{"id":178,"date":"2007-02-06T10:51:12","date_gmt":"2007-02-06T10:51:12","guid":{"rendered":"http:\/\/www.montreal-realestate.ca\/english\/?p=178"},"modified":"2019-04-18T14:26:57","modified_gmt":"2019-04-18T14:26:57","slug":"old-port-montreal","status":"publish","type":"post","link":"https:\/\/www.montreal-realestate.ca\/english\/old-port-montreal\/","title":{"rendered":"Old Port Montreal"},"content":{"rendered":"

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Market Outlook<\/strong>
What is the expected future market outlook for the Montreal real state market in the Old Port area?<\/p>\n\n\n\n
\n

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 \u201cOld Port of Montreal Corporation Incorporated\u201d provides contact information and directory services for Old Port 514-283-5266<\/a>. 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.<\/p>\n

These are some excerpts from Le Vieux-Port de Montreal annual report 2005-2006<\/a><\/p>\n

Message From the Chairman of the Board<\/strong>
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\u2019s implementation was adopted in principle, and in spite of the substantial support received from members of the community, particularly the city of Montr\u00e9al, Tourisme Montr\u00e9al, the Soci\u00e9t\u00e9 du Havre and the Board of Trade of Metropolitan Montr\u00e9al, the election call made it impossible to confirm funding and the Corporation will now be required to propose viable solutions to the new government.<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.21.4″ link_option_url=”https:\/\/www.montreal-realestate.ca\/english\/buy-your-home\/” background_image=”https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2019\/03\/Contact-me-for-properties-in-this-area.jpg”][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.21.4″ custom_padding=”30px|0px|30px|0px|false|false”][et_pb_row _builder_version=”3.21.4″ custom_padding=”0|0px|27px|0px|false|false”][et_pb_column type=”4_4″ _builder_version=”3.21.4″][et_pb_text _builder_version=”3.21.4″]Other excerpts from the report:\u201cThe Old Port of Montr\u00e9al ensures an important federal presence in downtown Montr\u00e9al and plays a vital role in revitalizing the city\u2019s 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 Montr\u00e9al consider the Old Port to be a major attraction in the city\u2019s cultural offerings and tourist services and a structuring element for Montr\u00e9al\u2019s economic development.\u201d<\/p>\n

The Corporation\u2019s 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\u2019s management team made considerable efforts and devoted substantial funds to this process this year.<\/p>\n

The projects included in the 2005-2015 Development Plan were developed in accordance with the federal objectives for the Old Port of Montr\u00e9al. 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\u2019s vocation as a cultural and tourist destination without equal in Montr\u00e9al 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.\u201d<\/p>\n

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\u2019ve done over the years, it seems to me that Old Port will always be a great place to invest.[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":2,"featured_media":3535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"

Market Outlook<\/strong>
What is the expected future market outlook for the Montreal real state market in the Old Port area?<\/p>
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 \u201cOld Port of Montreal Corporation Incorporated\u201d provides contact information and directory services for Old Port 514-283-5266<\/a>

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.<\/p>

These are some excerpts from Le Vieux-Port de Montreal annual report 2005-2006<\/a><\/p>

Message From the Chairman of the Board<\/strong>
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\u2019s implementation was adopted in principle, and in spite of the substantial support received from members of the community, particularly the city of Montr\u00e9al, Tourisme Montr\u00e9al, the Soci\u00e9t\u00e9 du Havre and the Board of Trade of Metropolitan Montr\u00e9al, the election call made it impossible to confirm funding and the Corporation will now be required to propose viable solutions to the new government.<\/p>

Other excerpts from the report:<\/strong>\u201cThe Old Port of Montr\u00e9al ensures an important federal presence in downtown Montr\u00e9al and plays a vital role in revitalizing the city\u2019s 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 Montr\u00e9al consider the Old Port to be a major attraction in the city\u2019s cultural offerings and tourist services and a structuring element for Montr\u00e9al\u2019s economic development.\u201d<\/p>

The Corporation\u2019s 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\u2019s management team made considerable efforts and devoted substantial funds to this process this year.<\/p>

The projects included in the 2005-2015 Development Plan were developed in accordance with the federal objectives for the Old Port of Montr\u00e9al. 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\u2019s vocation as a cultural and tourist destination without equal in Montr\u00e9al 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.\u201d<\/p>

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\u2019ve done over the years, it seems to me that Old Port will always be a great place to invest.<\/p>

Analysis of the Resale Market - Montr\u00e9al Metropolitan Area
Third Quarter 2006 -Greater Montreal Realestate Board<\/strong><\/p>

Property resales ease up in the third quarter<\/em>
For the first time since the beginning of 2006, the quarterly results for the Montr\u00e9al metropolitan area resale market were below the levels registered during the corresponding period in 2005.<\/p>

According to the data provided by the Greater Montr\u00e9al Real Estate Board (GMREB), a total of 7,213 properties changed hands in the third quarter, or 5 per cent fewer than during the same quarter last year. Surprisingly, the number of transactions fell (-6 per cent) even on the very active condominium market, a situation that had not occurred since the end of 2004.<\/p>

The number of properties for sale went up by 10 per cent over the third quarter of 2005. This increase was not as great as the hikes recorded in previous quarters. The smaller rise in listings no doubt contributed to keeping the resale market favourable to sellers overall. Still, sellers must curb their enthusiasm and show some flexibility. With listings on the rise, even moderately, and demand leveling off, the growth in prices has slowed down. The average selling price of single-family houses rose by 9 per cent over the third quarter of 2005, but condominium and plex prices increased by only 3 per cent and 2 per cent, respectively. This well illustrates
the end of the exuberance and overbidding.<\/p>

