Prices surge in Montreal and Toronto, sales surge in Western Canada 

Montreal’s residential real estate market experienced a modest increase in sales compared to other major Canadian markets. The rebound in western Canadian markets was mainly supported by the recovery in employment in the natural resources sector, particularly the energy sector. 

The Montreal market posted a new record for residential property prices, followed closely by Toronto. In Toronto, the average price of a single-family home exceeded $1 million in February 2021, indicating a sharp overheating in the market, leading to its overvaluation. This is not yet the case in Montreal, but at the rate of price growth since July 2020, the risks of drifting towards overvaluation are increasing month by month.