Residential Real Estate Sellers Market Despite Interest Rates: Royal LePage

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In central Montreal, the median price of a single-family detached home rose 14.3% year-over-year to nearly $1.063 million.

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TORONTO — Despite rising real estate prices, expected further increases in interest rates and general economic uncertainty, conditions remain favorable for home sellers, according to brokerage firm Royal LePage.

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Home prices in Canada jumped 25.1% in the first quarter from the same period last year, Royal LePage said Tuesday in its home price survey. The overall price for a Canadian home was $856,900, Royal LePage said.

In the Greater Montreal area, aggregate home prices jumped 18.5% year-over-year to $571,400 in the first quarter, compared to $327,200 in Quebec City. The median price of a detached single-family home in Greater Montreal rose 19.8% to $636,200, while that of a condominium rose 17.7% to $446,700.

In central Montreal, the median price of a single-family detached home rose 14.3% year-over-year to nearly $1.063 million.

The first quarter increases led Royal LePage to raise its forecast for 2022. The brokerage firm now expects property prices in the Montreal area to reach $599,200 in the fourth quarter of 2022, 12.5% ​​higher than at the end of 2021.

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