An Overview of the Market in Montreal and Throughout the Province of Quebec

After experiencing an economic slowdown as well as a recession, the situation improved noticeably in the United States as 2010 drew to a close. Although these economic conditions are not yet ancient history, they are slowly fading away, showing us a glimpse of easier times.

Since 2011 began, several industries have seen improvement: more people are buying, residential unit sales are improving and tourism is increasingly present. The automobile industry is also experiencing regrowth along with other important sectors. This regrowth is slowly progressing towards Canada and, particularly Quebec, where multiple projects are currently underway. These changes reflect the economic recovery taking place in the province.

In terms of real estate, Greater Montreal and its metropolitan area have already experienced a flourishing year, and 2011 seems to be headed in the same direction. In fact, architects have multiple projects on the drawing board that have already begun to take shape. Among these projects are several private constructions including condominiums and multi-unit buildings. We are pleased, since these future developments denote a year filled with various challenges and achievements.

Here are the projects underway for 2011:

RESIDENTIAL

§ Norampac project, Rue Molson in Montreal: approximately 250 housing units (Rosemont - Petite-Patrie borough).
§ Evolo project, Nuns’ Island: 125 units.
§ Devimco project, Rue Wellington in Montreal: 250 units (Griffintown district).
§ Carré de la Montagne project, 160 condominium units on De La Montagne street (Griffintown district).
§ Canvar project, Nuns’ Island: 700 housing units for rent.
§ Canvar project, René-Levesque Boulevard in downtown Montreal: diverse project with 40 floors (hotel, offices, and apartments).
§ McGill Construction project, 7400, Rue Saint-Laurent in Little Italy, near Jarry Park (conversion and new construction): approximately 250 to 300 residential units.
§ Altitude project, Rue University in the heart of downtown Montreal: 225 units.
§ New condo tower, Rue Sherbrooke and Stanley: 175 units.
§ Ritz Carlton: 46 luxury units with prices varying from $1.3 to $12 million.
§ ‘’Tysel’’ Residential Tower, 140 housing units in Brossard.
§ Le Sieur de la Chesnaye project : 450 condominium units in Lachenaie.
§ As well as the Altoria project on Rue Viger along with several other projects already in progress.

PUBLIC PROJECTS

§ CHUM and its English counterpart.
§ The Institut de recherches cliniques located above the Autoroute Ville-Marie.
§ The Université de Montréal campus in Outremont’s former rail yards.

INDUSTRIAL

§ In the industrial sector, the Mirabel region is booming with companies such as Bombardier, Bell Helicopter and other affiliated industries.
§ Also, new infrastructures for our roads and bridges.

COMMERCIAL

§ The expansion of Montreal’s South Shore’s Quartier DIX30 with several new constructions, including a new Ogilvy.

OFFICES

§ The expansion of Rio Alcan’s head office is scheduled for the spring.
§ In 2011, the office leasing market will remain stable because there are still many vacancies to fill and sublets for rent. For this reason, we do not have new office projects scheduled for the short term.

However, major tenants are expected for several sites and projects. In fact, it is essential in order to maintain market balance, so construction corresponds to demand.

Therefore, 2011 promises to follow in last year’s footsteps; it will be prosperous and very busy as we accomplish many challenging projects. Obviously, these projects are taking place within an overall economic period that is slowly progressing and on the road to recovery. With several projects already underway, and those still at their beginning stages, we can say that 2011 will be characterized by booming economic recovery.

on April 1, 2011