Condo Market on Montreal Island

A recent study published by JLR shows that the stagnation of the resale price of condos on Montreal Island, that had endured for two years, was replaced by a 2% increase in one year. But in what areas is it the most expensive per square foot?

Condo Market on Montreal Island

The stagnation of recent price on the resale market can be explained by the fact that new condo construction projects have resulted in a rapid increase in the supply available on the market, which made resales more difficult. The median resale price is now of $309 per square foot for the whole island. According to our internal studies, the average price per square foot for a brand new downtown condo unit is about $500.

The study by JLR stands the ranking of the five most expensive areas of the island, according to the median price per square foot on the resale market:

- Ville-Marie: $ 392 per square foot

- Outremont: $ 388 per square foot

- Sud-Ouest: $ 381 per square foot

- Plateau-Mont-Royal: $ 372 per square foot

- Mont-Royal: $ 371 per square foot

 

Similarly, the study lists the five sectors where we find the best prices:

- Rivières-des-Prairies - Pointe-aux-Trembles: $ 188 per square foot

- Dollard-des-Ormeaux: $ 191 per square foot

- Pierrefonds-Roxboro: $ 217 per square foot

- Montréal-Nord: $ 228 per square foot

- Côte-St-Luc: $ 232 per square foot

 

The largest increases per square foot rate for 5 years were recorded in the Sud-Ouest       (+ 28%) and Rosemont - La Petite-Patrie (+ 20%), which are districts which are experiencing strong revitalization in recent years.

Although the majority of cities and districts of the Montreal Island grew the rate per square foot during the last year, 7 of them are rather falling, such as Mont-Royal (- 3%) and Côte-St-Luc (- 3%).

To consult the complete article published by La Presse+ on February 27th, 2016:

http://plus.lapresse.ca/screens/b40e1716-e890-49b3-a530-9eee7ae625f0%7C_0.html [French article]



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