Dree-ee-ee-ee-eam, dream, dream, dream... photo: Joseph Yarmush

Real estate developers are building still more condos as American businessmen and foreigners jet in from overseas to snap up Montreal pieds-à-terre, downtown palaces like the historic Golden Square Mile's new deluxe 22-storey Roc Fleuri Condominiums on the corner of Drummond and De Maisonneuve, where penthouse units start at $2.8-million.

Across the street there's Le 1200, whose two monolithic 26-storey towers rise above its impressive faux-limestone arches. And then there's Le Crystal de la Montagne, an elegant 27-storey tower that boasts 131 "sumptuous" five-star condo-hotel suites and another 57 luxury condo residences.

But it's not just rich out-of-town high rollers who are buying up downtown condos, it's West Island and South Shore baby boomers, as well as young 25- to 30-year-old young adults who are purchasing more affordable condos in surrounding neighbourhoods.

"The boom is being fuelled by baby boomers who are still working, former homeowers whose children have moved out and now want to live close to their jobs," explains Paul Cardinal, senior market analyst for the Canada Mortgage and Housing Corporation. "Younger professionals aged 25 to 35 are buying more affordable condos at around $200-$250 per square foot, while the luxury units go from $350 per square foot and up."

That compares to an average of $600 per square foot in Vancouver and $385 in Toronto.

Cardinal continues, "The Montreal condo market didn't really exist 10 years ago and it wasn't profitable for developers to build such projects, or build luxury penthouses atop condo high-rises. But now luxury condos are very popular. We still don't know how deep that market is, though, and developers are now testing the limits of the market."

The CMHC warns Montreal's condo construction boom may just be about ready to go bust. In 2004, condo construction in Montreal peaked with a record 10,503 new units, accounting for 35 per cent of all housing starts - up from 13 per cent in 1990. That number slipped to 8,758 in 2005, and the CMHC predicts condo construction will decrease further, to 8,000 units this year and to 7,000 units in 2007.

Meanwhile, the more telling number is the number of unsold new condos - it continues to increase, from just over 500 in 2001 to a whopping 2,000 unoccupied units this year.

"I'm not surprised the Montreal market has been able to sustain this kind of development since 1998, but the building cycle of new condos is now in a downturn," says Cardinal, quickly adding, "Construction has peaked, but prices haven't."

In other words, young Montrealers looking for a good deal won't necessarily find one in this market.

"Young Montrealers want to live downtown, but downtown is still the most expensive condo market," Cardinal says. "So they may want to look outside the downtown core in older neighbourhoods. Their first criteria is not to beat the market, but to buy what they want and what they can afford. This is still a good time to buy, there is a lot of choice, and because of the number of condos available out there, there is still the possibility to negotiate."

 
 

