Demand for New Condominiums in Downtown Montréal Remains Strong

According to its most recent quarterly analysis, the Altus Group considers that the new condominium market is performing relatively well in downtown Montréal. In fact, results show that demand has remained strong during the past year despite the growing supply of new condominiums in the city.

Construction workers build new condos at the Le Canal Griffintown site in the Griffintown area of Montreal on Tuesday October 15, 2013. (Allen McInnis / THE GAZETTE)

Altus Group recorded a total of 1,550 new condo sales in downtown Montréal in 2013. However, the number of transactions concluded in the fourth quarter of 2013 decreased, with 275 units sold compared to 400 units per quarter in the first three quarters of the year.

A total of 55 active projects (in construction or in pre-sale) were identified at the end of the year, totaling a record 8,083 units. Their selling rate is currently 63 per cent. The report states that there will be fewer projects in 2014, which will help with the absorption of unsold condominiums.

 

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Desiree Ofter

Desiree Ofter

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CENTURY 21 Max-Immo
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