Montrealers serving on a recent Urban Land Institute panel offered multiple reasons for their city’s commercial real estate renaissance, but their enthusiasm was greatest when talking about the transformative nature of the REM light rail project.
The first phase of the 26-station, 67-kilometre automated transit line is slated to open before the end of the year. The network, a project of CDPQ Infra with billions in support from the Quebec government and the Canada Infrastructure Bank, will initially link the South Shore to downtown Montreal.
Future phases will connect Deux-Montagnes, Trudeau airport and Dorval, Pointe-Claire, Kirkland and Ste-Anne-de-Bellevue along Highway 40.
All of which had Marc Hetu, a senior vice-president for apartments with CBRE, counting the ways the REM has stimulated the residential investment market in the city. Hetu was one of five panellists at the ULI Toronto webinar billed as Pulse Check Montreal.
“In terms of how the REM has positively impacted the residential market, for obvious reasons it’s opened up new markets for my investors who look for large multi-residential projects to invest in,” said Hetu. “It helps them tick an extra box which is accessibility and transport in pockets of the city that previously were just non-starters for them.”
Key regions opening up for developers are the West Island, the South Shore and the North Shore, Hetu said.
“That’s been wonderful. It will contribute to greater investment volume, it will contribute to appreciation of housing values and the net worth of individuals, all of which will be very positive for the greater Montreal area and its economic growth.”
A second phase, the REM de l’est, will extend as far east as Pointe-aux-Trembles.
CDPQ INFRA — The first stage of the REM project in Montreal is scheduled to open late this year. Pictured, the Panama station on the South Shore under construction in 2021.
Panellist Steve Potvin, a principal with Stantec Quebec with responsibilities for urban design, also discussed development opportunities on the South Shore and to the east and pointed out that the connection between downtown and the airport had been a “real problem” for the city.
“There’s a lot of opportunities in the future with all the land that can be redeveloped,” said Potvin.
“You’re going to have the Montreal before REM and the Montreal after REM. It is a very important shift.”
The panellists said other factors contributing to what was termed a “20-year bull run” for Canada’s second largest real estate market included good planning, with a solid master plan developed in the 1990s; a strong educational system that is training workers for Montreal’s growing tech sector; significant public infrastructure including spending on the Champlain Bridge and the Turcot interchange in addition to the REM; a multicultural and multilingual environment that has attracted 65 international organizations; and strong municipal leadership, including current Mayor Valerie Plante.
The language issue which once drove talent away no longer seems to be a deterrent to investment, suggested Sarah Arbique, a senior director of leasing with Canderel.
“Things have changed,” said Arbique. “Montreal is on the map. It’s been seen as an investment opportunity and a significant draw for investors contemplating where to expand their operations.
“Montreal is definitely part of the big leagues now.”
Altus Group team lead Diana Pricop opened up the ULI event with an economic snapshot.
Total real estate investment activity has greatly expanded since 2019, from $8.8 billion to $10.5 billion in 2021, and the value of property transactions per quarter has also risen significantly, reaching $700 million in Q4 of 2021, topping previous highs in Q3 2021 and Q2 2019.
Industrial availability rates have declined from 3.7 per cent in 2019 to 3.1 per cent in 2021, and industrial rental rates continue to climb, reaching $9.81 per square foot in 2021.
That is a telling statistic said Sam Tsoumas, co-CEO of the developer Rosefellow, because Montreal up until recently had almost no new product on the industrial side due to stagnant development in the sector. But no longer.
“We very rarely in the past ever built on spec,” he said. “We’re talking about an increase of almost $3 a foot versus brand new product that was being developed in 2015 and 2016, so it’s been incredible what’s happened over the past few years.”
Tsoumas noted Montreal has been fully participating in the e-commerce and distribution boom as most large centres have. Montreal had always been a manufacturing and R&D city, he said.
“I think that just created a whole new industry in the industrial sector that was never contemplated before.”
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
