For a long time, Vancouver and Toronto have been the kingpins of luxury real estate in the country, but if the trends in Montreal are anything to go by, then it is just a matter of time before they are dethroned. The luxury real estate market in Montreal is currently sizzling hot, causing it to receive a lot of attention from both local and foreign investors keen on making a fortune from it.
With dwindling sales in the Toronto luxury homes market, Calgary and Montreal seem to have picked up a solid pace, according to recent figures, with the demand and sales of homes over $1 million increasing considerably. A recent report released on the luxury sector suggests that sales of homes of more than $1 million in Montreal increased by 24% in the first three months of the year.
For a long time, Montreal was considered as a “dark horse” in the Canadian luxury housing market, and this was mainly due to an economy that appeared stagnant for years, and the political uncertainty it faced. However, these and other factors which were thought to have stunted the growth of real estate are dissipating now, hence, the incredible rise in the demand for luxury real estate.
Calgary is also on an uptrend, and it seems to have gotten the pricing right, as this was its major stumbling block in the past. Houses looked to be overpriced and investors were not able to see the value of the money, which the owners were demanding. But for now, it seems all has been reconciled, and it is just a matter of time before a serious trend headed north, is noted.
The Greater Toronto Area along with Vancouver, have seen sales in luxury property plummet and pundits still believe that the hot market we have had in the past few years was nothing but a bubble, and it is finally bursting. If, indeed, it is true that it was a bubble and that it is finally bursting, then Montreal is strongly set to become the new king of luxury real estate in Canada.