Mont-Tremblant has maintained its status as a highly desirable luxury market for more than 15 years now, although a new study has warned that supply challenges are looming.
In its recently released “Canadian Year-End Luxury Real Estate Report”, global high-end real estate brand Engel & Völkers looked at high-end properties situated in major Canadian metro and ski markets.
Among the country’s strongest performers is Quebec’s highly popular recreational destination, which is “poised to continue its position as a buyer’s market with a potential decrease in inventory for 2020.”
“With this, the region is finding its balance,” Engel & Völkers noted. “The market is feeling the impact of Montreal’s recent success, as boomers and affluent Gen Xers buy second homes and full-time real estate investors buy up and manage short-term rental units to service this high-demand ski market.”
Home prices in Mont-Tremblant are projected to see price growth between 4% and 7% this year, Engel & Völkers added.
These findings mirrored those of Royal LePage’s late November report, which found that Quebec’s recreational market enjoyed robust growth in sales activity and sustained price appreciation on an annual basis in 2019.
A major driver of the trend is that “high demand in the province’s residential market continues to quickly absorb inventory, favouring sellers in many regions,” Royal LePage’s “Winter Recreational Property Survey” stated at the time.
The study found that the province’s major resort markets saw 1.8% year-over-year single-detached price growth in the quarter ending September 30, 2019 to reach $303,030. The same time frame also saw Quebec’s single-family home sales increase by 4.3%.