Have you ever wondered about the most luxurious condominium ever sold in the province of Quebec? The Ritz-Carlton Residences in Montreal is now officially the location of one of Canada’s most notable suite sales.
Recently sold by Marie-Yvonne Paint and Samuel Demers, real estate brokers with Royal LePage Heritage, the 6,600-square-foot penthouse occupies more than half of the top floor of the Ritz-Carlton Residences in the heart of downtown Montreal, located at Sherbrooke Street West and Rue de la Montagne. The suite comprises 17 rooms, including four bedrooms, four bathrooms and two powder rooms. The new owners will enjoy access to the common areas of the prestigious hotel complex, such as a restaurant, spa, event spaces and an indoor rooftop pool.
“This record-breaking transaction is a testament to the exclusive nature of Montreal’s luxury real estate market, where discerning buyers and sellers seek not only prestige, but a property that resonates with their unique lifestyle,” said Paint. “The sale of this penthouse highlights the strength and resilience of high-end real estate, even amidst shifting economic conditions. At this level, each transaction is an expression of the market’s distinctiveness, attracting a select group of individuals who value the finest in location, design, and amenities.”
In addition to achieving the largest condominium sale in the province of Quebec, Mrs. Paint and Mr. Demers are also among the top three condominium transactions in Canada, according to information gathered by Royal LePage through the MLS system.
The prestigious unit offers panoramic views of Mount Royal and the river from its 1,200 square foot terrace. An interior elevator connects both floors of the two-storey unit.
The lower floor features three bedrooms – each with en-suite bathrooms and walk-in closets – a laundry room, a home office, a vast kitchen and dining room, including a spacious breakfast nook, a double living room with gas fireplace, a bar area perfect for entertaining, and an oversized primary suite overlooking the St.Lawrence river.
The upper floor of the suite features a family room with multiple access points to the terrace, a fully-equipped kitchen, and a workout room with sauna and full bathroom.
Montreal’s luxury real estate market remains robust
According to the 2024 Royal LePage Carriage Trade Luxury Market Report, Montreal’s high-end real estate market remains active. In the first eight months of 2024, the median price of a luxury property in the city of Montreal decreased 2.8%year over year to $3,150,000. During the same period, sales activity increased 8.3%. The entry-level price of a luxury property in Montreal is $2,500,000.
“Sales activity in Montreal’s luxury property market has experienced an upturn in the past year, despite both buyers and sellers taking a wait-and-see approach to the economy and housing market. As interest rates decline steadily, high-end purchasers feel more reassured about making important financial decisions, such as buying a home,” said Paint. “In light of rising construction material costs and skilled labour shortages, buyers are seeking turnkey properties with limited renovations required, and are waiting for the right product to be listed. Sellers, on the other hand, are equally patient, holding firm on their asking price, resulting in higher luxury housing inventory compared to pandemic levels.”
Paint expects Montreal’s luxury market to post steady growth during the fall and into the spring market, with stabilizing inflation and falling interest rates fueling overall optimism among buyers.
