Montréal
Montréal’s high-end segment sees multiple offer situations and buyers say “hello” to the countryside.
Market Overview Montréal’s complete real estate stoppage from mid-March
After a historically low April and stabilization in May, June
to May 11 is proving to be more of a pause rather than a
brought a flood of buyers returning to the market after
tipping point toward a downward market. The end of Q2
lockdown restrictions lifted.
is seeing Montréal hold its position as a seller’s market as prices climb and new listings hit the market. Pent-up buyer demand and persistently tight housing supply are helping the market rebound at a steady pace.
Buyers are seeking properties that fit a ‘stay at home’ lifestyle and the luxury market is benefiting from this spike in activity. There is a noticeable pivot away from properties over $5 million as affluent buyers are defining luxury
Montréal began 2020 on an upward trend, seeing prices
differently. The age of excess is marked for departure and
sharply rise across all property types in the first quarter. At
a new generation of homeowners is ushering in
the close of March, Montréal celebrated the 23rd
understated opulence. Simply put, extravagance for its
consecutive quarterly increase in sales. Transactions
own sake is outdated. This reprioritization of the property
through Q1 surpassed a two-decade record, totalling
wish list began before COVID-19 and accelerated during
14,662 sales, with a 13 per cent increase year-over-year,
the pandemic as more buyers realized their true needs
the best sales result since 2000. At the same time,
and desires.
lockdowns due to COVID-19 had already begun, and real estate was deemed non-essential by mid-March. It returned after nearly two months, coming back on May 11. Montréal sprung into May, with sales and listing inventory discernibly improving with prices continuing to rise, reaching a new all-time high in June.
Engel & Völkers is noticing a new luxury buyer concerned with prioritizing lifestyle inside a smaller footprint resulting in the least possible impact on the environment. Many are investing in recreational properties and hobby farms, wanting to be closer to nature where they can enjoy open spaces with uninterrupted views.
The market continued to rebound from COVID-19 impacts with home sales increasing 16 per cent year-over-year by the close of June.17
Overall, Montréal real estate price points remained stable throughout the pandemic and effortlessly rebounded as Québec eased its restrictions.
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Québec Professional Association of Real Estate Brokers, June 2020
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Engel & Völkers Americas Canadian Luxury Real Estate Market Report Mid-Year 2020
Engel & Völkers Americas Canadian Luxury Real Estate Market Report Mid-Year 2020
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