Dramatic downtown rebound

March 8, 2016 - While sales of new condos stagnated for a while in downtown Montreal, the last quarter of 2015 proved beneficial for everybody’s morale, as sales more than doubled.

October, November and December last were memorable. On their own, they achieved a sale increase totaling 106% on a yearly basis, says La Presse Affaires. Some 792 condos were sold during this period, so much so that it is the best performance since the end of 2012.

"It has exceeded our expectations, especially given the projects that were launched during the quarter that caused a strong rebound in sales," argued Matthew Collette, Senior Director Residential division at Groupe Altus.

Around the Bell Centre, Tour des Canadiens 2 contributed to the success achieved: most of the 438 condos it houses were sold last fall, and this in a matter of weeks. Griffintown was not outdone, it saw sales increase by 150% in the last quarter, totaling more than 200 new condos sold.

This phenomenal rebound led to a 24% reduction in unsold inventory. According to Altus, 2,181 new apartments in co-ownership remain to be sold, in downtown Montreal, out of 8306 currently offered . "The market is undergoing a correction at this time. There was a skimming in the field of condo developers, "concludes Mathieu Collette, Senior Director Residential division at Groupe Altus.

Montreal, March 8, 2016

Source: La Presse Affaires