MLS® sales in the Montréal Metropolitan Area increased by 8 per cent in May 2009 compared to May 2008, with single-family homes leading the way at 13 per cent, reported the Greater Montréal Real Estate Board. Property prices also continued their upward trend, as the median price of a single-family home grew by 3 per cent.
“Consumer confidence, which is at its highest level since July 2008, largely explains this increase in sales,” said Michel Beauséjour, FCA, Chief Executive Officer of the GMREB. “In May, 55 per cent of Québecers said that now is a good time to make a major purchase, such as a property, compared to 38 per cent in April. There are three factors that affect the real estate market – consumer confidence, interest rates, which are at historically low levels, and job creation,” he added. Read More
Archive for June, 2009
More than 100 influential representatives of the real estate industry gathered today at a luncheon which took place at 433 Chabanel for the 
presentation of the “New Chabanel…design unlimited”, a project developed by Groupe Dayan. Guests were invited on a tour of newly-renovated spaces already occupied by recent tenants. Combining commerce, creativity and lifestyle, the project brings together coffee shops, boutiques, office spaces, lofts and a variety of multi-purpose areas, in the heart of this district rich in commercial heritage.
The “New Chabanel… design unlimited” comprises five buildings situated along Chabanel Street, 
including 99, 125, 225, 333 and 433, where the most important cluster of Canadian leaders in the fashion and design industry are already established. Many more blue-chip names of the fashion and design industry are expected to join them shortly.
The “New Chabanel… design unlimited” project is intended to optimize the value of the existing real estate infrastructure which already boasts a rich history in the North-American fashion industry. The project was inspired by the latest trends in 
technology and design and is guided by a mission to respect fundamental principles of sustainable development. To make it a reality, Groupe Dayan recruited experts in the field of sustainable development to ensure that the project both respects the most recent environmental standards as well as maintains its heritage value.
For example, it features the installation of sophisticated, high-tech systems that control lighting and heat and help to minimize energy consumption. 433 Chabanel possesses one of the largest green roofs in Montréal.
According to M. Albert Ezerzer, Vice-President, Operations of Groupe Dayan, “Despite the economic difficulties presently experienced in the real
estate industry, we are convinced of the value of the “New Chabanel” project and of the positive impacts it will have on Montréal.” He specifies that the “New Chabanel” promises to be one of the most dynamic and exciting commercial districts and remain a focal point in fashion and design in Montréal and internationally.”
Furthermore, the City of Montréal and the Ahuntsic-Cartierville Borough are contributing to the revitalisation of Chabanel with an investment close to 20 million dollars of which the first phase has already been initiated.
Quebec’s housing markets have put up surprisingly strong resistance to the general downturn and have been among the last in Canada to yield to the weakening trend. In fact, the main sign of cooling thus far has been a drop in resale activity since the
final quarter of last year from the near record levels that prevailed until just a few months earlier. Prices have held up reasonably well even if showing hints of tracking slightly lower in recent months.
Some of the persisting market strength in Quebec can be ascribed to sensible affordability levels, which had eroded only modestly during the market heat-up of the past few years. Moreover, this modest erosion has begun to reverse since the beginning of 2008 thanks to lower mortgage rates, higher family income and, in more recent months, flat or slightly declining home prices. At
the current pace of improvement, RBC’s affordability measures for the province will be back to historical averages by about mid-year, which should work as a mitigating factor against the effects of the recession.
