A booming market
Overview of real estate in Greater Montréal
(Extract from Le Grand Montréal Économique - No.2 - Vo.13 - December 2023)
Despite a more difficult economic context, real estate supply is plentiful both downtown and on the island of Montréal, and also on the north and south shores of the St. Lawrence river. In a chat with Jean Laurin, a partner and president at Avison Young Québec, we surveyed current real estate supply in the Greater Montréal, while also highlighting the many assets of this vast and dynamic territory, the economic engine of Québec.
METAMORPHOSIS OF DOWNTOWN CORE
"Downtown Montréal has been constantly transformed over the years," said Mr. Laurin, who is also president of the Montréal International board of directors. One of its strong features is that it is a place for homes. "For a portrait of the evolution of urban development, take René-Lévesque Boulevard between Peel and Atwater. Up to about a dozen years ago, there were some 15 to 20 parking lots on that stretch of road.
They've disappeared since, replaced by mostly residential development, i.e. condominiums plus some commercial spaces. That is a reflection of a dynamic economy. lt also shows that people are attracted to the downtown core and its reputation as a safe neighbourhood."
At the moment, several large-scale and architecturally unique residential projects are underway. Mr. Laurin mentioned, among others, 1 Phillips Square, whose first phase includes a 61-storey tower, Mansfield Condominiums, next to the iconic Sun Life building. There is also Le Sherbrooke in the magnificent Golden Mile Square and Maestria Condominiums in the entertainment district, with its two towers linked by a footbridge.