The luxury housing market in Montreal
A LePage report examined the luxury housing market in Montreal. According to the report, the luxury detached housing market in Montreal is good in 2018.
An average luxury home in Montreal earned 5.4% annually. The house price reached $ 1,680,942.
Low house stocks in Montreal see more buyer demand. This situation increases prices. Also Montreal’s luxury condominium market increased by 8.4%. Prices rose to $ 1,295,401.
Approximately 30% of units in new condo projects are luxury designated, which are proving popular among Montreal buyers. By the end of January 2020, Royal LePage forecasts Greater Montreal’s luxury houses to appreciate 6.6%, bringing the average price up to $1,792,037. Luxury condos are expected to surge 7.7% to an average price tag of $1,395,056.
Provincial policy measures taxing foreign buyers have put a damper on Toronto and Vancouver’s luxury market sales, but have led to heightened demand for similar properties in Montreal, according to the report.
Marie-Yvonne Paint, real estate broker, Royal LePage Heritage, said: “Provincial measures to dampen foreign buyer activity in Toronto and Vancouver have increased demand for luxury property in Montreal, but this demand is mostly seen within the downtown condo market. We are seeing an increase in demand for presale condo units where investors will buy several units to benefit from a discount.”
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