If in Quebec, summertime rhymes with moving, it’s also a great time to take a closer look at the local luxury real estate market, more especially in great urban centers like Montreal where the market is currently thriving.
At the end of last June, the real estate data provider JLR studied the specifics of the high-end real estate market and published the Luxury properties in Québec (Les propriétés de luxe au Québec) report. The suggested data showed that Montreal’s luxury real estate market has been steadily growing between 2009 and 2015.
In a summary of the study published in the very reputable francophone magazine Les affaires, columnist Joanie Fontaine explains that, throughout the province, a luxury property is usually listed above 500 000$. In Montréal, things tend to be slightly different since the 500 000$ price bracket represents 33% of the territory’s sales. That percentage being too high to be considered « high end », the term « luxury »is reserved for residences sold for more than one million dollars.
In 2015, these very exclusive properties represented 1,9% of the real estate transactions made in the greater Montreal area. Joanie Fontaine also states that « the 1M$ properties sales reached a particularly high point marked by a 9% growth in 2015. […] We also note that the same year, the number of luxury real estate transactions grew by 4%. »
Clearly, Montreal’s luxury real estate market has been on the rise for quite a while and it seems to be astonishingly stable. Therefore, it appears to be the right moment to put in motion any plan you might have had to invest in real estate. Genest & Marinacci, Real Estate Brokers, will be happy to help you choose a residence that will meet both your expectations and needs.
Sources: Les affaires, JLR
Chart source: JLR
Photo source: Genest & Marinacci, Real Estate Brokers