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Griffintown Project Revised: District Griffin Unveiled

Photo: Devimco

Back in february last year, we had news on the project scaling back by 30% of its original size. Then in March 2009, Devimco was asking the city of Montreal to step in with financial help.

The much anticipated project in the southwest borough is now unveiled.

Scaled down to $475 million from the original $1.3 billion re-development plan originally presented by Devimco, the new project is now called “District Griffin”. The city of Montreal is investing an additional 30 million towards the development of public and green spaces and infrastructure renovations.

Phase 1 of District Griffin will include four towers, from 17 to 19 storeys,1,375 residential units, a 3-star hotel will also be built. Also 200,000 square feet of office space. Commercial spaces will be available on the groundfloor, with 130,000 square feet that will include restaurants, a daycare centre, small local businesses, a gym and a spa.

How’s the market: June & July 2010

Catching up with the market updates. August’s market report is not out yet, and while we wait for the new numbers, here is a quick review on how the previous months performed: In terms of sales and active listings, the months of June and July were quite similar.

Compared to 2009, both months had a decrease in sales.

June’s total sales were down by 19%, while July’s decrease was 26%.
There was also a decrease of the active listings during these two months: 10% less for June and July followed with -7%.

Regardless of the slow market, the median prices of went up.

In June, median prices for Single Family Homes, Condos and Plexes* increased by 8%.
July median prices shows an increase of 5% for Single Family Homes, 8% for condos and 9% for Plexes*

* Plexes (2 to 5 dwellings)

View the complete reports: June 2010 | July 2010. Source: GMREB

The Main’s high vacancy rate

Back in April, I took some pictures of The Main between Sherbrooke and Pins, and I noticed the abundance of empty office/store spaces in the area. Clothing stores like American Apparel, and the infamous MAC cosmetics store are now gone.(The horror!)

The Shed Cafe has been replaced by McGibbings Pub (double horror), and a few of quebec-designer boutiques have vanished from the street.

Makes you wonder: what the heck is going on? Why is everyone leaving?
The first few reasons that came to mind were: Rents are too high, or maybe the business taxes have sky rocketed? Not enough traffic in winter=Low sales.
Or could have been because of the repeated amount of work done on the street (sewers, new side walk, you name it- they’ve done it)

Well, as it turns out, it has been a combination of all the above.

Recently, La Presse published an article on it where Anabelle Nicoud covers the factors involved in the downward slope of the Main. In her article “Quand la Main décline: après le clinquant, le vide”, Mme Nicole explains the reasons behind the high vacancy rate in the Main:

“Les travaux se sont non seulement étirés en longueur, mais leur fin a coïncidé avec le début de la récession. Martin Delisle, de la boutique Blank, dit avoir observé, comme d’autres commerçants, une baisse de 30% de son chiffre d’affaires cette année. Malgré tout, les impôts fonciers ont augmenté et les loyers restent souvent inabordables.”

Read the complete article at La Presse

Condos Stand Out in the First Quarter of 2010

Overall residential sales in the Montréal Metropolitan Area increased by 46 % in the first quarter of 2010 compared to the same period last year, and by 10% compared to the first quarter of 2008. In the first three months of the year, 3,865 condominiums were sold, up 13% compared to the previous record set in the first quarter of 2008.

Sales of single-family homes and plexes increased by 8% and 13%, respectively, compared to the first quarter of 2008, which was before the start of the last recession.
In terms of prices, the median price of single-family homes reached $243,000 in the first quarter of the year, an 8% increase compared to the first quarter of last year.

Condominiums registered an 8% increase to reach a median price of $200,000. The median price of plexes, which stood at $371,000, registered the largest increase, growing by 10% compared to the first three months of 2009.

“Lots of activity on the resale market as well as an increase in prices show that Montréal is a good place to live and a good place to invest,” concluded Michel Beauséjour.

Source: GMREB- [Greater Montreal Real Estate Board]

Montreal Image: Snowy Tree in St Antoine

Photo: Deyanira Bautista

The Montreal Real Estate Blog showcases outstanding images from talented local photographers. Images are licensed with Creative Commons 3.0 . If you’d like to submit your photography, please join our flickr pool.

Eatery: Titanic Cafe in Old Montreal

Definitely the perfect place if you’re looking to grab a quick lunch, just before the lunch-rush hour.
You’ve probably won’t find Titanic unless someone points it out to you. Its not located in a major street in Old Montreal, but it is well known by the locals as a Gourmet Sandwich place. Titanic Cafe, hidden away in the semi-basement, has by far the tastiest antipasto plate I’ve had ever tried. Not to mention the huge, melt-in-your-mouth baguette sandwiches that are their signature style. Suggested sandwiches: Tuna Salad, and the Mexican Style Pork Sandwich.
If you can manage to arrive before 12 noon, the better chances to find a table. The place fills up very quickly, everyday.

Titanic Cafe

Address: 445 Rue St-Pierre
Tel: 514. 849. 0894
Website

Open weekdays only.

New Rules for Canadian Mortgages

You’ve probably read about the new regulations regarding Canadian mortgages for buyers/ investors and home owners wanting to re-finance. In case you haven’t been following, here is the scoop.

Three changes will come in effect on April 19:

1. Qualification: All borrowers will need to meet standards for five-year fixed-rate mortgages regardless of whether they’re seeking a loan with a lower rate and shorter term.
2. Refinancing: The government is lowering the maximum amount Canadians can withdraw when refinancing a home to 90% of its value, from the current 95%.
3. Speculation: It will be required a 20% down payment for government-backed mortgage insurance on “speculative” investment properties. As opposed to 5% down-payment for investments not occupied by the owner.

I’ve posted a list of articles written by the media. You can also check out The Canadian Mortgage Trends for an interesting and detailed post.

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