There has been a recent condominium boom in the city of Montreal, and no area has been impacted more than Griffintown. Now, you may be asking yourself "Why is a commercial real estate broker talking about condos?" Well, I'll tell you why, it's because with the massive influx of people moving to the area, there is a serious need for business development. Griffintown is an area that was predominantly industrial until the last few years when developers decided that an area directly adjacent to downtown, while being on the Lachine canal would be an amazing hotspot for todays young professionals.
As a resident of the area I can tell you that people have taken note of this rapid growth by investing into restaurants and bars, however I can also confirm that there are many old misused properties that are begging for a facelift and to be transformed into retail shops, cafes and outdoor terraces.
Property value has already gone up in the area however there is still good value to be had. The prices are significantly lower than downtown, and Griffintown is becoming more populated with each passing day. If you are looking for an area in the city to invest in you can't do any better than the rapidly growing Griffintown neighbourhood.