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Montreal’s real estate market might be entering a golden age

by Ephraim Vecina on 21 Jun 2019

With activity levels higher than at any time over the past half-century, Montreal’s flourishing real estate sector might be approaching a period of even stronger growth and extremely positive long-term prospects, according to Devencore CEO Jean Laurin.

From major infrastructure projects to sustained investment volumes, from residential construction to office and condo development, from robust economic performance to the influx of highly skilled and intelligent people, Montreal is exhibiting all indications of a city on an unstoppable rise.

“We may very well look back on this period in Montreal’s evolution and recognize it as marking a truly momentous turning point,” Laurin predicted, as quoted by RENX.

In particular, the REM rapid transit system currently being built is expected to kick the real estate market into high gear.

“Whenever you touch the infrastructure of a city that by itself triggers development activity,” Laurin stated.

Among the main attractions is the 4.5-million-square-foot, 3,000-residential-unit Quartier des Lumières, currently being developed by Groupe Mach from the legacy CBC-Radio-Canada land.

Aside from housing space, the project will offer 600,000 sq. ft. of retail and approximately one million sq. ft. in offices.

Over the last few years, much of the demand for the city’s office assets has been driven by the tech sector, especially those involved in the AI R&D, gaming, and mobile/online app segments.

Another motivating factor is Montreal’s four universities which “recruit and attract a lot of smart people and get the attention of a lot of international investors,” many of them being parents of the students magnetized by these institutions.

“Canada is a safe place to park dollars and investments (given its good investment returns, low security issues and solid banking system),” Laurin explained. “We’re welcoming to outside investors or people that want to move to the country.”

 



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