The Habs did not officially release financial details for the new pact with the restricted free agent. Multiple reports indicate the deal is for a total of $39 million US.
Price said on a media conference call that he can't wait for the season to start.
"It's an honour to put on the Habs uniform and hopefully have the opportunity to play here a lot longer now," Price said. "Now I can just focus on the goal of winning a Stanley Cup and I don't have to worry about re-signing every other year, so I'm looking forward to working towards our goal."
Price's numbers took a slight dip from a spectacular 2010-11 campaign, reflective of a Montreal team that as a whole underwent a coaching change and finished out of the playoffs.
The Anahim Lake, B.C. native still posted a respectable 2.43 goals-against average and .916 save percentage despite the tumultuous season, with four shutouts in 65 games.
Just 24, he's already appeared in 271 regular season games, with 16 shutouts and a 124-104-35 record. He has a 2.56 goals against average and a .916 save percentage.
Price approved of the signings by Bergevin on Sunday of newcomer forwards Brandon Prust and Colby Armstrong, as well as the return of the defenceman nicknamed "Boo", Francis Bouillon.
"I always thought he was really solid in front of me and I'm glad to have him back."
Returning coach Michel Therrien and the Canadiens decided to retain goalie coach Pierre Groulx, a move Price applauded.
"He really understands my game and he understands me off the ice as well," said Price. "He really knows when to push me and when to lay off, so I think we have a really good working relationship."
Price said he didn't take offence in late June when the Habs filed for salary arbitration, a move to protect against another club making an offer sheet.