The market is assessing the impact of Coronavirus. The impact in Montreal will likely be significant but may not be as strong as some fear.
2019 was an exceptional year for Metro Montreal home prices. The value of a benchmark house rose by close to 9% and the median house price rose 7%. Apartment and Townhouse prices rose throughout the year too.
Buyer interest increased by roughly 10% year-over-year.
The housing market in Montreal is a seller's market so sellers have the advantage in price negotiations.
Even though Montreal home prices are much lower than Vancouver and Toronto, a typical Metro Montreal household can no longer afford current house prices and there is a growing risk of a bubble.
Metro Montreal real estate prices are still facing several high impact risks before taking the Coronavirus into account.
