Luxury Report: $13M Homes, $11M Condo. More!

Luxury Property Report

Did you know that over 800 properties of one-million-dollar (and up) have been sold in Québec, since January 2016? Well, we didn’t either. That was until we came across the Luxury Report by JLR, data compiled from the Registre foncier du Québec.

This Luxury Report exclusively tallies the residential sales for, like we said, properties of one Million dollars and more. It includes condos, single-family homes and, as we understand it, secondary residences.

The 819 luxury residences – of which 658 were single family homes and 161 condominiums, were sold from January to November 2016 – represent a 20% increase from the total luxury home sales from 2015.

A 20% increase!!! If you thought the luxury market wasn’t doing all that well. Dahling, you thought wrong.

So, where are these homes located?

The majority of these transactions were from properties located on the island of Montreal; Westmount (of course), Mont-Royal, Outremont and- surprisingly enough- from Ville-Marie. However, the two most expensive properties were sold outside the island, as part of another 210 high-end residences.

Quebec City had 21 sales; nine houses, and twelve condominiums.
Laval also made it to the exclusive list, amounting 21 sales; sixteen luxury homes and five condos

And what were the prices like?

The highest sold price for single family homes was $13,155,000. Yes, thirteen million.
Followed in second place by no other than Celine Dion’s former residence at île Gagnon, which sold for $10 million dollars.

As for condos, there were 27 sales, of which seven sold for over $3 Million.

Yes, but what about the highest condo price?

Right. So the highest sold price was $11,152,575.00 – taxes in – for a 5,500 square feet condo, say $2020 per sq ft. Yikes!

This property was located in the infamous and most prestigious Ritz Carlton, who, according to the report, has had a very busy year selling the most expensive condos in Montreal in 2016.

Verbatim: (translated)

“Again, this year, the Ritz-Carlton accounts for many transactions OF condominiums sold for over 3 million DOLLARS. In fact, the four most expensive condominiums sold in 2016 are located in the Ritz-Carlton’s building”

And the second highest priced condo was sold for $5,745,645.
But after seen the $11Million price tag above, this second place condo seems almost affordable.

The PK Subban condo with a $1.3 Million condo, didn’t make it to the top 2 sales but, we’re assuming it was included in the report.

Who are buying these properties?

Great question. We were wondering the same thing.

The report concludes that the luxury market is growing this year and that international buyers or those who are affected by the Canadian dollar fluctuations (the American dollar getting stronger, making Canadian home prices more affordable) have contributed to these sales increase.

Source.