The city of Montreal in the Canadian province of Quebec is considered as a truly lucrative market for condominium developers, with new and existing projects not only seen on the island of Montreal, but also on the North and South Shores, as well. With the boom in new condo developments, the city is seeing more exciting and classy times to come for its residents and businesses.
The City Has A Competitive Housing Market
Montreal's housing market is very competitive as far as home prices are the barometer. At present, home buyers will see many great bargains, which is kind of rare in a world-renowned urban metropolis like this. If one compares the same type of units for size, location and amenities offered, one should be hard-pressed to find anything in any other destination that can match the quality, style, price and standard of living that Montreal offers its condo inhabitants.
Condos For Vacation Rentals
Whether a home buyer is in the Montreal condo market for getting vacation rental units, or buying one for permanent residence, this urban location is considered to be one of the best destinations on this side of North America. Most property developers in this culturally and economically diverse region continue to build more condos as US, European< latin American and Asian investors come in to research, observe the markets, and snap up available properties, from downtown palaces like the city's classic Golden Square Mile's new deluxe 22-storey Roc Fleuri Condominiums, which are located on the corner of Drummond and De Maisonneuve avenues, as penthouse units on these projects range from $2.8-million upwards.
Across the street there's also a new development , the Le 1200, which has two large 26-storey high-rises standing above its impressive faux-limestone arches, as well as the Le Crystal de la Montagne, which is an upscale 27-storey condo tower that prides itself in having 131 hotel suites which offer five-star amenities, and another 57 luxury condo units as well.
However, it's not just the wealthy overseas and domestic investors who are purchasing downtown condos, as the young urban 25- to 30-year-old adults are also delving into the inventory of more affordable condos in surrounding neighborhoods.
According to local property brokers, the real estate boom is essentially fuelled by baby boomers who are still working, and by former homeowners whose children are moving out and working, and also preferring to live closer to their jobs. At present, the city's affordable condominiums have prices starting at around $200-$250 per square foot, while the luxury condo projects range from $350 per square foot and up.
Will The Supply Glut Affect Current Markets?
Meanwhile, there are telling signs that the number of currently unsold new condos, as the number of inventories continues to increase, from just over 500 units in 2001 to a astounding 2,000 unoccupied units last year. Local housing analysts however, are not surprised that the city's condo market has been able to sustain this kind of development since the late 90's, however the building cycle of new condos is seeing a drop, as new construction has peaked, but the prices haven't yet.