A successful end to the year for the ultra-rich

After a slow start to the year, sales of châteaux, penthouses and mansions, reserved for the ultra-rich, have regained momentum in recent months.

“Since October, we have been excessively busy,” confirms Joseph Montanaro, undoubtedly one of the most prominent brokers in the city in this ultra-competitive luxury real estate market.

This year again, he is responsible for the sale of the most expensive single-family residence of the year in the province. Perched in the steep heights of Westmount, the four-story century-old residence had long been the property of businessman Aldo Bensadoun.

“More than the interest rate, it’s really the stock market and investor confidence in the economy that punctuate this market,” RE/MAX’s star broker points out to us, from a beach in the southern United States. .

“We felt that confidence was returning following the key rate cut in October. Then, even more forcefully, as soon as the election of Donald Trump was confirmed. And since the rise of cryptos, it just doesn’t stop.”

New heights

According to a compilation conducted by The Journal with the Quebec Land Registry, the ten largest transactions for the year 2024 exceed $9M (see table). And of the number, seven exceed $11.5M, compared to only four last year.

If the most expensive house went for $17M, the highest transaction in Quebec exceptionally this year goes to a condominium apartment nestled at the top of a hotel in downtown Montreal. Price of this exceptional transaction: $18.75M. A record.

Once again this year, the ten houses that attracted the interest of the richest people were mainly concentrated on the island of Montreal, specifically in the rich independent enclave of Westmount, and in the Montreal boroughs of Ville-Marie (the center -city) and Outremont.

The Eastern Townships, around Lake Memphremagog in particular, constituted the other major center of attraction for the ultra-rich of Quebec. The small municipality of Potton saw a house sold for $12.5M, while Magog saw the estate of the late Ian Greenberg (Astral Media) sold for $11.55M.

The Laurentians in slow motion?

Strangely, and unlike in recent years, no transaction in this list comes from Mont-Tremblant. However, in 2023, two homes located on Desmarais Road, near Lake Tremblant, dominated our list with respective transactions of $13.2M and $12.45M.

The only transaction on the list coming from the Laurentians this year is at Lac Manitou, in Ivry-sur-Lac. The former property of the late businessman Michael Chaimberg (ProHome, Artissimo Designs) sold in April for $11.89 million, the sixth largest transaction of the year.

“The number of buyers able to afford residences of this price is not really an issue in the Laurentians. What we are missing most at the moment are inventories of large houses with large land for sale,” explains the main director of the Engel & Völkers agency in Mont-Tremblant, Steven Lafave.

In the absence of sufficient inventory on the resale market, large fortunes would turn to new construction. On the Versant Soleil, in Mont-Tremblant, several construction sites for oversized houses (10,000 to 12,000 square feet² of habitable surface area) are emerging. One day or another, we say, these “mountain chalets” will in turn fill the inventory of the luxury market in the region.

– With Philippe Langlois, Investigation Office

The 10 biggest transactions of 2024 in Quebec

1. $18,750,000 – 1280, rue Sherbrooke Ouest, PH-1400, Montréal
2. 17 000 000$ – 9, Place Braeside, Westmount
3. $13,911,975 – 1430, rue de la Montagne, PH-1802, Montréal
4. 12 500 000$ – 87, chemin Girl’s Camp, Potton
5. $12,000,000 – 21, avenue Roskilde, Montréal
6. $11,896,000 – 437, chemin de la Vallée-du-Manitou, Ivry-sur-le-Lac
7. $11,555,000 – 801, rue Merry Sud, Magog
8. $9,500,000 – 3164, Le Boulevard, Montréal
9. 9,250,000$ – 200, rue de l’Hermitage, n^o4, Magog
10. 9 000 000$ – 4302, avenue Montrose, Westmount

1280, rue Sherbrooke Ouest, PH-1400, Montreal

Located at 1280 Sherbrooke Street West, the 6,657 square foot two-level penthouse occupies half of the fifteenth and top floor of the private residences of the luxury Ritz-Carlton hotel. The unit in question, a property of the Cramer Family Trust, was inhabited for many years by Alvin Cramer Segal, the president and CEO of Peerless Clothing. Mr. Segal died in November 2022, at the age of 89. The condominium has around twenty rooms, including four bedrooms, four bathrooms and two shower rooms, an elevator and a 1200ft outdoor terrace.². His condo fees amount to $16,052… per month. Never mind, it was purchased this fall by businessman and philanthropist Jacques Courtois J^r for $18.75 million. This would be the highest amount ever paid for the purchase of a condo in Quebec.

9, Place Braeside, Westmount

This four-story mansion with elevator was built in 1912 on one of the highest plots of land in Westmount. It has seven bedrooms, five bathrooms, an in-ground swimming pool, a four-car garage and a heated entrance in winter to prevent snow from accumulating on the road. This former residence of the founder of the Aldo Group, Aldo Bensadoun, was until recently the property of Marie-Claude Rochon. The latter is the wife of New York financier Paolo Notarnicola, known for having led a $5.2B recapitalization operation for GardaWorld in 2019. That year, the couple purchased this residence outright, for $9 million. Five years later, the same house was sold, a few days before Christmas, for $17 million.

1430, rue de la Montagne, PH-1802, Montreal

This co-ownership is located at 18^e floor of the complex known as the Four Seasons Residences. This new luxury address in Montreal, built on the remains of the old Hôtel de la Montagne, rivals that of the Ritz-Carlton, rue Sherbrooke Ouest, a few steps away. The five-star hotel has 166 rooms and suites, three restaurants, a private entrance to the Ogilvy galleries, its neighbor on Sainte-Catherine Street, and 18 private residences occupying the five upper floors. With an area of ​​5,812ft²this new condo which has never been sold before has four bedrooms, as many bathrooms, a powder room and a 2,320 sq. ft. balcony². It was recently purchased for $13.9M, approximately the same price as the developer posted in 2019.

87, chemin Girl’s Camp, Potton

Located at the foot of the Owl's Head ski center, on the shores of Lake Memphremagog, in Potton, this 28-room property, including four bedrooms and three bathrooms, includes an in-ground swimming pool, a 187-meter-wide coastline as well as an independent apartment/loft for guests. Originally built in 1987, this residence has subsequently undergone several renovations and expansions. At the head of a plastic surgery clinic, the owner-seller purchased this property in 2020 for $4.18M. Three years later, in 2023, it returned to the market at $18.5 million. It was finally sold in September for $12.5 million.

21, avenue Roskilde, Montreal

Located a stone's throw from the Mount Royal cemetery, this Outremont castle was built between 1915 and 1919. It has three and a half floors, casement and pane windows, oak floors, as well as woodwork and a mahogany stairwell. For years, this home was owned by Vito Luprano, long-time vice-president of Sony Music Canada. With René Angélil, he produced more than twenty records by singer Céline Dion. Since 2018, the residence has been owned by Marc Parent, the outgoing CEO of CAE, specializing in the training of civil and military pilots. In May, his house was sold for $12 million, more than twice the price paid six years earlier.

801, rue Merry Sud, Magog

Located within walking distance of the village of Magog, this property built in 1935 is hidden behind a large gate known to local residents. This domain was, until his death in January 2022, the property of Ian Greenberg, the co-founder and president of Astral Media. The house includes eight bedrooms and suites, no less than twelve bathrooms and powder rooms, five wood-burning fireplaces, a gym with sauna and steam shower as well as a detached double garage. The whole thing is based on a vast plot of land covering an area of ​​5.22 acres on the shores of Lake Memphremagog and includes an outdoor tennis court and a pool house with spa and in-ground pool. After being announced at $13.9 million, this domain was sold for $11.56 million.