{"id":6,"date":"2015-06-01T13:28:00","date_gmt":"2015-06-01T13:28:00","guid":{"rendered":"http:\/\/rf.podcastfixit.com\/index.php\/2015\/06\/01\/montreal-residential-market-robus\/"},"modified":"2015-06-04T21:33:40","modified_gmt":"2015-06-04T21:33:40","slug":"montreal-residential-market-robus","status":"publish","type":"post","link":"https:\/\/newscoverage.org\/index.php\/2015\/06\/01\/montreal-residential-market-robus\/","title":{"rendered":"Montreal residential market robust"},"content":{"rendered":"<p><b>By Robert Frank<\/b><br \/>\n<a href=\"http:\/\/www.sqft.ca\/\">www.sqft.ca<\/a><\/p>\n<div>A growing population that is shifting toward the downtown core and rising business confidence will ensure that the wind remains in the sails of Montreal\u2019s residential real estate market.<\/div>\n<p>\u201cWe\u2019re in a very healthy position, which augurs well for investment,\u201d said CBRE vice-president Marc H\u00e9tu. \u201cDemand is high, interest rates are low and we\u2019re witnessing widespread enthusiasm to a degree that we haven\u2019t seen in years.\u201d<\/p>\n<p>While owner-occupiers remain the biggest group of condo buyers, investors are now snapping up anywhere from 15-30 per cent of supply, mostly in the downtown core. Parents of students have also become eager buyers in proximity of Montreal universities. Seniors, who will make up a quarter of Quebec\u2019s population by 2031, are also making the move downtown.<\/p>\n<p>\u201cAt the moment there are just over 12,000 units under construction,\u201d H\u00e9tu reported. \u201cIf there are 3,000 delivered every year, that\u2019s very healthy, so long as immigration and population growth remain steady.\u201d<\/p>\n<p>With a 3.4 per cent vacancy rate and most of Montreal\u2019s stock of 1960s purpose-built long overdue for a makeover, rental development remains a viable option.<\/p>\n<p>\u201cThose buildings cost a lot to maintain,\u201d he noted. \u201cInvestors will pay significantly higher prices or capitalization rates for new construction, which has a lower operating cost. To remain competitive, owners of older properties have had to up their game with improvements. This has improved the overall quality of Montreal housing stock.\u201d<\/p>\n<p>The unwillingness of investors to weather the capitalization rate and interest rate risks that it entails has dampened rental development, though.<\/p>\n<p>\u201cIt remains a very risky option,\u201d H\u00e9tu acknowledged, \u201cbut there\u2019s very strong demand from private and institutional investors for the handful of quality apartment assets, particularly for new construction. Consequently, those who have proved willing to undertake the risk have earned premium prices and done tremendously well.\u201d<\/p>\n<div style=\"text-align: center;\"><i>Note: This report first\u00a0appeared in the Spring 2015 edition of Canadian Real Estate magazine.<\/i><\/div>\n<div style=\"text-align: center;\"><i>\u00a0<\/i><\/div>\n<div class=\"separator\" style=\"clear: both; text-align: center;\"><\/div>\n<div style=\"text-align: center;\"><a href=\"http:\/\/rf.podcastfixit.com\/wp-content\/uploads\/2015\/06\/Marc_He_tu.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5846\" src=\"http:\/\/rf.podcastfixit.com\/wp-content\/uploads\/2015\/06\/Marc_He_tu.jpg\" alt=\"Marc_He_tu\" width=\"120\" height=\"160\" \/><\/a><\/div>\n<div style=\"text-align: center;\"><b>Marc H\u00e9tu<\/b><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Robert Frank www.sqft.ca A growing population that is shifting toward the downtown core and rising business confidence will ensure that the wind remains in the sails of Montreal\u2019s residential real estate market. \u201cWe\u2019re in a very healthy position, which augurs well for investment,\u201d said CBRE vice-president Marc H\u00e9tu. \u201cDemand is high, interest rates are<\/p>\n","protected":false},"author":1,"featured_media":5846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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