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.
Right. It's no political, but like it or not, politics plays a role -- like you said, these investors like the political stability. A referendum means anything but stability.
Anyway, that's not my main point. My point is that locals will might one day no long afford to live in their own city. Also, one day, these foreigners might decide to cash in their gains and move to the next hot area in the world. Often, they all decide to do this at the same time.
I still can't see what benefits the ordinary locals may get out of this kinda of "boom". Sure, if you work in real estate, you'll be in heaven but what about the ordinary white-collar dude? Downtown, Brossard and other hot residential areas only accessible to rich foreigners. I don't know. Doesn't seem to be fair to me: locals kinda built this city just to see rich foreigners get the better part of it. Sure foreign money is a great boost for the economical development of a city -- otherwise growth may stagnate -- but there must be a control on the flow of incoming funds, especially the real estate kind.
Like someone else said, I prefer that companies set foot here than foreign real estate investors...
200k for a condo...I remember 10 years ago when you can buy a freaking house for 150k.
Yeah. When I bought my house about 12-13 years ago in DDO it costed $110,000 (thankfully it's all paid off and everything as well)... Now you can't get anything nice without dishing out a ton of money...
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.
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.
Don't worry. They won't fail. The luxurious homes are basically assisted condos. As soon as the liberty seeking babyboomers can't afford to keep this lifestyle because of health issues, they will be willing to put te big buck to go in one of these intermediate ressources instead of CHSLD and other ressources.
As for CHSLD, there is a ton of demand already and it will just get heavier with the population getting older. Living in CHSLD isn't much about what you seek, but the help you need. If you can't take care of yourself anymore, it's just a matter of time, wheter you want it or not, you'll end up in a CHSLD.
Good for Montreal. FINALLY, some real estate investment in the city. Man, I go to NYC every 2 weeks or so, and all I see is real estate investment all over. Good for Montreal. All the money had went to the burbs, particularly the Blainville-Rosemère/Brossard areas. Now, they need to charge to get to the island, just like NYC. It will have to come to this folks. Because nobody else is going to pay for the crumbling infrastructures.
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.
The youngest boomers are about 48-50 not 37. 32-46 is Gen X.
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.
Yeah. When I bought my house about 12-13 years ago in DDO it costed $110,000 (thankfully it's all paid off and everything as well)... Now you can't get anything nice without dishing out a ton of money...
Jee and I bought a great condo under 200k 2 mins away from a metro close to downtown. It's not impossible!
Anyone else feels that inflation is just not adding up to the meteoric rise of real estate prices in Montreal? That would explain the foreign money coming in. Kind of sad if you ask me.
Anyone else feels that inflation is just not adding up to the meteoric rise of real estate prices in Montreal? That would explain the foreign money coming in. Kind of sad if you ask me.
Hopefully the govt will pass a law prohibiting foreigners from buying residences in Canada like they did in Australia in order to keep prices lower. The Chinese like to come and here buy all our condos at prices Canadians can't compete with and then rent to us at ridiculous prices. See Toronto and Vancouver as examples.
