Montreal attracts the rich

COURTESY SOTHEBY’S
The house is currently the most expensive on sale in Montreal on the Place Braeside at$13 Million.

Francis Pilon

Thursday, 22 march, 2018 19:08

UPDATE
Thursday, 22 march, 2018 19:12

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Montreal is the city that records the highest economic growth in the area of luxury homes sold for more than$ 1 Million in Canada, according to the firm Sotheby s.

More and more the rich want to get into a house worth millions to Montreal.

Seven bedrooms, 5 bathrooms, panoramic city views, a pool, an elevator and even a garage for 4 vehicles are offered at 9 Place Braeside in Westmount for those who want to fill their need of luxury against a sum of about 13M$.

COURTESY SOTHEBY’S

“Montreal seemed to be far in the area of the luxury real estate market in Canada. But this spring, we expect significant gains that are going to set new records for the city,” said Brad Henderson, president of Sotheby’s Canada.

COURTESY SOTHEBY’S

Data compiled by the company during the first two months of the year 2018 show that the number of homes sold for more than$ 1 Million has increased from 20% to Montreal, with a total of 104 units purchased.

Cheaper here

“The cost of the houses in the other provinces is made too expensive,” explains Sacha Brosseau, vice-president of brokerage at Sotheby’s International Realty Canada. The people come more and more to buy luxury homes in Montreal. Why? Because they can have more with their millions here. “

Declines elsewhere

In Vancouver, during the months of January and February 2018, the houses of which the value is more than$ 1 Million decreased by 39% with 193 units sold. In comparison to Toronto, where 1498 units were purchased during this same period, the sale of homes valued at more than$ 1 Million has also fallen by 55%.

According to Mr. Brosseau, the new tax of 15% imposed in 2017 to foreign buyers who wish to purchase a property in Ontario has certainly helped Montreal to sell more luxury houses.

According to the Federation of real estate boards in Quebec, the sales of single family homes over$ 1M have increased by 26% in Quebec in 2017.

Montreal late

Philippe Bélanger, assistant professor, Department of finance, insurance and real estate Laval University, is not impressed by those numbers.

“Montreal is far behind Toronto and Vancouver in terms of the luxury real estate market,” said Mr. Bélanger. At this time, I see these figures as to the catch-up, the metropolis of Quebec still has a long way to go before becoming the city with the most luxurious homes in Canada.”