In a widespread evaluation released Wednesday by Sotheby’s International Realty Canada, Montreal lead the nation in top-tier, high-end real estate performance in 2018.
According to Sotheby’s, Montreal’s luxury real estate market posted new records while Toronto saw a large drop in high-end real estate sales.
On the West Coast, Calgary and Vancouver’s top-tier real estate markets retreated further into “buyers’ market territory” as excess supply continued to overtake consumer demand.
Montreal boasted the fasted growing metropolitan economy in 2018, according to Sotheby’s, with a growth rate of 2.9%.
“Job creation, income growth and population gains increased demand across the conventional and high-end real estate market, while investment in public infrastructure and urban development projects increased real estate values in key communities across the city,” reads the evaluation.
“While Montreal firmed its position as a global luxury real estate destination in 2018, top-tier sales in the city remained predominantly driven by local residents in search of housing rather than investor, speculator, or foreign demand.”
Overall residential sales over $1 million (condominiums, and single family homes) increased 20% to 883 units sold in 2018, compared to the city’s previous record of 734 units sold in 2017.
Montreal’s top-tier condo market also reached new heights in 2018 with an additional 29% year-over-year gain to 157 units sold.
The city’s top-tier attached home segment experienced a significant surge in consumer demand in 2018 as well as sales over $1 million increased 40% from 2017 to 290 properties sold.
Following moderate year-over-year sales gains of 21% in 2017 over 2016, Montreal’s top-tier single-family home market calmed to healthy levels in 2018 as sales over $1 million increased 8% from 2017 to 436 homes sold.
The evaluation concludes by saying that the city’s robust economic fundamentals and growing population are expected to foster an active, healthy market well into the new year as well.