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Condos     I'm only in high school and i'm taking this condo problem pretty seriously. I would say that i agree with the comment made on august 3rd 2006 because condos ARE a problem in our city. We complain that there is so much pollution and we need more green space and parks and trees, yet there are at least 10 condo projects going on at the same time and are all so close together. First of all, when you see a newly finished condo, only a few people move in a long while later. People are not going crazy over condos. They might not be as expensive as renting but they are just as crappy or as nice as an apartment building. They don't necessarily save space in the city because they are so big. Most condos DO look alike and it is eyesore to see. They are big ugly pink and beige buildings that are just there to look ugly. Second of all, people are just lazy. Yes, i am going to be completely honest about that. No one wants to own their own property any more because they are too lazy to push a little machine around. They always expect other people to do their stuff for them. Third of all, you have no privacy on a condo. You've got someone living next to you and both sides, below you and on top of you. If you have a problem with them you'll go crazy and would have to complain for the rest of your life because you're a lazy person who doesn't want to live in your own house. The beauty of living in your own house is that you dont live in a measly little cubicle without privacy.
Tanja Trost		May 13th, 2007
Embrace the Condos     I'm hearing a lot of negativity regarding condos. I can understand if one has a problem with the design of some of the new condos that have been built in Montreal within the last few years, but to say there are "too many condos" and complain that condos are bad makes absolutely no sense. What do you want? Endless surface parking lots so that people who live in the suburbs can drive their car downtown to work or to shop and park for cheap? Are you afraid of population density downtown? Would you prefer that the thousands of units that have been built downtown, where there is existing public infrastructure, be built on a greenfield on the South Shore? This would spell the end for hundreds of hectares of farmland and it woul add thousands of cars to the highways. I suppose you would also prefer to see down-trodden neighbourhoods remain like slums - or beautiful histpric building left empty (i.e. Imperial Tobacco loft conversion project)? To all of the anti-condo people, I hope you understand what you are advocating - do not call yourselves environmentalists because you obviously don't understand the basic concepts of sustainable urban developments. I hope the anti-condo rhetoric is not simply a warped expression of anti-capitalism - are you jealous that certain individuals are profiting from investing their money and taking huge riskes to develop real estate? If this is the case, consider a business venture of your own (maybe something sustainable) that will allow you to succeed and be happy. Celebrate successful projects in Montreal - don't be so bitter. Wow - I just realised that I may be bitter myself. I need to go smoke something.
David Maloney	{2 votes}	August 3rd, 2006
Taking the highs with the lows     Condominium - Not only a building divided into different privately owned units where the structure and grounds are owned by all inhabitants, but also a politically dependent territory... who'd have thought? Thankfully condo buildings don't have this second connotation, but they are a phenomenon unto themselves. I guess it's a sign of a more modern, urban way of life that you can live in a vast building with sometimes upwards of 200 other people, most of whom you rarely ever see, yet you jointly own the structure and grounds of that building with them. When there's a problem your expensive condo fees, amassed together to ensure the hallways are clean and snow is shovelled, also pay for repairs and renovations - pretty neat, huh? The thing is that I'm not really that keen on condos. I admit that they save space in a city environment, but they're generally eyesores on the skyline. Is it just me, or do most new condos in Montreal look rather similar? There must only be a handful of contractors with their fingers in the pie. A while ago, looking to get out of the rental loop, I had the joy (ahem) of looking at lots and lots of condos, all over the city. They were generally over-priced and the main attraction seemed to be the bathrooms. Don't ask me why, but all the publicity for these places has a huge focus on 'designer' sinks, baths and faucets. However, the robotic feel of these monolithic places is the main turn-off for me. I don't want to live in a block where access to my home is with an elevator or numerous flights of stairs. I don't want to look outside into someone else's basically identikit home. I like the individuality of houses - their various facades and histories. Maybe condos are just too new for me. I hope that the prices will be lowered though - with lots of people looking for affordable housing and increasing numbers of expensive condos being built, there's a problem. It's great that rich Americans are boosting the economy, but what about us?
Ellen Reid	{33 votes}	July 5th, 2006
Macro benefits of condos     the advantage of condos are not limited to individual benefits such as not having to cut grass. from an environmental and urban planning perspective, more people living in condos means less people driving countless hours to work, stuck in traffic, and polluting the environment with their gas emissions. car commuters contribute to a large percentage of total greenhouse gas emissions. good for you if you want your own backyard, picket fence, swimming pool, 2-car garage, 1.4 children, but for god's sake then either find a job near your home or use public transportation, because otherwise it's not a sustainable lifestyle. people say they move to the suburbs for the sake of their children, and then commute 2 hours a day to work: not only are you contributing to bad air quality, but you should consider spending more time with your family and less time on the road. other general benefits i can think of include increased downtown vibrancy (due to mixed-use neighbourhood, residential + commercial) and the revitalization of neighbourhoods. i think instead the debate should focus on the aesthetic problems of *some* of the condos that are being built, instead of whether condos should be built at all. after all, some people will prefer sleek and hip condo living (me), while others want their lot of grass. whatever you prefer, try to make sustainable choices.
