The Luxury Home Market in Montreal
In the last few years, the luxury home market in Montreal has surged to new heights.
There has been a lot of interest and demand in luxury real estate in Quebec. But do you think the trend will continue in the years to come?
several Canadian housing communities are reporting average sales prices of more than $1 million.
The trend highlights how hot the Canadian housing market has become, especially with many homes around the Montreal area exceeding $1,000,000.
The number of expensive homes acquired by the city’s wealthiest buyers is increasing rapidly while rent prices in Montreal continue to go up in the last few months. According to a recent study analyzing the luxury real estate market in Montreal, there will be a significant increase in the number of homes and apartments sold for $1 million or perhaps even more.
According to new research, the most valuable places in Canada in terms of property price per square foot are in Montreal, which outperforms areas of Toronto and Vancouver.
Why are people buying luxury real estate?
The selection of luxury homes in top neighborhoods is limited in Montreal, according to a recent study, which has only been increased by the recent Covid-19 Pandemic.
Seniors downsizing and making housing units accessible to young families and first-time purchasers have traditionally been sources of supply in the Montréal market. The pandemic has resulted in a shift in lifestyle, with elderly seniors refusing to downsize or move into care facilities, particularly given the state of Montréal’s long-term care institutions during the Covid-19 pandemic.
The Luxury Home Market in Montreal is Growing!
Although monitoring luxury real estate statistics might be tricky, some publications can be incredibly useful in determining the health of the luxury real estate market in Canada.
The Montreal metropolitan region has had the biggest price appreciation in Canada in the high-end property categories over the last year.
In regions such as the Plateau-Mont-Royal and Griffintown, there was an increase in the class of luxury homes. Luxurious West Island homes are still in high demand, owing to the high quality of the schools and the water views, both of which would appeal to rich migrants.
Canada’s real estate market was transformed in the last 2 years. Canadians’ views of the value of their homes as an investment in lifestyle and enjoyment, physical refuge and security, financial stability, and generational wealth have shifted dramatically.
In 2021, single-family houses in Montreal that cost $1 million or more reached new highs. Luxury homes priced at $4 million or more surged by 178 percent year over year, while luxury apartments in the city increased by 165%.
Luxury Trends Are Making Their Way into a More Diverse Housing Market
A recent analysis uncovered a number of additional patterns, some of which indicate that the luxury real estate boom’s impacts are pouring into the larger housing industry. Luxury property purchases, for example, have spread to smaller areas where potential buyers have more spending power. For example, rising price points are being driven by property sales and buyer competition across Montreal.
However, the supply of luxury homes is projected to decline in the coming months because the buyers are concerned about construction due to labor shortages, supply chain issues, and uncertain prices, according to reports.
That being said, there are still so many impressive luxury homes being listed as we speak. Click here to view some of these charming properties.
Who’s in Luxury Real Estate?
We have partnered with international networks, such as LuxuryRealEstate.com and Aventure Realty Network to assist you in reaching your Real Estate goals.
Abbey & Olivier is the exclusive agency for LuxuryRealEstate.com for the West Island of Montreal. When listing your home with us, your property will be showcased on the No.1 portal for prestigious properties + an additional 50 international websites.
Extraordinary reach, even better results.
