Montreal is expected to emerge as the next Canadian luxury real estate hot spot, according to a new report by Sotheby’s International Realty Canada.
“Montreal, in particular, is emerging as an unexpected bright light on Canada’s luxury real estate horizon, but the reality is that improvement in economic productivity, wages and job gains will be positive for all of our metropolitan markets in the coming months,” said Brad Henderson, president and CEO of Sotheby’s International Realty Canada.
Sotheby’s compiled summer data for Vancouver, Calgary, Toronto, and Montreal –the four largest metropolitan markets in Canada. It found that Montreal’s $1 million-plus real estate sales (condominiums, attached and single-family homes) soared 60% year-over-year in July and August.
Due to its stellar summer performance, Sotheby’s predicts that Montreal’s luxury market will continue its momentum this fall.
“Strong job gains and a healthy economy lifted local consumer confidence and fueled luxury market activity that resulted in soaring activity, a lift in prices, and an increase in the incidence of bidding wars in several of the city’s prime, luxury neighbourhoods, including Westmount, Outremont and Town of Mount Royal,” said Sotheby’s in the report.
“Montreal’s luxury market remains dominated by local demand, however, industry insiders anecdotally report an uptick in interest from foreign buyers seeking residences.”
The city’s condominium market also saw a 40% increase in summer sales. Fourteen units sold over $1 million and these sales outpaced industry expectations.