Real estate: boom in the luxury market

Immobilier: boum dans le marché de luxe

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Philippe Langlois

The market for luxury properties has soared by about 27% in Quebec since the beginning of the year compared to the same period in 2019.

According to data collected from the site of the firm JLR, it is sold in the province (571 houses, condos, or cottages of more than one million dollars (including taxes) between January and may 15. In 2019, 451 transactions were concluded.

Properties of prestige in particular have experienced a higher demand (53 %) on the side of Montreal. The number of homes in the seven figures, having changed ownership has increased from 169 to 258. In Quebec, the number of sales, however, declined from 7 to 5.

On the 26th of may, at lac Sept-Îles Saint-Raymond, in Portneuf, a house has sold 1.37 million $. The asking price was $ 1.39 million $. This is a sales record for the sector, according to one of the brokers behind this transaction. The house has been purchased by Quebecers.

“People who are well-off financially, such as doctors, may have been less affected by the pandemic”, responds to the Newspaper Alexander Belzil, to explain the popularity since the beginning of the year.

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“We’re seeing more requests for cottages. This may be due to the fact that travel will be limited over the next few months,” says one who works under the banner of Via Capitale Sélect. He has collaborated with Alexandre Boutet, Engel & Völkers, in order to conclude the transaction.

The home located at 1659, rue de Bruyères, in Quebec city, was sold on the 28th of may to 2.35 M$.

During the pandemic

At Sotheby’s International Realty Québec, the broker Martin Dostie has entered into five sales over a million since January. He stressed, however, that the month of April has been more quiet with the “pause” of Quebec.

“January, February, and march have been months excellent. Since the middle of the month of may, it has started. I’ve sold this week for $ 4.7 million. I also have $ 6 million in purchase offers”, ahead of Mr. Dostie.

In April, the number of transactions for luxury properties has increased by 13 % compared to last year in Quebec. Because a house is trading over several weeks, the impact of the pandemic on this market could more be felt in the coming months.

The property located at 2049, chemin du Lac Sept-Îles Saint-Raymond, was sold on 26 may to 1,37 M$.

A hundred transactions

The Patron of the banners Engel & Völkers Quebec/Montréal and McGill real Estate, Patrice Groleau also says that 2020 was an exceptional year in terms of sales of luxury properties.

Since January, its various brands have participated in a hundred transactions in the seven figures.

“Our beginning of the year has been phenomenal,” says the business man. We had a break in the containment. It was hoped that this would not be too long. When it resumed, we are back where we were before the COVID-19,” he continues.

He said to have concluded several important transactions in a virtual way during the pandemic.

Patrice Groleau believes that the market for high end homes is expected to be less adversely affected than other sectors in the real estate, such as office buildings.

“Over the next few months, I do not believe that it has a correction for the sales in the key sectors of the Québec city and Montréal,” he predicts.

Without surprise, all the brokers have mentioned that the foreign investors were less present, in the last few weeks.

SALES OF OVER A MILLION SINCE JANUARY

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