The City of Montreal’s top-tier real estate market achieved new records in 2019, as the city saw strong increases in sales volume and pricing while inventory levels remained limited in premier neighbourhoods. Exceptional sales gains were experienced in the luxury $4 million-plus segment of the real estate market, while the top-tier condominium market saw a record-setting 2019. Overall, sales of $1 million-plus real estate (condominiums, attached and single family homes) increased 13% to 995 units sold in 2019, as the city continued to attract new attention as a global luxury real estate destination.
Montreal’s luxury new and resale condominium market soared in 2019 as end-user and investor demand for high-end, high-density housing market strengthened, and as the city’s skyline evolved with the addition of new development. For the first time in its history, condominiums comprised over 20% of residential real estate sales over $1 million in the city. Overall, Montreal’s top-tier $1 million-plus condominium market saw a 39% increase year-over-year with 219 units in 2019. Luxury $4 million-plus condominium sales increased from one unit sold in 2018, to two units sold in 2019.
Following several consecutive years of sales gains which saw single family home sales over $1 million increase 21% from 2016 to 2017 and another 8% from 2017 to 2018, the top-tier $1 million-plus single family home market in Montreal moderated with a modest 3% decrease to 423 homes sold in 2019. However, significant gains were experienced in the luxury $4 million-plus market, which saw sales increase 60% year-over-year to 16 home sales compared to 10 homes in 2018. Montreal’s top-tier attached home market also experienced an uptick in sales activity in 2019, with sales of homes over $1 million experiencing a 22% increase to 353 homes sold in 2019.
Strengthening economic fundamentals and unprecedented population gains are fueling Montreal’s real estate boom. The Conference Board of Canada confirmed that Montreal led the nation’s major metropolitan areas in economic growth in 2019 at a rate of 3%, due to strong performance across key industries including manufacturing, finance, insurance and real estate. Between 2018 and 2019, Quebec also experienced its largest population increase in three decades.
These factors translated into a growing consumer base with a positive inclination for Montreal’s top-tier real estate in 2019 and will continue to underpin healthy market performance into the first quarter of 2020.
Montreal’s luxury new and resale condominium market soared in 2019 as end-user and investor demand for high-end, high-density housing market strengthened, and as the city’s skyline evolved with the addition of new development. For the first time in its history, condominiums comprised over 20% of residential real estate sales over $1 million in the city. Overall, Montreal’s top-tier $1 million-plus condominium market saw a 39% increase year-over-year with 219 units in 2019. Luxury $4 million-plus condominium sales increased from one unit sold in 2018, to two units sold in 2019.
Following several consecutive years of sales gains which saw single family home sales over $1 million increase 21% from 2016 to 2017 and another 8% from 2017 to 2018, the top-tier $1 million-plus single family home market in Montreal moderated with a modest 3% decrease to 423 homes sold in 2019. However, significant gains were experienced in the luxury $4 million-plus market, which saw sales increase 60% year-over-year to 16 home sales compared to 10 homes in 2018. Montreal’s top-tier attached home market also experienced an uptick in sales activity in 2019, with sales of homes over $1 million experiencing a 22% increase to 353 homes sold in 2019.
Strengthening economic fundamentals and unprecedented population gains are fueling Montreal’s real estate boom. The Conference Board of Canada confirmed that Montreal led the nation’s major metropolitan areas in economic growth in 2019 at a rate of 3%, due to strong performance across key industries including manufacturing, finance, insurance and real estate. Between 2018 and 2019, Quebec also experienced its largest population increase in three decades.
These factors translated into a growing consumer base with a positive inclination for Montreal’s top-tier real estate in 2019 and will continue to underpin healthy market performance into the first quarter of 2020.