Mirroring the trend in the more affordable housing segment, Montreal’s luxury real estate market is slated to break records so far this year, with sales of homes valued over $1 million increasing in the first 5 months of 2018.
New numbers from Sotheby’s showed that from January 1 to May 31 of this year, the number of transactions worth more than $1 million grew by 17% compared to the same time frame last year.
In particular, activity in the city’s luxury condominium sector was exceptionally strong, with the residential resale condo market posting a 17% year-over-year increase in sales volume between $1 and $2 million in January – May 2018. All in all, over-$1-million sales in the condo sector grew by 7% year-over-year.
A new record for sales price was established in the pre-sale of a unit at the Four Seasons Private Residences Montreal. The 4,015 sq. ft. property was originally listed at $8,050,000, breaking all previous records for the highest price per square foot for condo sales in the city.
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Meanwhile, increases were relatively modest in Montreal’s luxury detached market, a trend brought about by subdued growth in demand along with tightening inventory. $1-$2 million sales actually declined by 6% year-over-year, while overall activity in the $1-million-plus detached segment grew by a muted 2% compared to the January – May stretch in 2017.
However, Sotheby’s International Realty Canada president and CEO Brad Henderson assured that “while we are seeing hints that the steep gains in luxury demand will level off as the year progresses, Quebec’s strong economy and freedom from government policy interference has insulated the Montreal market from some of the factors that have moderated the sales in cities such as Toronto and Vancouver.”
“Local confidence continues to drive the Montreal market and there is every sign that this will continue.”
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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