Bell Centre development area - Multiple towers to be built by 2015
We all know about la Tour des Canadiens being built where the Centennial Plaza is located, but 4 more towers will be built near the Bell Centre by 2015.
The big parking lot facing the arena will house 3 new towers. The towers will be condos, restaurants, shopping mall and a luxurious hotel.
Is anyone else worried that there are way too many condo's sprouting up all over the island of Montreal?
Its the same everywere. Its a big market but I'm afraid its going to get saturated (especially in suburban areas ).. Not everyone wants to buy a condo. Meanwhile scarce any appartment buildings are being constructed.
These Bell Center condos are amazing however. Imagine living there with season tickets..
It's about time Montreal gets a building boom. That area needed it badly and will now connect St-Catherines street to the Bell Centre IMO.
We'll see how that works 10-15 years from now when all the baby boomers are in retirement homes and/or dead... The market on houses and condos is gonna crash... hard.
Is anyone else worried that there are way too many condo's sprouting up all over the island of Montreal?
I always wonder where all the people buying these ultra-high-end condos are coming from. If it's some foreign "investors", then I am worried. I don't want Montreal to be a Vancouver.
Yeah, I'm happy that Montreal has its own "building boom" but it has to be sustainable. Another referendum and these volatile foreign investors may flee...
Last edited by Poulet Kostopoulos: 07-17-2012 at 11:23 AM.
We'll see how that works 10-15 years from now when all the baby boomers are in retirement homes and/or dead... The market on houses and condos is gonna crash... hard.
It's the same everywhere though. All baby boomers will die at some point.
We'll see how that works 10-15 years from now when all the baby boomers are in retirement homes and/or dead... The market on houses and condos is gonna crash... hard.
Thing is, babyboomers won't be in retirement homes in 10-15 years. In fact some are still going to be working.
By definition the oldest baby boomers are currently 67 years old while the youngests are 37. They are not really close to filling retirement homes, especially since these are filled with the older generation and they don't particularily want to go play bingo with them so they're going to stay home as long as they can. Advances in healthcare mean this is postponed relative to aforementionned older generation.
There are currently huge investments in retirement homes (some of them quite luxurious) and I believe its bound to failure. Baby boomers thrive liberty, they won't go close themselves up in glorified prisons until they are literally forced to.
Last edited by Private Encounter: 07-17-2012 at 06:47 PM.
The problem I'm fearing is the banks giving loans for mortgages for these places, especially for newly graduated students etc. Then economy starts to tank, people can't pay for those mortgages, and bam we have a housing crash here where home values are already inflated.
Heh, Montreal needs more affordable apartments than condos, but if people can afford it without getting a 50 year mortgage, good on them.
I think they're passing legislation to make government insured mortgages no longer than 25 years now. Down from 30 and previously 35.
Also, I know several real estate agents who if you don't have the salary to back up a mortgage application, will (for a fee) make fake pay forms etc to show income from other sources so they application would get approved. It's **** like that scares me, and I wonder how prevalent it is in the industry.
I'm all for new condo buildings but I would like to see more commercial buildings. You need more companies setting up here, who will then create jobs for people that can eventually buy condos. That is sustainable growth.
I'm worried to see these condo towers emerging everywhere combined with companies leaving the city for greener pasture and Montreal unemployement being at an all-time high. Like someone else said, who's buying these places?
Heh, Montreal needs more affordable apartments than condos, but if people can afford it without getting a 50 year mortgage, good on them.
Sadly because of current legislation its not really advantageous to build apartment blocks so cheaper accomodation is likely to get worse and worse.. Theres a gap there, growing, but no one can take advantage of it.
Meanwhile contractors usually build condos until the market is completely stagnated. Its going to take a long while in Montreal because of the size of that market. I come from a very small town (Nicolet, around 7000pop) and they are currently building like crazy, the impact is visible much sooner. My dad knows this market well since he's owned properties for decade and he's currently fleeing the place. The contractors just build and build and build like mad there since they can't anymore in Trois Rivieres. Like fish that eat all they can until they die basically.
Last edited by Private Encounter: 07-17-2012 at 06:48 PM.
What is a 350sq.ft.room a jail cell it sounds like,that might fly in Tokyo but in NA?So for a 1400sqft it's a million that's a one bedroom condo with a nice size kitchen,living&dining room & bathroom&ensuite bath I assume?Do they give a priority for season tickets.lol
I always wonder where all the people buying these ultra-high-end condos are coming from. If it's some foreign "investors", then I am worried. I don't want Montreal to be a Vancouver.
Yeah, I'm happy that Montreal has its own "building boom" but it has to be sustainable. Another referendum and these volatile foreign investors may flee...
It is foreigners. Canada is a highly desirable place to be and there's 100,000s of millionaires trying to get in. The govt just froze the immigrant investor program (which fast tracks millionaires in) everywhere but Quebec for 6 months so they could deal with a huge backlog and streamline it going forward.
There is TONS of money lined up to get into Canada to support this real estate, and as the rest of the world turns to crap, its not gonna slow down anytime soon. People are really beating at the doors to get into the few primo places that are clean, economically sound and stable politically, Canada is on the short list with countries like Australia, New Zealand, Switzerland, Singapore, Norway, Sweden (note - all relatively small countries).
NOT a political statement, just neutral facts of the reality. Step back from the local politics for a minute, cuz in the worldwide picture Canada is relatively in GREAT SHAPE and lots of millionaires from a place like China are lined up to get out of the smogsoup of Beijing and live a nice clean place like Brossard cuz they see a better future here and for their kids than in China.
It is foreigners. Canada is a highly desirable place to be and there's 100,000s of millionaires trying to get in. The govt just froze the immigrant investor program (which fast tracks millionaires in) everywhere but Quebec for 6 months so they could deal with a huge backlog and streamline it going forward.
There is TONS of money lined up to get into Canada to support this real estate, and as the rest of the world turns to crap, its not gonna slow down anytime soon. People are really beating at the doors to get into the few primo places that are clean, economically sound and stable politically, Canada is on the short list with countries like Australia, New Zealand, Switzerland, Singapore, Norway, Sweden (note - all relatively small countries).
NOT a political statement, just neutral facts of the reality. Step back from the local politics for a minute, cuz in the worldwide picture Canada is relatively in GREAT SHAPE and lots of millionaires from a place like China are lined up to get out of the smogsoup of Beijing and live a nice clean place like Brossard cuz they see a better future here and for their kids than in China.
Lol yeah brossard...that's where I live and let me tell you that there is just more and more asians that move into my neighbourhood. Plus the Dix30 is not helping because it's increasing the value of Brossard's real estate with all these new projects they're working on.
My parents bought our house about 10-13 years ago and the price doubled.
).. Not everyone wants to buy a condo. Meanwhile scarce any appartment buildings are being constructed.
So for a 1400sqft it's a million that's a one bedroom condo with a nice size kitchen,living&dining room & bathroom&ensuite bath I assume?Do they give a priority for season tickets.lol
