If one thing’s for certain, it's that Toronto isn’t the only Canadian city with a red hot luxury real estate market; Montreal just recorded the sale of a private penthouse condo that marked the highest condominium sale in Quebec's history.
On Wednesday, Sotheby’s International Realty Canada announced the sale of a private residential condominium at The Ritz-Carlton Residences in Montreal that has set a new benchmark as the highest recorded condominium sale through the MLS system in the province's history.
Nicknamed the “Rockstar” by the developer, the palatial penthouse condo is a feast for the eyes and is recognized as one of the most "beautifully curated and crafted apartments in Montreal."
The luxe pad boasts 25-foot ceilings and an expansive window wall on the main floor, offering the lucky homeowner panoramic views of the mountains, the Golden Square Mile, and the Museum of Fine Arts.
The condo, listed at $12.9 million, offers three-bedrooms, four-plus-ensuite bathrooms, and features some 5,301 square feet of interior living space. (The official sale price of the property has not been publicly released.)
The first floor is dedicated to gathering and entertaining and features dual living rooms, a formal dining room, and a chef's kitchen with a butler's pantry and prep area that would make cooking enthusiasts weak in the knees. This floor also encompasses a guest suite with an ensuite bathroom and walk-in closet.
A dynamic glass and steel staircase connects the levels beautifully and functionally, while a private elevator can also be taken to the living quarters above. The top floor includes a luxurious master suite featuring a master bath and a sitting area, large walk-in closets, high ceilings, impressive views and access to a private terrace.
The penthouse residence also features 1,678 square feet of expansive outdoor terraces, as well as access to The Ritz-Carleton Residences’ legendary amenities and services, including a state-of-the-art spa, fitness centre, valet, concierge, doorman, and porter.
“The Ritz-Carleton Residences Montreal is regarded as being amongst the world’s most prestigious offerings in real estate, and as its ‘crown jewel’, this penthouse is a masterpiece of contemporary architecture, design and engineering,” said Liza Kaufman, listing agent with the Kaufman Group of Sotheby’s International Realty Quebec, who represented both the seller and the buyer in the transaction.
The monumental sale comes as the Montreal real estate market continues to experience strong demand and record-setting sales activity. In a 2020 review, the Quebec Professional Association of Real Estate Brokers reported the median price of residential condominiums was projected to be over 10% last year.
“In spite of the COVID-19 pandemic, the performance of the Canadian real estate market well surpassed consumer and industry expectations in 2020, signalling strong consumer confidence in our country’s market fundamentals,” said Don Kottick, President and CEO of Sotheby’s International Realty Canada.
“While the condominium market is expected to balance in 2021, this record sale illustrates that demand for top-tier luxury condominiums remains substantial. Sold to a US buyer, this transaction also demonstrates that there is significant demand for Canadian real estate from local, national and international buyers.”
Favourable mortgage lending conditions and continued stock market uncertainty position Canadian real estate as an attractive and stable investment alternative, Kottick said.
This sale comes as Toronto’s luxury real estate market -- defined as homes over $3 million -- also continues to see record-breaking activity thanks to a “sharp” economic rebound in the third quarter and historically low-interest rates.
According to a new report from RE/MAX of Ontario-Atlantic Canada, more than 1,000 properties over the $3 million mark changed hands last year -- up 55.7% from 2019 (1,062 versus 682) while edging up 1% ahead of the previous record set in 2017 (1,062 versus 1,047).
What’s more, the number of homes sold over $4 million climbed 53.4% year-to-date (379 versus 247), while sales over $5 million appreciated 44% to 180 in the GTA, up from 125 in 2019.
As the Canadian real estate market continues to rebound amid COVID-19, the record-breaking activity in both Toronto and Montreal signals just how confident buyers are becoming following months of uncertainty.