Montreal real estate prices to rise in 2021: forecast | Montreal Gazette

Montreal real estate prices to rise in 2021: forecast | Montreal Gazette

After the COVID-19 pandemic began last spring, many economists predicted it would take the wind out of the sails of Canada’s real-estate industry. Yet a new forecast released Monday suggests prices in Montreal might not fall after all — in fact, they could reach new heights next year.

According to the Royal LePage Market Survey Forecast, it seems it will continue to be a seller’s market for the foreseeable future. In 2021, the aggregate price of a home in Greater Montreal is expected to increase six per cent year-over-year to $514,900. The median price of a standard two-storey home could rise seven per cent to $656,200, while the median price of a condominium is forecast to increase 3.75 per cent to $382,600.

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Why? Because there are so few homes for sale that even if a flood of new properties hits the market, there is so much pent-up demand it probably wouldn’t be enough to rebalance the scales and bring prices down.

This content was originally published here.

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