Experts have indicated Canada will need to build millions more homes in the next 10 years to meet our growing needs. To the casual observer the problem is easy to solve: just build more homes. For those in the real estate development field, the problem is much more complicated than this.
Real estate giant Broccolini has announced its acquisition of more than 135,000 sq. ft. in Montreal for $100 million. This site – intended to be developed into office spaces, as well as residential and commercial units – is the largest space still available for development in the downtown area, according to records. The purchase is bordered by Robert-Bourassa Boulevard and by Saint-Jacques, Notre-Dame, and Gauvin Streets. Read more: Quebec sales transactions reach new record Another Montreal project in Broccolini’s pipeline is the 35-storey 628 Saint-Jacques residential tower in Square Victoria. The $150-million project is scheduled to begin building in the spring of 2018 and wrap up in the summer of 2021. Broccolini is also the builder and owner of the new Maison de Radio-Canada, located on the corner of René-Lévesque Boulevard and Papineau Street. The construction of this new media complex is already underway, with inauguration slated for 2020. Related stories: Montreal’s residential property market sizzled in 2017 Canadian home construction just enjoyed its strongest year in a decade
While there has been a deceleration in new home sales, we must keep the pedal to the metal and continue to train skilled trades workers for the future.
Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.
This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.
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