Montreal Real Estate: 2024 Spotlight on Luxury

Strong activity early in the year has set the stage for a robust spring housing market in the City of Montreal’s luxury sector. Year-to-date (January 1 – February 29) sales priced over $2.5 million have increased 55 per cent, with 14 freehold and condominium properties changing hands so far this year, compared to nine during the same period in 2023.

As lending rates trend lower and consumer confidence levels climb, more buyers and sellers are expected to enter the top end of the market. While inventory is currently ample at higher price points, much of the existing supply has been carried over from 2023. That scenario is expected to change in coming weeks as sellers move to take advantage of the vibrant spring market. While some luxury buyers are still sitting on the fence, hoping values will fall, increased activity is expected to place upward pressure on pricing in the months ahead.

Pricing is key in today’s market, with local buyers more selective than in years past. Well-appointed homes are generating the greatest interest, especially when located in the city’s premier communities that have withstood the test of time – Westmount, Outremont and Hampstead. Younger buyers, looking for more funky architecture, tend to be drawn to areas like Plateau-Mont-Royal, Rosemont-La Petite-Patrie and Villeray, where modern renovations and custom builds are cropping up. New infill properties with the latest finishes, located in established older neighbourhoods have also drawn the attention of some high-end buyers.

While luxury condominiums sales are up over last year, the market has been somewhat affected by the Foreign Buyer Ban. Would-be buyers from France, the Middle East, and Asia have been shut out of the market in recent years, and the extension of the Federal government’s Foreign Buyer Ban to early 2027 has not helped. Evidence of the slowdown is most noticeable at the $800,000 to $1.3 million price point this year.

With the end of quantitative tightening by the Bank of Canada in sight, a much-improved housing market is expected to emerge in the City of Montreal. Sales are forecast to be especially brisk at the lower end of the luxury market, priced under the $1.4 million price point, where multiple offers are expected to be commonplace.

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About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC, RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides.

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca.

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