Just until recently, Vancouver had been the hotspot for pricey real estate, but this is now changing as Montreal market flourished. According to the 2018 Mid-Year Top-Tier Real Estate Report published by Sotheby’s, the first half of 2018 saw a 19 percent drop in sales of $1-million-plus homes in Vancouver, compared with the same period in the previous year.
“Following the Government of B.C.’s February 2018 implementation of a 30-point plan for housing affordability atop governmental policies and taxes implemented since 2016 to overcome the region’s affordability challenges, the City of Vancouver’s $1 million-plus single family home market saw a significant pullback in activity while the condominium and attached home markets remained resilient,” said the report.
According to Sotheby’s, the City of Montreal has continued to emerge as the country’s prime market for high-priced real estate, with sales of $1-million-plus homes growing 24 per cent year over year.
“The market has been driven by strong local demand, and has been undeterred by rising interest rates and new mortgage rules by Canada’s federal financial regulator. The city has also been sheltered from provincial and municipal cooling policies that have moderated sales in Toronto and Vancouver,” the report stated.
The city’s single family home market saw a 5% increase from the first six months of 2017.
“Overall $1 million-plus residential real estate sales (condominiums, attached and single family homes) in Montreal experienced a 24% year-over-year increase in the first half of 2018 compared to the year prior, totalling 460 sales. $1 million-plus condominiums led in year-over-year percentage gains of all property categories as sales jumped 25% year-over-year to 81 condominiums sold.”
Juwai.com, a Chinese real estate portal, has named Montreal as Canada’s new trending real estate market. Following the foreign buyers taxes imposed in Vancouver and Toronto, interest in Montreal properties has surged significantly.