OT: Has anyone purchased a Tour Des Canadiens condo?

[WestIslander]

I think that whoever has the money and does not buy one now will be kicking themselves in three years when it's built and worth more, just think of the prestige of owning a unit in this building?

 

[Mister Potato]

Did anyone here take an appointment with their sales rep ? I got the email telling me they still have units available and I wanted to know what they have left.

 

[WestIslander]

The condos SOLD OUT in one month and broke all sales records in Montreal's history!!!

Condos that sold for $290K were sold for $320K less than 6 weeks later due to supply and demand, now all that is left is L'Avenue across the street.

 

[La Grosse Tendresse]

So Geoff makes more money, huzzah! (?)

 

[WestIslander]

Geoff Molson and Canadiens Hockey Club are very minority owners in the project, this is Candarel and Cadillac Fairview's baby.

 

[hototogisu]

Makes me wonder why no one attempted a project like this sooner, to be honest.

 

[WestIslander]

Makes me wonder why no one attempted a project like this sooner, to be honest.

I agree, but think of it:

Tour Des Canadiens, L'Avenue, Roccabella an Incone are 8 condo towers being built within walking distance of Le Centre Bell, Montreal will soon be like/look like Toronto and people buying now at $500 a SF will eventually sell for at least $600 + a SF, Toronto and Vancouver are now over $700 a SF.

As for not doing this earlier, I don't think George Gillete wanted to do it, I think Geoff Molson made the call on this one.

 

[Poulet Kostopoulos]

Makes me wonder why no one attempted a project like this sooner, to be honest.

There's always someone late to the party...

 

[thom]

Does anyone no if Guy Lafleur is invested in the project?He was heard and seen

 

[MarkersMark*]

I agree, but think of it:

Tour Des Canadiens, L'Avenue, Roccabella an Incone are 8 condo towers being built within walking distance of Le Centre Bell, Montreal will soon be like/look like Toronto and people buying now at $500 a SF will eventually sell for at least $600 + a SF, Toronto and Vancouver are now over $700 a SF.

As for not doing this earlier, I don't think George Gillete wanted to do it, I think Geoff Molson made the call on this one.

Except that the Montreal real-estate market is grossly inflated as is and the bubble is on the verge of bursting.

 

[Woland]

Except that the Montreal real-estate market is grossly inflated as is and the bubble is on the verge of bursting.

it's still not as bad as the ROC. IMO the Montreal rates were only catching up the rest of the nation.

I don't think ( I have nothing to base this on other than my own observation) there as many foreign investors inflating the demand.

the biggest danger right now , is the over confidence of buyers who assume interest rates will stay low. the day they go up , many will be ducked in the A$$.

Canadians have never been in so much debt. The Wealthy Barber should be obligatory for any high school students. That book really changed my view on personal finance.

 

[Saintpatrick*]

Dropped by, this Thursday, at the Tour des Canadiens to see what as being offered.

The whole visit was quite an eye-opener, the condo units are priced at 550$ a square foot and higher! The $250K is for a unit less than 500 sq ft... basically a hotel room sized studio!

The 2 bedroom unit I was looking at was 903 sq feet, which was priced at 527K plus 60K for parking spot plus taxes for a total of $675K!!

These prices are on the high end of the Montreal condo market, the Tour des Canadiens is just a marketing ploy to sell overpriced units using the Montreal Canadiens brand. And... it is working, as of Thursday last week, of the odd 450 units available I would say that 90% already have deposits.

I guess Geoff needs to monetize that Canadiens brand and bring in some hard dollars for the investors... i'm sure he is not losing any sleep over the revenue-less lockout!!!

Pretty much this was what I thought when I heard about this. Selling overpriced condo's in an extremely busy area using the Canadiens brand and logo to do it. As much as I love everything Habs I wouldn't want to live there.

 

[MarkersMark*]

it's still not as bad as the ROC. IMO the Montreal rates were only catching up the rest of the nation.

