Royal LePage sees Montreal residential property market cooling off this fall

After a torrid summer that saw Montreal outperform Toronto and Vancouver on the residential real estate front, look for cooler temperatures this fall.

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After a torrid summer that saw Montreal outperform Toronto and Vancouver on the residential real estate front, look for cooler temperatures this fall.

Aggregate home prices in Greater Montreal will probably climb 9.5 per cent in the fourth quarter from a year earlier to reach $478,000, real estate firm Royal LePage said Wednesday. That’s down from the 12.5 per cent year-over-year increase recorded in the third quarter, according to the company’s data.

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“Slowly, the market is starting to cool off a bit,” Dominic St-Pierre, Royal LePage’s vice-president and general manager for Quebec, told the Montreal Gazette in a telephone interview.

“The fourth quarter should show an increase relative to last year’s fourth quarter, but if we compare prices with those of the third quarter, they should be roughly flat. Essentially, what we’re forecasting is that prices are going to stay where they are for the rest of the year.”