Weekly Highlight: Ex-Loto-Québec and SAQ President Sells Property in Magog

A luxurious property in Magog, previously owned by former Loto-Québec CEO Alain Cousineau, has been sold for $4 million, reflecting a 13% drop from its original listing of $4.6 million. Nestled by Lake Memphrémagog, this stunning estate features four bedrooms, fireplaces, and a double garage on a spacious lot with over 150 feet of shoreline. The sale included a transfer duty of $106,982, and the property was assessed at $3.3 million as of July 2023.

Recent High-Profile Real Estate Transaction in Magog

In the realm of Quebec real estate, numerous properties exchange ownership daily, often without making headlines. However, one particular transaction recently caught our eye, and it’s worth discussing.

A luxurious property formerly owned by a past CEO of Loto-Québec has been sold in Magog for a remarkable $4 million. This sale represents a 13% decrease from its initial asking price.

Property Highlights and Background

Situated along the picturesque shores of Lake Memphrémagog, this exquisite residence boasts four spacious bedrooms and bathrooms, multiple charming fireplaces, a delightful veranda, and a convenient double garage—all within a mere five-minute drive from the vibrant village of Magog.

The property, located at 81 Morency Road, was constructed in 1975 and spans an impressive lot of 46,575 square feet, featuring over 150 feet of shoreline on Hermitage Bay. The listing broker aptly described this home as an “oasis of serenity,” offering stunning views of Mount Orford, making it an ideal setting for relaxing evenings.

This stunning property was previously owned by Alain Cousineau and his partner, Jocelyne. With strong ties to the Quebec Liberal Party (PLQ), Alain Cousineau is recognized for his leadership roles, including president of the Secor Group from 1979 to 1986 and chairman of the Société des alcools du Québec from 1986 to 1995. Following Jean Charest’s election as premier in 2003, he was appointed CEO of Loto-Québec, a position he maintained until 2011.

Cousineau acquired this beautiful estate in May 1999 for $650,000 from Adair Corporation, a company owned by businessman Lucien Rémillard, who made his fortune in waste management. The purchase included $35,000 for the furnishings.

Fast forward twenty-five years, and last July, the Cousineau couple placed their home on the market for $4.6 million. After a series of price adjustments, they eventually secured a buyer in December for $4 million, marking a 13% decline from the original listing price.

According to the latest assessment, the property was valued at $3.3 million as of July 2023, reflecting a significant increase from its prior appraisal of $2.3 million.

The deed of sale, finalized before a notary on December 13, 2024, indicates that the new homeowner also incurred a transfer duty of $106,982, which is payable to the City of Magog.

— Reported by Philippe Langlois from the Investigation Office.

Recent Property Sales in Quebec

Here are the prices of ten other noteworthy real estate transactions recently finalized:

  • 254 Netherwood Crescent, Hampstead: $3,500,000
  • 4894 Mira Road, Montreal: $2,706,000
  • 121 Finchley Street, Hampstead: $2,639,000
  • 1340 Olier Street, door 906, Montreal: $2,465,000
  • 36 Bord-du-Lac Road, door 801, Pointe-Claire: $2,450,000
  • 684 de la Futaie Street, Boucherville: $2,050,000
  • 14 Saint-Dié Place, Lorraine: $1,920,000
  • 4400 Paton Promenade, door 1103, Laval: $1,900,000
  • 141 Rabellino Street, Mont-Tremblant: $1,705,000
  • 27 Mountainview Road, Chelsea: $1,515,000
  • 1010 des Braves Avenue, Quebec: $1,325,000

If you know of an intriguing real estate transaction, we’d love to hear about it! Please reach out to us at [email protected].

Related Articles