While the age-old rivalry between Toronto and Montreal has pitted the cities’ hockey teams and arts scenes against each other, there’s another set of bragging rights up for grabs. Which metropolis has the better condo market?
Toronto may have mind-boggling number of new units coming on the market, but Montreal is no slouch when it comes to construction crane sightings. We previously reported on the flurry on new builds in Quebec’s largest city and now there are new numbers to make the case for the Montreal boom.
Despite concerns about the market overheating, Property Biz Canada pinpointed some optimistic stats coming out of the Quebec Apartment Investment Conference:
- About 7,726 condo units will be delivered by 2016 in the downtown area, which includes Old Montreal, Griffintown and the Lachine Canal.
- Of those units, 64 per cent (or 4,658 suites) have already been sold or reserved, leaving 2,568 units left to be sold in the next four years (or 642 a year).
- According to Debbie Lafave, senior vice president of Baker Real Estate, investors make up 50 per cent of buyers of downtown Montreal condos, compared to the higher percentages suggested for Toronto.
Some developers suggested that rental apartment buildings likely aren’t being built since rents in Montreal are too low and construction and land costs are too high to justify their construction. And condos are the most affordable means of entry-point into the Montreal market for first-time buyers.
With a condo boom in Canada’s two largest cities, we can’t help but wonder: which city will see the steadiest gains and sales in the future?