26 Sep Montreal Is A Rising Star In The Luxury Real Estate Market
Feature photo by Jason Briscoe
Montreal Is A Rising Star In The Luxury Real Estate Market
Montreal is a rising star in the luxury real estate market, according to Sotheby’s International Realty Canada, which just published their forecast for the 2017 Fall Market. The luxury market in Montreal is poised for continued growth as sales increase and prices increasingly reach the 1 Million plus range. Summer sales of properties of one million and over surged 60%, while the city’s luxury condo sales increased by 40% over the same period last year.
Brad Henderson, President and CEO of Sotheby’s International Realty Canada is optimistic:
“The country’s exceptional economic performance is expected to elevate top-tier real estate market confidence and performance this fall. 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”.
Market projection for the rest of the year:
Montreal’s top tiered real estate market is competitive and offers much value compared to markets in other major Canadian city centres, which is why Montreal’s luxury real estate market is projected to accelerate to the end of the year
The markets strength is attributed to these four key influences:
- Strong Canadian economy. The economy is at its fastest annualized rate in 6 years between March and June
- Falling national unemployment rates and job gains in the country’s major real estate markets. Canada’s unemployment rate dropped to 6.2% in August 2017,
- Foreign demand for Canada’s top-tier real estate remains high, despite the strengthening CAD, which was around 80 cents to the USD in September 2017.
- Two consecutive key interest rate hikes by the Bank of Canada – in July and September, positioned the key interest rate at 1.00% leading down