Market Expands; Average Condo $226,000

According to a recently released [report] by the Greater Montreal Real Estate Board, the condo market is off to a good start in 2007: 8,954 transactions recorded so far represent a 11% increase year-over-year.

The average price of a condo in 2007 is $226,000 which is 3% higher than a year earlier.

The areas around Montreal are noticeably cheaper, but Laval shows a much faster price growth (+10%). Recorded averages for condo prices were as follows:

• Montreal: $226,000 (up 3%)
• Laval: $170,000 (up 10%)
• Montérégie: $161,000 (up 9%)
• Laurentians: $168,000 (down 9%)
• Lanaudière: $131,000 (up 2%)