Forget inflationary pressure, fears of layoffs and successive increases in the key rate. Unlike most Quebecers, free from any financial concerns, the ultra-rich have barely reduced their housing budget this year.
“Quite the contrary,” assures broker Joseph Montanaro, who specializes in supporting wealthy people in their search for a mansion for themselves and their servants, an estate in the countryside, or a simple pied-à-vis. land for millionaires a stone’s throw from the galleries and museums of downtown Montreal, or the Plains of Abraham in Quebec.
“More than rates, it is above all psychology that affects this niche market,” maintains the star broker of the rich and famous, associate of the RE/MAX agency.
The one that Prime Minister François Legault chose to sell his Outremont house two years ago was involved in the sale of three of the ten largest real estate transactions of the year in Quebec. On his hunting list in recent weeks: the sale (still not notarized) of a castle with ten bedrooms and seven bathrooms, listed off-market for $20 million.
From $8.5 to $13.2 million
According to a compilation conducted by The newspaper with the Quebec Land Registry, the ten largest real estate transactions of the year 2023 exceeded $8.5 million.
As is often the case, these were concentrated in three specific regions: the island of Montreal, in the Westmount and Outremont sectors; the Eastern Townships, around Brome and Memphremagog lakes; and the Laurentians, in Mont-Tremblant in particular.
It is also in this latter municipality, on the edge of the very popular Lac Tremblant, that the most important sale in the province was concluded in 2023. Its buyer, a dominant figure in the Quebec business world, agreed to pay $13.2 million to afford this residence discreetly located at the end of a half-kilometer private road in the forest.
SOLD 2023-11-15
$13,200,000
580, Chemin Desmarais
Mont-Tremblant, J8E 1E6
- Single-family,
- Built: 1989,
- Municipal assessment :
$6,038,700 (2021)
PHOTO STEVEN LAFAVE, ENGEL & VÖLKERS
Closely involved in this transaction, Steven Lafave, senior director of Engel & Völkers in Mont-Tremblant, also sees no slowdown among his clientele interested in so-called resort products.
He sees a lot of “lateral movements”, business owners or well-established professionals (lawyers, tax specialists, doctors), able to afford a second home of a value equal to or greater than that of their main residence, in city or its suburbs.
An estate comprising a manor and no less than three guest houses, owned by the king of wine imports in Quebec (Philippe Dandurand), was finally sold for almost $12 million on the shores of Lake Memphremagog.
SOLD 2023-09-15
$11,875,000
530-551, Rue Verchères
Magog, J1X 3M3
- Single-family,
- Construction: 2012,
- Municipal assessment :
$10,729,000 (2023)
PHOTO Archimed Studio / Matthieu Delarue
Furthermore, the most expensive condominium unit, in the former convent of the Sisters of the Holy Names of Jesus and Mary, in Outremont, went for $10.78 million.
SOLD 2023-05-11
$10,775,947
1420, Boulevard Mont-Royal # 915
Montreal, H2V 4P3
- Condo,
- Built: 1924,
- Municipal assessment :
$1,614,900 (2021)
PHOTO Realtor.ca
A lucrative rate increase
Charles Brant, director of market analysis at the Professional Association of Real Estate Brokers of Quebec, notes an upsurge in real estate products aimed at wealthier clients in recent years.
And not only do luxury properties continue to find buyers, but they continue to be sold at higher prices than in past years. For comparison, last year alone, three residences were sold for more than $9.5 million in Quebec. In 2023, a year that is much more uncertain economically, the number of these transactions for rich people has increased to eight.
Economist at the National Bank of Canada, Daren King is hardly surprised. Benefiting from assets much greater than those of the average Quebecer, these large fortunes are able to take advantage of the current context to enrich themselves.
“Even if the stock market has slowed down, it is entirely possible today to obtain returns of 5% and more on guaranteed investment certificates. »
– ,
LinkedIn photo
“Rather than penalizing them, the rise in interest rates has the opposite effect of allowing them to benefit,” he said. Even though the stock market has slowed down, it is entirely possible today to obtain returns of 5% and more on guaranteed investment certificates. For those who have cash at their disposal, it is an opportunity for enrichment which is reflected in the maintenance of the prices of these residences.”
– With the collaboration of Philippe Langlois