A Royal LePage report found that Montreal’s luxury detached housing market fared well in 2018. The average luxury home appreciated 5.4% year over year to reach $1,680,942.
Low inventory in Montreal is still fuelling heavy buyer competition and bidding wars in this sector.
Meanwhile, Montreal’s luxury condominium market rose 8.4% to $1,295,401.
Approximately 30% of units in new condo projects are luxury designated, which are proving popular among Montreal buyers.
By the end of January 2020, Royal LePage forecasts Greater Montreal’s luxury houses to appreciate 6.6%, bringing the average price up to $1,792,037. Luxury condos are expected to surge 7.7% to an average price tag of $1,395,056.
Provincial policy measures taxing foreign buyers have put a damper on Toronto and Vancouver’s luxury market sales, but have led to heightened demand for similar properties in Montreal, according to the report.
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