The Montreal real estate market: in good shape!
In order to get an overview of the current trends in the real estate market on the Island of Montreal, we spoke to Vincent Shirley, the head of a consulting team specializing in real estate and land development at Altus Group. A true reference in the field, he tells us that the market is currently looking strong, which is good news for buyers!
What are your latest observations regarding the Island of Montreal’s real estate market?
“The market is currently doing very well, with a sharp increase in demand coupled with a decline in inventory in 2017. Combined, these two elements make the market much better. This is good news, because the last couple of years have not been so easy. In the summer of 2012, the change of the mortgage amortization period from 30 to 25 years had a chilling impact on the market! Over the past five years, the relationship between supply and demand that has been benefitting sellers has shifted and has evolved in favour of buyers.”
In terms of new condos, what’s the current situation like?
The new projects on the Island of Montreal meet current buyer demands. The downtown area is under sustained demand. “Real estate projects have higher sales levels compared to recent years, and new condos are popping up everywhere in the city: 700 units sold in the last quarter, that’s huge! In fact, it’s the third best quarter since 2011,” says Shirley.
The ESTWEST project is focused on lifestyle, with its businesses and green spaces set up for its own residents and for the Westmount and Shaughnessy Village residents alike. Is this a popular concept on the market for new real estate projects?
“The ‘Live, Work and Play’ experience has definitely been “in” over the last few years. The idea of having a city within a city, with shops, restaurants, offices and residences, is very attractive for new buyers who enjoy finding everything they need in one place. Since Montreal is the biggest employment hub in the province, it only seems natural to incorporate this type of idea into the city. It is a sought-after concept, which allows residents to share a common space and strengthens the spirit of community.”
In short, the main takeaway here is that downtown Montreal is booming, and the current real estate market is stronger than expected. Thank you to Vincent Shirley for his precious comments on the subject!