Two years into the pandemic, the high-end real estate market in Quebec has changed greatly. Increased demand for larger properties in the province of Quebec, fuelled in part by buyers’ ability to work from home, has resulted in stronger price appreciation in remote markets than in urban centres. Regions including Abitibi-Témiscamingue, Lower St. Lawrence, Chaudière-Appalaches, Gaspésie and Saguenay-Lac-St-Jean have attracted many buyers with strong purchasing power due to built-up equity from their homes in pricier cities.
Characteristics of high-end properties vary widely from region to region. The Royal LePage 2022 Quebec High-End Real Estate Market Report outlines the high-end market as the top 5% of real estate transactions in each of the administrative regions of Quebec.
In Gaspésie-Îles-de-la-Madeleine, the median price of a single-family high-end home rose 34.3% in 2021 compared to 2020, to $446,000; representing the highest appreciation rate in the province. On the other hand, the median price of a single-family high-end home in Montreal increased at approximately half the pace seen in Gaspésie, at 16.9% year-over-year, reaching $2,689,000.
Provincially, the median price of single-family high-end homes rose 17.4% year-over-year in 2021 (compared to 23.7% in the overall residential market), while the median price of high-end condominiums increased 14.1% during the same period (compared to 20.6% in the general market).
In Montreal, high-end condominiums exceeded the $1 million mark in 2021, with a median price of $1,175,000 (+17.5%). The Outaouais region is the most affordable region to buy a high-end condominium, where the median price was $449,900 (+5.9%). Laval saw the largest increase in the median price of high-end condominium units, rising 25.4% to $831,000.
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