However, the decrease observed in the third quarter should not prevent the resale market from posting an exceptional annual result. It is anticipated that the volume of transactions recorded in 2006 will be close to the levels registered in 2005 and 2002, which were leading years in terms of resale market activity. From January to September, 29,703 properties changed hands in the Montr\u00e9al metropolitan area. Single-family home market registers strongest price growth<\/p>

In the third quarter, 4,563 single-family houses were sold<\/strong>, or 4 per cent fewer than during the same quarter in 2005. This decrease in the sales volume was less pronounced, however, than the declines registered for the other types of properties. Single-family home sales fell in all the large market zones, with the exception of Vaudreuil-Soulanges, where they rose by 12 per cent. The decrease in sales of properties of this type in practically all the suburban zones, where most of the single-family home transactions take place, weakened the market. It should be noted that the number of houses selling for over $300,000 increased by 63 per cent in Laval, in comparison with the third quarter of 2005.<\/p>

In the third quarter of 2006, there were 11,175 active listings of single-family houses on the S.I.A.\u00ae\/MLS\u00ae network, for an increase of 7 per cent over the third quarter of last year. The less significant addition of properties for sale contributed to keeping the single-family home segment a seller\u2019s market. For the overall Montr\u00e9al metropolitan area, the average selling price of single family houses reached $246,244, up by 9 per cent over the third quarter of
2005.
According to the GMREB data, 18,748 single-family home sales have been registered on the S.I.A.\u00ae\/MLS\u00ae network since the beginning of the year, a number similar to the level recorded for the same period in 2005.<\/p>

Volume of transactions declines on the condominium market<\/strong>
In the Montr\u00e9al metropolitan area, 1,745 condominiums changed hands during the third quarter, for a decrease of 6 per cent in relation to the third quarter of 2005. Condominium sales fell in all the large market zones, except for the North Shore, where they rose by 20 per cent. On the Island of Montr\u00e9al, where most condominiums are sold, there are significant differences depending on
the market zones. Zones 1 and 2, located in the West Island, showed major increases in sales (+11 per cent and +23 per cent, respectively), while zones 8 and 9, in the east, registered considerable decreases in transactions (-28 per cent and -23 per cent, respectively). (1000 de la commune is in the zone 6 and fell -4%).<\/p>

During the first two quarters of the year, as in previous quarters, condominium listings had risen by more than 20 per cent. In the quarter that just ended, listings of this type increased by only 17 per cent, which helped keep the condominium market balanced. The listings-to-sale ratio stayed at 8 to 1. It should be mentioned that the South Shore and Vaudreuil-Soulanges condominium markets were the only ones to favour sellers, in an otherwise balanced overall market.<\/p>

In the overall Montr\u00e9al metropolitan area, the average selling price of condominiums went up by just 3 per cent over the third quarter of 2005, reaching $208,869. Laval registered the greatest price hike (+10 per cent). From January to September 2006, 7,356 condominium transactions were recorded, for an increase of 5 per cent over the same period in 2005. After three quarters, the condominium segment is the only market for which the sales volume is higher than the level registered for the corresponding period
in 2005.<\/p>

Plex market: selling price rises slightly<\/strong>
Plex sales have been declining for some time, but there have been very few quarters when the volume of plex transactions fell below 1,000 units. Yet, this is exactly what happened in the third quarter of this year, when 905 plex sales were recorded in the Montr\u00e9al metropolitan area, down by 11 per cent in relation to the third quarter of 2005. The decrease of 14 per cent in plex sales on the Island of Montr\u00e9al, where most plexes are sold, had a considerable impact on the performance of this market.<\/p>

The average selling price of plexes reached $305,645 in the third quarter of 2006, for a gain of 2 per cent over the same quarter in 2005. This was the smallest increase observed this year on the plex market. After three quarters, however, the average price of plexes does not seem to be overly affected by the poor third quarter results. The average selling price for the first three quarters attained $309,263, up by 8 per cent over the same period in 2005.<\/p>

The small rise in listings (+4 per cent) contributed to keeping the plex segment a seller\u2019s market. Since the beginning of the year, 3,599 plex sales have been registered, for a decrease 9 per cent in relation to the volume recorded during the corresponding period in 2005.<\/p>

Conclusion<\/strong>
The number of transactions registered on the resale market in the third quarter was below the level recorded for the same quarter in 2005. This slowdown in demand did not result in a major correction of the market as, at the same time, supply rose moderately. In general, the increase in selling prices was less significant than in the past, which indicates that the market is slowly becoming balanced again.<\/p><\/td>

<\/td><\/tr><\/tbody><\/table>


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I wrote this article because I love real estate. If you would you like me to work for you, call me 514-402-8444<\/a> or EMAIL ME<\/u><\/a>!<\/p>","_et_gb_content_width":"","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,11,6],"tags":[],"class_list":["post-178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-selling","category-montreal-local","category-real-estate-investing"],"yoast_head":"\nOld Port Montreal - Montreal Real Estate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.montreal-realestate.ca\/english\/old-port-montreal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Old Port Montreal - Montreal Real Estate\" \/>\n<meta property=\"og:description\" content=\"Market Outlook What is the expected future market outlook for the Montreal real state market in the Old Port area? 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