Sophie Rodriguez	{12 votes}	July 4th, 2006
Reduced Quality of Life Ahead     I wonder if the boom of condo development will decline if prices have not peaked yet. The increased prices is a sure indication that there is still a sufficient number of people interested in buying into those concrete blocks and unless prices fall I see further condo highrises going up in the future. We don't have a history of occupying all the residential spaces we construct initially. Look at Habitat 67 and the lodgings constructed for the 76 Olympics for example. Both were meant as show pieces built to house people during and after an international event and lay empty for some time afterwards. I don't know what their state is today but construction companies probably got incentives to build here because of low property taxes compared to more expensive North American cities and we got to foot the bill especially if the lodgings were not rented out. I see the same has been happening regarding the construction of large office complexes on Rene Levesque west of Peel over the past few years, that are largely empty still. Who is paying the taxes on that?the answer is us through increases municipal taxes. We could very much be supporting a building period and have little control over whether the buildings rent out their space, get bought or bring in revenue on their own! One gets the feeling as if we are all living out the lives of the animals in Animal Farm working to maintain an industry largely in the hands of grubby condo construction owners and have no say whether people can afford increased taxes or not as a result. I know people like the fact of living in a space where they don't have to manage any land but they don't realize that buying into condos, they are contributing to the future loss of Montreal skyline, increased city smog and further reduced parking space for vehicles. They are even buying units where thay don't even have access to a balcony space because of a bizarre law prohibiting the building of balconies over city property.
Martin Dansky	{16 votes}	July 3rd, 2006
Nothing compared to Toronto     It might appear there is a boom in Montréal, but when we compare with all the high-rise condo towers in construction in Toronto and even Vancouver and Calgary, it seems the boom is not happening in Montréal. Toronto skyline might look great but I don't personally think people living in those condo towers have a greater life quality than people living in 3 stories high condos with direct contact with the street and its urban life. The high-rise condo towers usually offer more services like swimming pool, gym, indoor parking but I in Montréal we prefer smaller scale projects.
Nicolas Gendron	{16 votes}	June 29th, 2006
News flash!     Will Montreal's condo boom go bust? God willing, a thousand times yes!!! ~ Have you tried to find affordable housing in this city? More importantly, have you tried not running into a condo development as you did so? These monstrosities are cropping up everywhere and the appartments of old are being wiped out one by one by greedy developers. I know the advantages of condos but damn, enough is enough! Developers are getting richer but the average joe isn't. If and when they go boom hopefully the prices will stabilize into something less insane. We aren't Toronto, y'know!
Pedro Eggers	{20 votes}	June 29th, 2006
HOUSING INDUSTRY = SHARKS     Condo construction since around 1995 - 200 000 "indigenous people" expelled from their appartments, with the help, of course, of lawyers who know how to make bucks from everything? Housing industry = 1/2 money laundering, gansterism, manipulation of the law, incessant lobbying, lies and ridiculous advertising. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
BOB ARTERE		November 17th, 2009
Urban life is a choice for those who wish to live, not just exist     As I read some of these remarks, i cannot help but laugh. Those who praise the benefits of suburbia should remeber the fact on what that lifestyle is based on, the automobile. What I see here are the perfect examples of people who have been conditioned by their environment, the peaceful, quaint, open space as wel as bland and unintersting suburbs. Complaints about neighbors you dont know, living like sardines?, for people in the most modern cities around the world, this is the reality of urban life. The entire concept of living in an urban milieu is being constaly exposed as well as involved in society and its culture. In this context, you are affected by your environment as much as you can influence it. For those who have been breast fed their whole lives in suburbia, get over yourselves, theres more to life than retreating in your house of solitude and forgeting about the problems faced by society as a whole.
Ari Tsiamp		November 16th, 2007
Condos     To me condo's are good in a way. First of all, they are much better looking than some of the old eye sores downtown. And the other thing is I think that someone who is alone and does not want to buy into a big home where it is too big for them should invest into a condo. If that is what they want, and don't mind having neighbors. I live walking distance and live in a condo but don't own it, just rent it which is good enough for me. No shoveling snow, no watering the grass, just enjoying the beautiful apartment and don't have to worry about traffic every day.
Louise Lacroix	{3 votes}	March 26th, 2007
Buyer be where     I think a lot of people are making a mistake, because they buy a condo thinking, often counting on, it appreciating in value. I am renting a condo. But if I take a drive around my town, I can see at least three to four for sale on each street. Economics is based on supply and demand. And as the supply goes, the price will go down. When you own property for ten years, and even five, it will usually end up rising in value. But people are buying condos instead of renting appartments. These people plan on buying a house in a year or two. But a lot of these people will probably have trouble recovering their investment. And they may get stuck, either living in an unsellable condo, or just leaving it empty. Buyer beware. If it is too good to be true, it probably is.
