Real Estate in winter recreational regions show strong price gains
Real Estate – Median home prices in most of Quebec’s Laurentians have risen this year compared to last year. Mont-Tremblant, Saint-Sauveur, Morin-Heights and Saint-Faustin/Lac-Carré are seeing increased demand from Gen Xers looking for a seasonal getaway and to enjoy fresh air just outside Montreal. Demand was mostly seen within the condominium segment this year, as recreational property buyers sought homes that require no maintenance.
Between January and October of 2018, the median price of a condominium at the foot of Mont-Tremblant’s ski station saw a significant increase climbing 30.0 per cent to $325,000, compared to the same period in 2017. During the same period, year-over-year, the median price of a condominium in Mont-Tremblant’s Village rose 8.1 per cent to $186,500 while the price of a detached home increased 1.9 per cent to $425,000. Further away from the slopes, detached property home prices in St-Jovite remained relatively flat, dipping 1.3 per cent year-over-year to $230,000, while the median price of a condominium saw a 2.2 per cent increase, during the same period to $199,950.
“Proximity to the slopes is a key requirement for many buyers. Mountain-side properties are appreciating at a healthy pace, especially in Mont-Tremblant where the resort is undergoing significant improvements,” said Paul Dalbec, real estate broker, Mont-Tremblant Real Estate, a division of Royal LePage. “Mont-Tremblant’s popularity keeps growing as a renowned ski resort, including among international buyers whose numbers are increasing over the years.”
Closer to Montreal, the median price of both detached homes and condominiums in Saint-Sauveur increased 18.9 per cent year-over-year, reaching $305,000 and $270,000, respectively. Fueling these increases is demand from Montreal’s North Shore spreading further into the Laurentians and Greater Montreal Area’s employment growth in recent years. During the same period, Morin-Heights saw detached property prices appreciate 13.0 per cent year-over-year to $315,000. In contrast, home prices in the Saint-Faustin/Lac-Carré area decreased a more modest 4.9 per cent to $173,500.
Although sales should slow slightly in December, Dalbec expects the market to pick up again near the end of January 2019 as buyers return to the market after the holidays.