In Montreal real estate, the main driving force is undoubtedly the condominium market. In 2017, condo units accounted for the highest number of real estate sales here. On Centris, only 3,066 duplexes and 5,728 detached homes were sold. But 8,517 condo units sold, which is why a lot of investors are looking for new Montreal condos to invest in.

The Popularity of Condos

Montreal residents prefer to live in the city where the commute time is shorter and more amenities are available. Everything seems to be nearby, making life incredibly convenient. What’s more, with condos you don’t have to worry too much about home security, as condo buildings generally have condo security people at the entrance.

All these reasons help to account for why the demand is great and why prices are soaring for condominium units. In some places like Outremont, values for single family homes fell by 5% yet condos increased in value by 6%.

Greater Demand for Condos

So where should an investor look to find the units to invest in? That’s not always an easy search, because too many people are already looking. The total number of unsold units (recently finished or under construction projects) dropped by 43% in the past year in the greater Montreal area. There were 1,220 available units, and then suddenly there were just 690.

The scarcity is most evident in the downtown area, where there are about only 60 move-in-ready condominium units available. That’s a precipitous drop of 54% from the same time last year.

With Montreal area condo units that are still under construction, already 77% of them have been sold. In the downtown area condo buildings, that figure rises to 85%. You really have to be quick to buy, before you find yourself with very few options left.

Condo Projects to Consider

Your best bet may be to start with the new condo buildings that are still under construction in Montreal. You may get to enjoy a deal, and there should be more options.

  • 36 Lakeshore. This is the luxury condo building at 36 Lakeshore Rd in Pointe-Claire. It’s a waterfront location as it overlooks Lac St. Louis, which makes for some great views. Here there are 8 floors and a total of 65 units. There are no small units here, as the smallest measures 1,255 square feet and the price for the most affordable is $534,000.
  • Crown (Phase One). This is located at Meilleur and Fleury Sts. in the Ahuntsic-Cartierville area. There are 4 floors with a total of 71 units, and prices are more affordable with the lowest at $179,900 for a unit measuring 565 square feet. This allows you to rent to a larger number of people.
  • Le Canal 2 (Phase One). It’s another luxury condominium project, with a waterfront location near Basin and des Seigneurs Sts. in Point St-Charles/Griffintown. This overlooks the Lachine Canal. There are 7 floors here with 102 units. The most affordable measures 652 square feet with a price tag of almost $300K ($299,900 if you want to be exact).
  • 21e Arrondissement (Phase Five). This is the final phase of the project found in Old Montreal at St-Paul St. W. and des Soeurs Grises. There are 10 floors, and the units (with either 1 or 2 bedrooms) total 136 units. A unit with 419 square feet will go for $203,000.
  • Tour des Canadiens (Phase Three). This is undoubtedly a luxury condo building, as a small unit of just 320 square feet actually goes for $371,990. But there are plenty of units to choose from, with 55 floors and 568 units.

Keep your eyes on these projects, as when they’re done they will undoubtedly become much more expensive in a hurry.

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