Eric Wilson	{1 vote}	July 17th, 2006
There's a logic to this madness     The equation is quite simple: For the developper: buy 10000 sq./ft. of land and sell it to 64 people instead of building from 1 to 4 houses. For the city: Same principle, except their reward is 64 people paying taxes every year instead of 2 or 3 For the banks: Once again, same deal - you see where this is going... I personally dislike condos, although I understand people who feel otherwise. If I buy a property... a "house" even, I would like to be able to make some noise. To me, the day you buy a house is the day you never again hear your neighbors hitting their ceiling with a broom to ask you to turn down your music. It's the day you never again wonder if the people next door's washing machine is gonna dance it's way through the wall. I dislike the idea of paying 200 000.00$ and still having neighbors all around - let alone the pleasure of sitting down once a year (at least) with every one else to vote on wether or not this is the year we fix the roof. There are always some people whou couldn't afford their condo and certainly can't afford those special expenses to fix things or perform preventive maintenance. There will be no democracy in my house - I will have a dictatorship. If I say a tree will be planted, then a tree will be planted. I'll also give the local kid 5$ to mow my lawn.
Bernard Dahl		July 12th, 2006
Lets live in a sardine can     I caught myself thinking about getting a condo this past month for investments sake and well I think I'm sick in the head. There are the advantages like investing your money into something other than your crooked landlord, and not having to pay for as much gas to get to work, but I feel like I'm being cornered into making a really bad mistake. We are making decisions to avoid short-term consequence when we should be thinking out of the box and making smarter choices for the future! Our parents used to live in huge brick homes that did not share walls with neighbors, BUT their gasoline consumption powered the U.S. economy to be the evil virus of death it is today. Hmmmm ... support megalomaniacs by commuting or live in a sardine can and bike to work? I'll take option B if only Montreal agreed to eliminate all automobiles from the downtown sector by 2010!! Well this won't happen for a while yet, so in the meantime I'll keep saving for that old downtown brick house I've been dreaming about.
Jesse Stacey	{2 votes}	July 12th, 2006
Condos condos and more condos     I was quite surprised to know that there is an excess of condos in Montreal. It just seems like every single person that I know is buying a condo or already has one. I just thought that the demand far exceeds the supply, but apparently that is not true. I suppose there will always come a time when the market gets saturated and appears that this time is drawing near. Condos are just a great option for a lot of people. A lot of young professionals who have just started their first jobs and who are moving away from their parent's homes in the suburbs just find having a condo more convenient. It's just big enough and practical enough. A downtown condo is about a stone's throw away from a metro and a lot of restaurants. With a condo you also don't have the hassle of having to mow the lawn and do other yard work. For a lot of people, it's a great convenience.
Reena Tabing		July 10th, 2006
Too Many Condos!     On the tv news, I saw a story that at least 100 families will have no where to live as of July 1st because of a lack of affordable housing in the city. Why? Because some landlords have turned their apartment buildings into condo complexes and because there's been a lot of condo projects that have been developed but very few, if any, new apartment developments. Montreal was a city that was known for having most of its population living as apartment dwellers, so why the huge shift to condos? According to this article, "baby boomers", foreigners (including Americans), and people aged 25-30 who are the ones who are responsible for these condo constructions. Is that really the case? Heck, almost all of the recently built condominium buildings I've seen are at least half empty. Are these buildings being built for those mentioned in the article or is something else going on here? I think I smell some sort of real estate coup in Montreal (maybe Donald Trump isn't too far behind). Enough of the condo developments already! Just give the people what they really want: affordable housing (instead of trying to make outsiders believe that Montreal is an affluent society).
Basil James		July 8th, 2006
Baby Boomers     It is true that everywhere u walk now in Montreal there are condo's being built. It is true what the article was saying about the baby boomers moving away and living in Montreal to be closer to their jobs. I use to live on the south shore and it took me forever to get to work. I now live in Montreal, i am renting an apartment right near concordia, and it takes me 10 minutes now with the bus. Its great i can even go home for my lunch. I am happy to hear that buying a condo in Montreal is actually pretty reasonable compared to Vancouver and Toronto. Will it last though? Its only cheap right now because there are so many available.
Caroline Hardy		July 8th, 2006
Better get used to it     Wether we like it or not, we are a big city that is getting bigger. Condos are a part of big city life and I hate to say it,but we better get used to it. Although I would not want to live in one, I think it is a good option for those who do not want to worry about taking care of a proprety and all that fun stuff. So l'ets face it, condos have been here and will be here for a while.
S M		July 8th, 2006
Condos     I live within walking distance to my work and now that I've had a taste of it I never want to be stuck in a traffic jam after work again. I'm healthier, I get to see my neighborhood, I'm home in 20 minutes, etc. The benefits are endless. I think the suburbs are evil...then why do condos leave me with such an uneasy feeling? All these modern looking highrises are an eyesore mostly, and I just don't think I can ever bring myself to buy what is essentially an apartment. I know it's an investment and blah blah, but to me buying property includes land and trees. If they could make a nice little community like that downtown now that's something I would be interested in.
