WATCH: NDG, West Island home prices skyrocket since last year
If home prices in Canada are on the rise than the value of those in the Greater Montreal Area are halfway to Mars.
On average home values increased two per cent across Canada compared to last year, but in N.D.G. that average jumps to 15 per cent.
“I would say NDG into the West Island is definitely the hot spot. In Pointe Claire if you put up a house and it’s in good shape, between $300 [thousand] and $400,000, you’ll get multiple offers,” Royal Lepage Village General Manager George Gaucher told CTV Montreal. “In certain areas, up to 25 per cent of houses are sold above asking.”
It's the first time in seven years that home values in the GMA rose faster than the national average, and experts don't see the trend slowing down anytime soon.
"Dollard is out of control also, bidding wars all of the time," Recca Sohmer of Sutton Quebec said.
Even with the spike in values, the median cost of a house in Montreal is $400,000 (up six per cent), about half of what it is in Toronto.