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Montreal island real estate values up Prices jump 5% in first three months

Montreal island real estate values up


 

Prices jump 5% in first three months

 

The average price of a house in Montreal rose to $387,429 in the first three months, compared to the national average of $398,282.
 

The average price of a house in Montreal rose to $387,429 in the first three months, compared to the national average of $398,282.

Photograph by: John Mahoney , GAZETTE files

MONTREAL -

The average price of a standard home on Montreal Island rose almost five per cent during the first three months of 2012, year over year, despite weakened consumer confidence because of job losses in the aerospace and pharmaceutical industries, real estate firm Royal LePage said Thursday.

Nationally, the price of a house during the first quarter rose five per cent, year over year, to $398,282, compared with $387,429 in Montreal, Royal LePage said. Standard condominiums rose 2.2 per cent, year over year to $239,000 on Montreal Island, compared with $243,153 nationally.

“It’s interesting to note that the real-estate market is doing well in spite of the economic situation, thanks to a fairly good stock market performance and consumer interest in real estate, which is seen as a good long-term investment,” said Dominic St-Pierre, director of real-estate services at Royal LePage for the Quebec region.

Nationally, survey results also published Thursday suggest most Canadians feel now is a great time to buy a home, but not for them personally.

A poll done for Royal Bank of Canada found 59 per cent of those asked said now is the time to get into the housing market, as opposed to waiting until next year. That was up four percentage points from when the same question was asked in a survey a year earlier.

However, 73 per cent said they are unlikely to buy a home within the next two years, up two points from the previous year.

“There’s a mix of opinions on the housing market as Canadians still feel confident about real estate but are a little uncertain about where the market is heading and when it makes sense to buy,” Marcia Moffat, RBC’s head of home equity financing, said in a statement.

When it came to property values, Quebecers were the most confident homeowners in the country, with 78 per saying they could withstand a potential downturn in house prices, compared with 74 per cent nationally. Yet 57 per cent of Quebecers – slightly below the national average – said now is a good time to get into the housing market.

Not surprisingly, 69 per cent of Albertans said now was a good time to buy a home, with commodities-fuelled growth driving a housing boom in that province.

Nationally, 88 per cent considered housing a good investment – including nine out of 10 Ontarians, despite concerns of a condo bubble in Toronto – while 68 per cent said the value of their homes had increased over the last two years. Just 47 per cent of Canadians said housing prices would be higher a year from now.

The survey was done with 2,006 adult Canadians in an online panel by Ipsos Reid between Jan. 24 and 30.

A random sample this size would have accurately represented the population within two percentage points, 19 times out of 20, RBC said.

Postmedia News contributed to this report