Real Estate

Sales Of Ultra-Expensive Homes Have Skyrocketed In Montreal

Luxury homes are selling like hot cakes.

A new report by Sotheby's International Realty Canada found that the sale of luxury homes in Montreal skyrocketed in the first half of 2021, as did the sale of condos

"Overall, the City of Montreal saw 990 $1 million–plus residential real estate transactions," including condos, attached and single-family homes, "in the first half of 2021, an increase of 112% from the same period in 2020," the report states.

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Though sales in $2 to $4 million homes in Montreal rose by 138%, sales in $1 to $2 million homes made up the largest share of sales overall, with 807 Montreal properties sold in the first half of 2021, Sotheby's says.

Sales in properties over $4 million more than doubled between 2020 and 2021 — just six were sold in the first half of 2020, compared to the 14 properties sold in the same period in 2021.

The report said that according to the Quebec Professional Association of Real Estate Brokers, on average, selling a residential property in Montreal during the first quarter of 2021 took approximately 44 days, compared to the 68 it took to sell a home less than a year prior.