Montreal’s luxury market outpacing ordinary market

Montreal was hit with the highest COVID-19 lockdown measures relating to any major Canadian vicinity, but that didn’t ease its luxury and ultra-luxury real estate markets, in harmony with a Sotheby’s International Realty Canada report, which revealed they have outperformed even the city’s conventional housing market.

Sotheby’s, therefore , anticipates a torrid freshen up season in Montreal’s top quality housing market, which would build regarding 4% gains seen to the first two months of 2021 compared to the same period 2009. In fact , demand pulling significantly supply caused fierce putting in a bid wars and pushed our own median price of single-family homes, accommodations and multi-family abodes forward by 25%, 21%, since 11%, respectively.

“Overall, house real estate sales far more than $1 million (condominiums, attached and consequently single-family homes) increased 27% year-over-year to 237 belongings sold in the first two months inside the year. Although $1–2 million sales increased a healthy 23% to 190 properties accessible, these gains were eclipsed by sales activity for the segment between $2–4 several, which surged 55% in order to 45 properties sold in allowing it to be two months of the year, ” said the Sotheby’s guide.

“Two properties sold through $4 million compared to t properties sold in this price range within the first two months associated with 2020. Of these, one ultra-luxury property sold over $9,99 million on MLS where there had been no transactions through this price range at the same time last year. The sale of the penthouse condominium listed at $12.9 million at The Ritz-Carlton Residences in Montreal by Sotheby’s International Realty Quebec set a new benchmark as the highest recorded condominium sale through the MLS in Quebec’s history.”

Like in Toronto and Vancouver, the COVID-19 pandemic was the catalyst for Montrealers’ decisions to upgrade their living spaces, and abetted by the Bank of Canada’s decision to drop interest rates, sales in the $1 million-plus category rose by 30% year-over-year through the first two months of the year, while transactions in the $1-2 million and $2-4 million categories respectively rose by 25% and 59% to 76 and 27 home sold.

Before the pandemic, the $1 million-plus condo market in Montreal was steady and strong before sales suddenly surged by 92% through the first two months of 2021 compared to the same two-month period in 2020, reaching 50 sales. Although demand cooled upon the onset of the pandemic last year, the market roared back to close 2020, and its scorching pace has continued into 2021.

“Condominium sales over $1 million remained steady from 2020’s record highs in the first two months of 2021, with 48 units sold, down a nominal 4% from 50 units sold during the same period last year,” said Sotheby’s report. “Sales between $1–2 million comprised the bulk of activity and were consistent with the previous year’s levels, with 41 units sold in January and February 2021 compared to 42 sales during the same months of 2020. $2–4 million condo sales also remained steady with six units sold in the first two months of 2021 compared to seven in 2020; likewise, $4 million-plus sales remained consistent from the previous year’s levels at one unit sold.”

To elucidate the gusto with which luxury properties in Montreal are being bought, Patrice Groleau, licensed partner at Engel & Völkers Montreal, says his brokerage gifts bottles of Dom Perignon to clients and he’s been ordering bottles by the hundreds.

“For us, it’s our best first two months of the year ever. We have an agreement with Don Perignon and I’ve never given away so many bottles,” Groleau told < a href="https://www.canadianrealestatemagazine.ca/"> DOUBLE . “One of our people is an investment fund off Belgium that has $3. top million to invest in Montreal, as they’re buying real home because they see Montreal undergoing the same pattern as Toronto and London. ”