The city of Montreal is a cosmopolitan Canadian city that is among the largest in North America. The city boasts of having a unique French heritage, and also prides itself in retaining that unique tradition.
The city is also considered a hot market for condominium developers, with new construction not only occurring all over the island but on the North and South Shores as well. The city has a lot to offer new residents, from a wide array of business, recreational, cultural and leisure facilities, and new condo buyers here will love the city’s vibrant and exciting lifestyle as well.
The City Has A Wide Array OF Condo Developments
According to housing analysts, the housing market in Montreal is a very competitive one, as far as prices go. At present, there are many great bargains to be seen, which is kind of rare for such a world-renowned urban center, because if you compare the same type of units for size, location and amenities, you'll be amazed to find anything in any other destination that matches the quality, style, price and standards of living that this city offers its condo dwellers.
For those who either wish to get condos for vacation rentals, short-term stays or permanent residence, this cosmopolitan city is truly one of the best destinations in North America, and the world as well.
More Condo Developments Are In The Running
real estate developers in this city are developing still more condo units, as US businessmen and foreigners come in from overseas to buy up valuable Montreal properties, from downtown palaces like the historic Golden Square Mile's new deluxe 22-storey Roc Fleuri Condominiums on the corner of Drummond and De Maisonneuve, where penthouse units are pegged at $2.8-million.
And just across the street, there's Le 1200, whose two monolithic 26-storey towers rise above its grand faux-limestone arches, as well as Le Crystal de la Montagne, which is a luxurious 27-storey tower that has around 131 five-star condo-hotel suites and another 57 luxury condo residences.
However, it's not just the wealthy out-of-town investors who are buying into these downtown developments, as the baby boomers from West Island and South Shore district are also joining the fray, as well as the 25-to 30-year-old young adults, who are buying more affordably-priced units in surrounding neighborhoods.
Who's Fuelling The Boom?
According to local housing observers, the condo boom in this city is, being fuelled by baby boomers who are still working, and also former homeowners whose children have moved out and now want to live close to their jobs.
The Canada Mortgage and Housing Corporation notes that younger professionals aged 25 to 35 are buying more affordably-priced units at around $200-$250 per square foot, while the upscale, luxury units range from $350 per square foot and up. The CMHC however, warns that the city'
s condo construction boom may just be about ready to slow down.
According to the CMHC, condo development in 2004 peaked, with a record 10,503 new units, accounting for 35 per cent of all housing starts, which was up from 13 per cent in 1990. That number slipped to 8,758 in 2005. The CMHC forecasts that condo construction will decrease further, to 8,000 units this year and to 7,000 units in 2007.
Vanessa Arellano Doctor
http://montrealrealtyfinder.com