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Expect another year of soaring prices in Montreal’s housing market, which might push buyers to the suburbs of the island, according to the latest real-estate forecast.

In December 2018, it was estimated that the median selling price of properties would increase by three per cent in the Montreal area, but Royal LePage’s house price survey released on Wednesday is estimating a 4.5-per-cent increase.

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Dominic St-Pierre, vice-president of Royal LePage in Quebec, says the revision is somewhat conservative as the median selling price for homes might increase even more.

“It’s all about the offer and the demand,” St-Pierre said. “Two years ago, a property would sell within 90 and 100 days of being on the market, but in the last year properties have been selling within 70 to 75 days of being on the market.

“Houses are selling quickly because there’s not enough of them to supply the demand. So there are a lot of people who are looking to purchase houses, but there aren’t that many houses for sale,” St-Pierre said.