Even if no region or type of residence escaped the sharp increases in real estate prices last year, we can see that the particular market for luxury residences will have grown more moderately in Quebec the last year.
This is the finding of Royal LePage, which has just published its annual report on the high-end real estate market in Quebec. The latter reveals that while the residential market in general posted growth of 23.7% between 2020 and 2021, the median price of a high-end single-family property will have jumped by “only” 17.4%.
One of the most well-known licensed brokers in this market in Montreal, Marie-Yvonne Paint, of Royal LePage Heritage, cannot precisely explain this difference. But, she assures, no seller owner – whether or not he is in the luxury market – will have felt aggrieved in 2021.
“The pandemic, she says, has unquestionably changed our lifestyles and created new needs, making us realize that our quality of life should come first. […] Luxury also benefited from this strong real estate demand influenced by historically low interest rates. »
What constitutes a luxury property differs from region to region. The authors of the study focused on residences in the top 5% of real estate transactions.
Gaspésie at the top
According to Royal LePage, it is due to the strong demand for resort areas that the most significant price increases have been recorded in the most remote areas.
It is in fact in Gaspésie–Îles-de-la-Madeleine that we will have recorded the most significant increases between 2020 and 2021. The median price of a single-family home in the upper segment of the market rose by 34 .3% in 2021 compared to 2020, to reach $446,000.
In contrast, the median price of a high-end property in Montreal increased at twice the rate, observing a growth of 16.9% over the same twelve-month period, reaching a median price of $2,689,000.
The price of the high-end condo will have exceeded the million dollar mark in 2021 in Montreal. Its median price climbed 17.5% to $1,175,000.