I don't think ( I have nothing to base this on other than my own observation) there as many foreign investors inflating the demand.

the biggest danger right now , is the over confidence of buyers who assume interest rates will stay low. the day they go up , many will be ducked in the A$$.

Canadians have never been in so much debt. The Wealthy Barber should be obligatory for any high school students. That book really changed my view on personal finance.

We catch up to the ROC with our tax system alone. Taking that into consideration we're surpassing the rest of the nation.

 

[Huge94]

Talk about paying for the brand name.

 

[DumFries]

Montreal's skyline has changed in 20 years. At least the condos projects announced or in construction since last year will change the skyline and add some needed density.

 

[risingstar]

Are these units being sold anywhere?

 

[S Bah]

Dont come anywhere near Vancouver.....**** is on another level over here.

Yeah you get a closet in Vancouver for $250,000, No View!!!

 

[Brainiac]

Yeah you get a closet in Vancouver for $250,000, No View!!!

Basically.

What really strikes me with inflated markets is the fact that people were ready to dish out some serious money for some crappy and crumbling houses.

At least we don't have much of that in Montreal. The city is in pretty good shape in terms of residential buildings.

My guess is that we'll see a minor correction and smooth landing. The assets are not overvalued as much as it was elsewhere.

 

[la25ecoupe]

Did they finish construction?

 

[Sthabs]

http://tourdescanadiens.com/tour1/travaux-de-construction/

 

[MtlBoxFan]

I don't think prices will go down. They can stagnate for a few years but he doesn't risk anything buying one of these condos at that price. And renting it or using Airbnb will certainly help him make a little profit while waiting for the price of housing to go up again a few years later.

Prices are going to come crashing down eventually. Montreal does not have the income to support an oversupplied and inflated condo market.

Go ahead, blow 250k-300k on a broom closet. At least there's value being near the bell center. But with nuns island, griffin town, the plateau, constantly under construction building condos that are not fully occupied, it will eventually lead to prices coming down.

Montreal has the highest urban unemployment in Canada and household debt is constantly increasing. You can see boarded up businesses on St Catherine's, St Laurent blvd, closed stores throughout the eaton's center.

Tour des Canadien should have been built in 2008. Right now, it's going to be a long process to make money on these units.

 

[Burke the Legend]

I agree, but think of it:

Tour Des Canadiens, L'Avenue, Roccabella an Incone are 8 condo towers being built within walking distance of Le Centre Bell,

What's funny is that is a boring, dreary area. I feel like a lot of the people buying do not intend to actually live there but want to rent them out and sit on them for speculation.

 

[Oleg Petrov]

Not going to comment on Vancouver, but the difference between Toronto and Montreal is that people have jobs that pay well in Toronto.

Just last week, CTV came out with a report that Montreal led the country in joblessness. That is not a good sign for the housing market.

Anyone who owns property better be in for the long haul or will be ready to cut their losses. This is going to get worse before it gets better.

 

[Alexdaman]

WestIslander and HarryHabs...

do you think that your car will hoover over the thousands of people and cars on every event night?

Sure, it is nice to walk to work, but you also have the noise and crowds of the trains in the AM and event crowds in the PM. Seriously, there are better options downtown.

Walk to Mourelatos, that I was unaware of and is a benefit but.... how far is the walk with your 5 grocery bags, every time you do groceries.

Sound proof, yeah yeah. None of us have ever lived that close to THAT much constant huge crowds and the stuff it brings with it.

I can see the allure, but the REAL day to day would grind on me very fast. As a third home, I think it would be cool.

Why do you need a car downtown?

 

[Alexdaman]

Not going to comment on Vancouver, but the difference between Toronto and Montreal is that people have jobs that pay well in Toronto.

Just last week, CTV came out with a report that Montreal led the country in joblessness. That is not a good sign for the housing market.

Anyone who owns property better be in for the long haul or will be ready to cut their losses. This is going to get worse before it gets better.

Do you have any idea how high the cost of living in Toronto is?