Josee Lacroix		July 7th, 2006
Condos everywhere!     It is true that everywhere we look in the downtown area condos are being built. Old Montreal, Plateau, and even Hochelaga are joining this condo construction craze. Apart from the extremely expensive cost of such dwellings, condos offer owners the best of both worlds: No traffic or gas costs to get to work which leads to more leisure time. Being in the downtown area seems like the best advantage to me, with all the possible commodities and activities available. The old port area is definitely one of the better locations with some areas offering seclusion and tranquility with magnificent views.
Sophie Verville	{3 votes}	July 5th, 2006
Lack of affordable housing     The problem with condo development is not that too many condos are being built, it's that too many luxury condos are being built. (Though even the Lowney condos -- not luxury -- have a few left unsold.) There's not enough inexpensive housing available, to rent or to own. And, oddly, most condo developments have no balconies. I hope people really like the indoors. The inexpensive condos that do exist are built shoddily, often so poorly you can see the problems. People don't want to buy a place that will fall around them just after the warranty goes. (You can always buy a place in an old triplex. It's not a condo due to some legislation, but it's much the same. But no new ones are being built.)
J Flegg	{1 vote}	July 5th, 2006
One Family Homes     Anyone with a chunk of cash would rather invest in a one family house near the big city. With distinctive architecture that houses lots of gracious living space you also get your privacy and quiet. With a lovely back garden and landscaping together with a two car garage you could not ask for more. Condos for the price just cannot compare. You are housed together in cramped quarters with strangers around you on all four sides who may make a ruckus at any time. You have to endure strange smells from your neighbours. High up from the ground there are no green spaces to admire. Children grow restless when they cannot play outside. You always need to take the elevator and must worry if there is a fire trapping you inside your dwelling. When you consider that a home in Saint Henri is not that expensive and is close to downtown, condo living is no longer a bargain. Buying a condo will disappoint many people who forget to check everything out.
Stephen Talko		July 4th, 2006
Condo crazeeee     Personally, I just love condo's. Having a HOUSE and LAND is great - but not all of us want or need to shovel, cut the lawn, fix the roof - some of us rather just pay the bills and let others deal with that whole mess. Should be noted that not all condo's are from the same mother, and some are downright ugly. I particularily dislike the mile-high monstrosities that are taking over the downtown areas. I also dislike developments that are incringing into local neighbourhoods like Park Ex with no regard to the local flavour of the neighbourhoods.
Rob Postuma	{2 votes}	July 4th, 2006
Condo Madness     Has anyone walked along DeMaisonneuve east of Crescent recently?? It makes me crazy! There are soo many condos bulit or beinging built in this area it is unbelievable. And it feels like each development is trying to be higher than the next. While these bulidings are more attractive than the empy lots or run-down buldings that were there before - they are too big and overwhelming. Not to mention that they completly block out the sunlight. I was on the corner of Drummond and DeMaisonneuve on a sunny Sunday afternoon. But the stupid condo complex that they bulit was making it look like night-time. I couldn't see the sun or sky for that matter!! These condos are unaffordable montrosities. And half the units are empty!
Kara Hughes	{12 votes}	July 1st, 2006
(((My Two Cents))) - Condos Condos Everywhere!     I try to imagine Montreal a couple of decades ago when there weren't condos everywhere you looked. Now, as you walk through downtown or even residential areas, all you see everywhere are signs announcing that projects are in the works. I know that condos are the thing of the future, our population is growing and sadly, they need the maximize the space they have. However, I don't know, I find that condos everywhere is very impersonal and such and that you don't get to own your own land. Nonetheless, give it a couple of years and everywhere you look, there will be a condo standing.
Zachary Masoud	{6 votes}	July 1st, 2006
Condo life     I love condo life, I don't have to worry about mowing the lawn in the summer or shoveling the snow in the winter, brrrr... I find that it is very convenient as much for the older generation who don't necessarily still have the energy to do all those outside chores, and it's also convenient for the young generation who is too busy going out, starting their career, etc. Living in a condo is exactly the best solution for me right now.
Roxane Gibault	{8 votes}	June 30th, 2006
Condo Craze!     This condo craze has reached dizzying heights - everywhere you go from the furthest and seediest reaches of downtown to any quaint ole suburb, there are scores of condo projects in various stages of development...if things are on the wane, you wouldn't know it from all of the hullabaloo that these sort of things engender!
Mark St Pierre	{5 votes}	June 30th, 2006
Mmm...     I wanna live in a condo...NOT. Let me tell you why people should not live in a condo. Firstly, you are not actually owning that condo, you are renter for life with a condo, because if the condo crumble you are left with nothing. Second, I'm no expert, but the condo fees are be raise to what liking of the owner of the condo. Thirdly, why pay for something so expensive when maybe 15 or 30 minutes away from the city you have affordable places with land? I mean I would love to live in a condo, but give me an affordable price range and i will show you "ka-shing".
Clara Kwan	{1 vote}	July 13th, 2006

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