High-end home prices in Quebec have risen at a slower-than-average rate: report


Montreal’s high-end condominium sector crossed the $1 million mark in 2021, with a median price of $1,175,000.

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The price of high-end properties in 2021 continued to grow in all administrative regions of Quebec, although at a slower pace than the overall residential market, according to the Report on the high-end real estate market of Royal LePage Québec published on Tuesday.

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Provincially, the price of an upscale property jumped 17.4% year-over-year, while the rest of the market rose 23.7% from 2020.

Royal LePage has described the high-end market as the top 5% of real estate transactions in each of the administrative regions of Quebec.

The highest appreciation rate in the province was observed in Gaspésie—Îles-de-la-Madeleine, where the median price of a high-end single-family home increased by 34.3% year-on-year. another in 2021, to reach $446,000.

The median price of a high-end single-family home in Montreal rose about half the pace seen in the Gaspé, or 16.9% year-over-year to reach $2,689,000.

Montreal’s high-end condominium sector crossed the $1 million mark in 2021, with a median price of $1,175,000. The Outaouais is the cheapest market to buy a high-end condominium, where the median price of a unit reached $449,900 in 2021.

Laval saw the largest increase in the median price for high-end condominiums, rising 25.4% year over year to $831,000.

The high-end condominium market saw higher price growth in Montreal than the high-end single-family home segment, up 17.5% year-over-year to $1,175,000.

Montreal’s high-end clientele is increasingly young and often comes from the technology and financial sectors.

The full report can be read here.

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