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“The government has invested a huge amount of money in infrastructure over the last 10 years,” Mr. Lemieux said. “It’s paid down debt, which has given the province one of the best Moody’s ratings in the country. And the young generation isn’t interested in the old French-English conflicts” that sparked an exodus of people, capital, and businesses when the separatist Parti Quebecois won election in 1976.
Since Quebec hasn’t imposed a tax on foreign buyers—as Ontario and British Columbia have—Montreal’s also seen as an appealing alternative for foreign investors, “though that activity has slowed since the pandemic,” Mr. Lemieux said.
Montreal real estate was set for a record-breaking 2020 before the pandemic hit. After a Covid-19-related drop in activity in March and April, sales have roared back this summer; in July, 5,356 residential sales were concluded across Montreal, a 46% increase over July 2019, according to the Quebec Professional Association of Real Estate Brokers.
Manhattan sellers added more than 2,700 homes to the market in July, a record number of new listings and a potential sign of life in a market battered by a lengthy pandemic lockdown in the spring.
The number of new listings in the pricey New York City borough was 86% higher than July of last year and reflected a level of seller enthusiasm usually seen at the peak of the spring buying season in April, according to a report Wednesday from StreetEasy, the city’s main listing site. The flurry of new listings, however, comes as many affluent New Yorkers have flocked to suburban and coastal areas outside of the five boroughs.