Montreal might now be a buyer’s market for condos, but you wouldn’t know it from the way the developers of the Tour des Canadiens are talking.
Canderel Group, and Cadillac Fairview Corp. Ltd, builders of the sold out residential tower next to the Bell Centre, now have plans to construct two more buildings south of St. Antoine St. – one of which would have 378 condos and 230 parking spaces. The vocation of the second tower isn’t yet decided, but it could include a mix of residential development and a hotel, documents filed with the city of Montreal’s downtown Ville Marie borough show.
Apparently, the original Tour des Canadiens sold out so quickly, developers were left with a list of 5,000 potential buyers interested in the project. Even if the majority of those buyers simply signed up to meet Habs legend Guy Lafleur at a sales event, there should be enough interest to fill at least one other tower.
As I revealed last week, investors may be playing a far larger role in the Greater Montreal real estate market than previously believed. According to the 2011 National Household Survey, 29 per cent of condos in Greater Montreal are occupied by renters, a higher rate than in Canada’s two hottest real estate markets, Toronto and Vancouver. The CMHC always estimated that only about 11 per cent of Greater Montreal condos were being rented, compared to double that proportion in Toronto.
According to city documents, the new Tour des Canadiens towers would be built between St. Antoine, Torrance, de la Montagne and and Jean-D’Estrées Sts. The area is now a mixture of parking lots and five existing buildings – which would be demolished – located on land mostly owned by Cadillac Fairview.