Montreal leads job, housing outlook
December 24, 2017
Montreal was once a laggard in housing and job creation behind Canada’s other three biggest cities, but it is now picked as a leader in both sectors.
In November, Montreal saw resale house prices increase once again, adding to a 61.9 per cent increase over the past two years.
The Teranet-National Bank House Price Index (Index) for Montreal was 161.92 in November—a new high. The Index is up 1.04 per cent when compared to October and up 6.71 per cent when compared to November 2016.
The Index tracks the change in prices of houses and condos that have sold at least twice, using June 2005 as the base.
Citing “ongoing employment growth” Royal LePage forecasts that housing prices in Greater Montreal will increase a further 5.5 per cent next year to $408.285. This projected increase is higher than Metro Vancouver, but lower than Greater Toronto.
In November, Quebec reached its lowest unemployment rate since January 1976, at 5.4 per cent, while Montreal recorded a 6.6 per cent rate during the same period.
Montreal and Quebec businesses are also the most confident in Canada, according to an employer survey by employment recruiting agency Hays Canada.
“Canada’s economic outlook is highest in Quebec where 50 per cent of employers believe it will strengthen in 2018. British Columbia follows at 46 per cent while Alberta and Ontario sit at 44 per cent,” the October 2017 survey found.