On a crisp autumn morning, Alexandre and Marie stood at the edge of their new property in Westmount, gazing at the city skyline below. As long-time residents of Montreal, the couple had always dreamed of owning a luxury home in the city, but when they returned from several years abroad, they decided to take the plunge. With their growing tech startup flourishing and a newfound appreciation for their hometown’s artistic charm and European flair, they knew it was the right time to invest in something that truly felt like a legacy. Standing in the courtyard of their newly purchased three-story Tudor-style mansion, with its stone facade, private wine cellar, and rooftop terrace, Alexandre couldn’t help but feel a sense of pride. They weren’t just returning to Montreal—they were returning to a city poised to become one of North America’s most attractive markets for luxury real estate.
The story of Alexandre and Marie is one that many affluent buyers are beginning to share. While cities like Toronto and Vancouver often dominate Canada’s luxury property headlines, Montreal has quietly emerged as a rising star in high-end real estate. With its blend of European architecture, a thriving cultural scene, and increasing global appeal, Montreal attracts luxury homebuyers from all corners. This article explores the luxury real estate market in Montreal, examining the types of properties available, market trends, and what’s driving the surge in demand for high-end homes in the city.
The Appeal of Montreal: Why Luxury Buyers Are Flocking to the City
A European Feel in North America
Montreal stands out as a city that offers a unique blend of old-world European charm and modern urban sophistication. From its cobblestone streets in Old Montreal to the grand historic mansions of Westmount and Outremont, the city has a distinct architectural heritage that sets it apart from other major North American cities. This unique appeal is a key driver for luxury real estate buyers, especially those who want the elegance of Paris or London but with the convenience of being on the same continent as New York and Miami.
According to Knight Frank’s 2023 Wealth Report, Montreal ranked as one of the top North American cities for wealthy international buyers. The city’s relatively affordable prices compared to other major global cities, combined with its world-class amenities and cultural offerings, make it an attractive option for high-net-worth individuals (HNWIs) looking to invest in prime real estate.
The city’s luxury real estate Montreal market offers various options, from sleek, modern penthouses in the downtown core to sprawling estates in the affluent neighbourhoods of Westmount and Outremont. These properties often come with high-end features like private elevators, rooftop terraces with views of Mount Royal, and state-of-the-art home automation systems. In 2023, Sotheby’s International Realty reported that luxury property sales in Montreal had increased 35% year-over-year, driven partly by foreign buyers seeking a foothold in one of Canada’s most vibrant cities.
Luxury Neighborhoods in Montreal: Where to Find the Most Prestigious Properties
Westmount: Old Money Meets Modern Opulence
Westmount, located on the southern slope of Mount Royal, is the crown jewel of Montreal’s luxury real estate market. Known for its tree-lined streets, historic mansions, and proximity to downtown, Westmount has long been home to Montreal’s elite. The neighbourhood is famous for its mix of architectural styles, including grand Victorian and Edwardian homes and modern estates that feature clean lines and contemporary finishes.
According to Realtor.ca, the average price for a luxury home in Westmount in 2023 was CAD 3.5 million, with some of the largest properties selling for upwards of CAD 10 million. The area is also popular with international buyers, particularly from the U.S. and Europe, drawn to its prestigious private schools, elegant parks, and exclusive social clubs.
One of Westmount’s key selling points is its location. Despite being nestled in a peaceful residential area, Westmount is just a short drive from downtown Montreal, making it ideal for business executives and wealthy families who want the convenience of city living without sacrificing privacy or space.
Outremont: A Mix of Tradition and Trendy
Outremont, located on the northern side of Mount Royal, is another highly sought-after neighbourhood for luxury homebuyers. Known for its charming streets, historic churches, and vibrant cultural scene, Outremont offers a mix of traditional homes and new, upscale developments. The area is particularly popular with affluent families, thanks to its excellent schools, parks, and proximity to cultural institutions.
According to Sotheby’s International Realty, the average price for a luxury home in Outremont was around CAD 2.8 million in 2023. Outremont has become increasingly popular with younger, wealthy buyers looking to blend tradition and modernity. Many of the homes in Outremont offer expansive gardens, historic architectural details, and proximity to the trendy Plateau Mont-Royal district, known for its boutiques, cafes, and artistic vibe.
Downtown Montreal: High-End Condos and Penthouses
While Westmount and Outremont are the go-to neighbourhoods for sprawling estates, downtown Montreal is where buyers can find sleek, high-end condos and penthouses. The downtown area has seen a surge in luxury condo development over the past decade as more affluent buyers look for turnkey properties that offer amenities like 24-hour concierge service, private gyms, and rooftop pools.
In 2023, Zillow reported that the average price for a luxury condo in downtown Montreal was CAD 1.6 million, with some penthouses in exclusive buildings, such as the Ritz-Carlton Residences and Four Seasons Private Residences, selling for over CAD 5 million. These high-rise properties offer breathtaking views of the city skyline and Mount Royal and convenient access to the city’s best restaurants, shopping districts, and cultural venues.
Current Market Trends: Montreal’s Luxury Boom
Surge in Foreign Investment
One of the most notable trends in Montreal’s luxury real estate market over the past few years has been the influx of foreign buyers. According to a report from the National Bank of Canada, foreign buyers accounted for approximately 25% of all luxury real estate purchases in Montreal in 2022, a significant increase from previous years. Buyers from the United States, France, China, and the Middle East have been particularly active, drawn by the city’s relatively affordable prices compared to other major global cities like New York, Paris, or Hong Kong.
Montreal offers several advantages for foreign buyers. In addition to its cultural appeal and European ambiance, Canada’s stable economy and welcoming immigration policies make it an attractive destination for those seeking a second home or investment property. Furthermore, Montreal’s luxury market is undervalued compared to other international markets, offering excellent growth potential.
Post-Pandemic Demand and Remote Work
The COVID-19 pandemic has also had a lasting impact on Montreal’s luxury real estate market. As remote work became more widespread, many affluent buyers began seeking properties with more space and outdoor amenities. The demand for homes with large gardens, home offices, and private outdoor areas skyrocketed in 2021 and 2022, which has continued into 2023.
Sotheby’s International Realty reported that sales of luxury homes with extensive outdoor space in neighbourhoods like Westmount and Outremont increased by 40% in 2022. Buyers are increasingly looking for homes that balance urban convenience and a suburban retreat’s tranquillity.
Sustainable and Smart Homes on the Rise
Another growing trend in Montreal’s luxury market is the demand for sustainable and smart homes. High-net-worth individuals increasingly prioritize eco-friendly features, such as energy-efficient heating systems, solar panels, and sustainable building materials. Smart home technology is also in high demand, with buyers seeking properties equipped with automated lighting, security, and climate control systems.
According to Knight Frank, homes with these modern, sustainable features can command a price premium of up to 10% in Montreal’s luxury market. Developers and architects respond to this demand by incorporating more eco-friendly and tech-savvy designs in their projects, particularly in new developments in Griffintown and the downtown core.
Conclusion: Is Montreal the New Luxury Real Estate Hotspot?
For buyers like Alexandre and Marie, Montreal offers more than just a place to live—it offers a lifestyle steeped in culture, history, and modern luxury. As the city continues to attract international buyers and develop its high-end real estate offerings, Montreal is positioning itself as one of North America’s premier markets for luxury property investment.
With competitive prices, a thriving cultural scene, and a growing demand for traditional and modern luxury homes, Montreal’s real estate market is well-positioned for growth in the coming years. Whether looking for a historic mansion in Westmount, a sleek downtown penthouse, or a charming estate in Outremont, Montreal has something to offer every luxury buyer.
