Home Real Estate Montreal’s Hot Housing Market Still Affordable, Quebec Says

Montreal’s Hot Housing Market Still Affordable, Quebec Says

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The hot Montreal housing market was just added to the Bank of Canada’s watch list, but the Quebec government isn’t worried, at least not yet.

Low interest rates and a pandemic-led rush for extra space have dramatically pushed up prices for residential real estate, and the Quebec government is “paying close attention,” Finance Minister Eric Girard said in an interview.

Even as homes in Montreal become more expensive, the fundamentals of the market remain “really strong,” Girard said, noting that prices are still much cheaper than in cities like Toronto and the economy is enjoying a strong recovery. “It’s still an affordable city,” he said.

Photographer: Christinne Muschi/Bloomberg

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