Montreal’s luxury real estate market is hot, hot, HOT.
And while Toronto’s luxury homes sales have been dropping, the dark-horse, bilingual city has been heating up, as the fastest-growing luxury market in Canada.
Now, both Montreal and Calgary are on pace to leave Toronto and Vancouver in the dust when it comes to demand and sales of homes over $1 million.
“Montreal has been Canada’s ‘dark horse’ in luxury real estate,” said Brad Henderson, president and CEO of Sotheby’s International Realty Canada.
“For many years, political uncertainty and a stagnant economy tethered performance, but those factors have now dissipated. This spring, we expect strong gains that will set new records for the city.”
Sotheby’s also expects Calgary to trend up in the high-end market, after its previous challenges with pricing expectations.
A different story has emerged in the Greater Toronto Area, where luxury property sales have plummetted. According to Sotheby’s, in January and February, they decreased by 55 per cent to 1,498 units, and 56 per cent to 31 units for $4-million homes.
And in Vancouver, single-family homes of $1 million-plus dropped 39 per cent to 193 units in the first two months of the year.
Nonetheless, there is still anticipation that Toronto’s spring market will improve. And when comparing Toronto’s 2018 numbers to those of 2017, it’s important to note last year was a record-setting year.