% since 2006 but at $533.30 PPSF they are still far below Vancouver's, the nation's most expensive market at $1,210 PPSF. Since 1997, Montreal prices have gone up an astounding 468%.
The study gathered the PPSF for a typical home across the major towns cities in Canada from Victoria to St. John's in 1997, 2006, and 2017. The study used CENTURY 21's independently owned and operated franchised real estate offices from the Pacific coast of Vancouver Island to the Atlantic shores of Newfoundland.
In August 2017, the Greater Montreal Real Estate Board (GMREB) reported that more residential properties were sold in the Montreal region this August than in any August on record. In total, 2,899 residential properties were sold, an 8% increase compared to August of last year. This statement aligns with the survey data-- higher demand and therefore higher prices. CENTURY 21 ranks Montreal as having the 3rd most expensive PPSF in any Canadian city, following behind Vancouver's West Side ($1,210 PPSF) and downtown Toronto ($818.86).
"Montreal real estate is a bargain price for a world-class city," says Brian Rushton, Executive Vice-President of CENTURY 21 Canada. "It is the most undervalued market in Canada and there's a lot of construction going on there right now. For some reason, it hasn't attracted the same attention as Toronto or Vancouver, but it has all the offerings of a large urban center."
CENTURY 21 also conducted a survey of more than 1,000 of its agents from across the nation, recording buyer's opinions, their likes and dislikes, and what they are looking for in a home.
The survey found that a desirable neighbourhood is the most crucial factor for Quebec buyers. Additionally, Quebec leads the country in valuing commute and walk score. Quebec buyers are more interested in guest room space (9%) and landscaping (9%) than other Canadian buyers, and 41% indicated that they do not want to have to renovate the property after purchase.
Complete National results, and a downloadable video interview are available at: www.century21.ca/ppsf2017
Notes to Editor:
About CENTURY 21 Canada®
CENTURY 21 Canada Limited Partnership (century21.ca) is a real estate master franchisor with complete rights to the CENTURY 21® brand in Canada.
The CENTURY 21 System is one of the world's largest and most recognized residential real estate franchise sales organization with approximately 7,450 independently owned and operated franchised real estate offices worldwide and over 115,000 sales professionals. CENTURY 21 provides comprehensive technology, marketing, training, management, and administrative support for its members in 79 countries and territories worldwide.
How the information was gathered by CENTURY 21 Canada
In the past, as seen in the data table for 1997 and 2006, CENTURY 21 Canada asked franchise owners around the country to define a 'typical' home in their area and provide the sales price and average square footage. For most, it was a single-family detached home, and the size depended on province, city, and neighbourhood. CENTURY 21 Canada released annual results in their Typical Home Price Survey.
In 2017, CENTURY 21 franchisees were asked to help come up with the average price-per-square-foot in their market. However, calculating a precise number is not an exact science as every office and province tracks statistics slightly differently. As a result, some have used either the average or benchmark prices (depending on the market) and tracked average square footage in sales from January 1- June 30, 2017. The price-per-square-foot was calculated from those numbers. Each franchisee has confirmed that that the numbers provided are an accurate representation of their market.
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Contact Information:
For more information please contact:
Peak Communicators
Victoria Ullrich
Phone: (604) 689-5559
Email: victoria@peakco.com
