Old Port Montreal

Market Outlook
What is the expected future market outlook for the Montreal real state market in the Old Port area?

My friend who is an analysis wrote me this: My view on Real Estate at this point in time is this. Montreal is going to do fine. The separatist PQ’s are really sinking at the poles and inside their own party. So, no constitutional hassles for a good 7 years forward. There is a slump in the U.S. where prices have come down some 30% in selected markets. The deals are in the expensive new construction where contractors are selling of unsold inventory. But this situation may be coming to an end and things will get back to normal this year. Let’s just say, I wouldn’t buy 10 houses for speculation because the rise in prices may not happen as quickly as before. But, one house for yourself or a small investment property would be fine.I came across this organization:
The “Old Port of Montreal Corporation Incorporated” provides contact information and directory services for Old Port 514-283-5266. Their mission is to manage, develop, and hold activities on an urban recreational, tourist, and cultural site and a centre for entertainment and discovery in the Old Port.

These are some excerpts from Le Vieux-Port de Montreal annual report 2005-2006

Message From the Chairman of the Board
We submitted the 2005-2015 Development Plan to enable the government to plan its long-term investments and to ensure the development of an asset under its responsibility, while contributing to the quality of life of the community and to the economic growth of a major Canadian city. This Plan provides an international-calibre heritage site with the facilities and infrastructures required to strengthen its positioning and therefore to have a major achievement in terms of urban planning and development along the waterfront. Although phase one of the Plan’s implementation was adopted in principle, and in spite of the substantial support received from members of the community, particularly the city of Montréal, Tourisme Montréal, the Société du Havre and the Board of Trade of Metropolitan Montréal, the election call made it impossible to confirm funding and the Corporation will now be required to propose viable solutions to the new government.

Other excerpts from the report:“The Old Port of Montréal ensures an important federal presence in downtown Montréal and plays a vital role in revitalizing the city’s waterfront sector. With its mandate to strengthen and promote this federal presence, the Corporation is well placed to make an active contribution to the New Deal for Cities and Communities unveiled in October 2004. Important players in Montréal consider the Old Port to be a major attraction in the city’s cultural offerings and tourist services and a structuring element for Montréal’s economic development.”

The Corporation’s management continued the work which began in 2003-2004 with its mandate review to renew the vision for developing the Old Port and for establishing an appropriate plan for the next ten years. Thus, the government selected one of the three development scenarios that were prepared at its request and submitted in December 2004. This scenario, which is central to the 2005-2015 Development Plan, was the subject of various studies and analyses, such as opportunity and feasibility studies, cost assessments and implementation strategies. The Corporation’s management team made considerable efforts and devoted substantial funds to this process this year.

The projects included in the 2005-2015 Development Plan were developed in accordance with the federal objectives for the Old Port of Montréal. The amenities being considered should resolve many of the challenges related to site accessibility, seasonality of activities and the deterioration of the facilities. With the introduction of year-round activities that showcase the knowledge economy, the dissemination of culture and the interpretation of a maritime heritage, the implementation of the 2005-2015 Development Plan will once again assert the Old Port’s vocation as a cultural and tourist destination without equal in Montréal and will contribute to the quality of life of Montrealers. Thus, the Corporation will have the means to attract, keep and bring back visitors throughout the year.”

Old Port has always been a very appealing place with the highest real estate per square foot on average, on the island of Montreal. With the cultural and architectural richness and the development and restoration that they’ve done over the years, it seems to me that Old Port will always be a great place to invest.

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