With housing inventory at such a low, the demand in the luxury real estate market is continuously outpacing supply.
In the luxury real estate market, single-family homes at $1M or more in Quebec are growing at a steady rate.
According to a recent centris.ca report “There were 768 transactions in the $1,000,000+ price range in Québec from June 2016 to May 2017, which represents only 1.4 per cent of the province’s single-family home sales. However, it also represents a 26 per cent increase in sales in this price range as compared to the same period one year earlier. This growth was not only attributable to the Island of Montréal (560 sales, +24 per cent), as the QFREB also notes marked increases on Montréal’s South Shore (58 sales, +61 per cent), in Mont-Tremblant (21 compared to 13) and in the rest of the province (56 sales, +60 per cent).”
According to the QFREB, Québec’s residential real estate market as a whole has been surprisingly strong since last fall, in a context where mortgage tightening measures introduced in October were designed to once again curb the enthusiasm of first-time buyers.
“The residential real estate market in the Montréal area is showing solid momentum, as we just registered the 25th increase in sales in the past 26 months,”said Mathieu Cousineau, President of the GMREB Board of Directors. “Price increases have been accelerating in the Montréal area for a few months now.The growth in the median price of single-family homes has just reached its highest rate since December 2010.”
How does this compare to the Westmount Real Estate Market?
We’re halfway through 2017. Here’s a snapshot of how the market is performing in Westmount.