Significant Rise in Sales of Homes Worth More Than a Million Dollars in Quebec

According to recent observations, the Quebec property market is seeing a significant rise in sales of homes worth more than a million dollars. This trend, observable not only in Montreal but across the province as a whole. It is being driven by lower interest rates, making access to this market segment more affordable than ever before.

Last year, interest rates for three- to five-year mortgages were around 6.5%. This year, they started at around 5%, encouraged by forecasts that rates would remain stable. This drop has helped to significantly revive buyers’ interest in top-end properties.

In Montreal, the cost of living is generally higher. It is often perceived as a market where the million-dollar price tag represents an entry price. In other cities such as Victoriaville, Drummondville, Quebec City, Sherbrooke and Gatineau, these properties remain highly prized. They are regarded as luxury products.

In some central areas of Montreal, a million-dollar single-family home may be seen as an average purchase. In the outlying suburbs or other cities, these homes are still seen as a symbol of luxury.

The property market, which was particularly active in March, is also showing signs of revival for second homes and plexes. After a marked fall last year, these segments are beginning to regain popularity, despite rising costs due to interest rates that are still high compared with those of the pandemic period.

This overview of the Quebec property market shows a dynamic recovery and opportunities in sales of homes worth more than a million dollars, despite persistent challenges, according to information released by the QMI Agency.