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The transaction also signals a turning point for Montreal’s luxury housing market, where values have historically trailed Toronto and Vancouver, Canada’s most expensive cities for real estate.
Ms. Kaufman would not disclose the identity of the buyers or sellers. Property records show the current owner is a real estate property owner in Montreal.
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“Montreal’s never been the star in the Canadian market, but that’s changing,” Ms. Kaufman said. “Because we’ve lagged, high-net-worth buyers see opportunities for growth here that don’t exist in Toronto or Vancouver. And foreign buyers are coming here for security. We’re seen as a safe harbor.”
Eric Lemieux, senior economist with the Quebec Professional Association of Real Estate Brokers, agreed. “Toronto and Vancouver have gone up really fast, down when there’s a crisis, then up really fast again,” he said. “Montreal’s been more constant. We’ve grown at a slower rate, but it doesn’t go down here, just up.”
A thriving economy, fairly new political stability in Quebec, and a constant influx of newcomers has helped buoy the housing market in Montreal, Canada’s second-largest city and the fourth-largest Francophone city in the world.