Montréal: High demand for luxury apartments in city centre
Québec’s largest city is home to a variety of economic and industrial sectors, as well as to a wide range of cultural offerings. The city’s highest-priced location of Downtown Montréal attracts young professionals, wealthy private individuals and international buyers. The district boasts a rich array of restaurants and leisure activities. The most in-demand properties are detached houses, penthouses and small townhouses. Families are particularly drawn to the neighbourhoods of Westmount, Outremont and Ville Mont-Royal. The suburbs are known for their historic buildings with impressive architecture, their substantial plots, ample greenery, nearby parks, schools and shopping streets. International buyers are also active on Montréal’s premium real estate market, including Chinese, American and French citizens. High demand coupled with limited space for new property developments will continue to drive prices slightly in the coming months. The most expensive property currently being brokered here by Engel & Völkers is on the market for 7.9 million CAD (approx. 5.3 million euros).
Ottawa: Growing economic sector attracting more and more buyers
Canada’s capital city is growing in popularity, with the rate of population growth at 8.8 percent compared to the national average of 5.9 percent. The most desirable and expensive residential districts are McKellar Park, Westboro and Island Park. The vibrant area west of the city centre, with access to good schools and a wide abundance of restaurants and cafés, is especially sought after among couples and double-income families. Most homes are detached properties with interiors ranging from 170 to 330 square metres. Considering the favorable economic climate in Ottawa and the high rate of employment, Engel & Völkers anticipates that additional condominium developments will break ground on any remaining vacant plots in the future. Population growth will continue and sales prices will continue to rise over the course of 2019.
Outlook: Property prices continue to rise
The key findings of the Canadian Market Report published by Engel & Völkers show that Ottawa, with its healthy economy, population growth, attractive job market and high demand for condominiums, has evolved into a dynamic residential market. Toronto and Montréal remain classic seller’s markets. In Eastern Ontario and Québec, property prices are forecasted to increase further, while prices in British Columbia are expected to level off.