Griffintown District: Population Grew Since 2006
When it comes to population increases, Griffintown, Old Montreal and Ville St Laurent got the most attention, according to the 2011 Canada census.
“The census tract around the Griffintown district grew by 123 per cent since 2006, while the neighbourhood around Victoria Square grew by 160 per cent, the largest increase on the island
Continue reading: Griffintown District: Population Grew Since 2006
Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 http://montrealrealestateblog.com/
Report says: Canada’s housing bubble close to bursting
A report by Capital Economic says Canada’s housing bubble is now close to bursting as housing valuations have “lost touch with fundamentals” and household debt is at a record high.
House prices could fall by as much as 25 per cent over the next three years.
“House prices have been growing rapidly for nearly a decade now and it has reached the point where housing is so overvalued relative to incomes that a downward correction seems unavoidable,” says Capital Economics.
The report says the downturn in the housing sector will severely constrain economic growth over the next couple of years as consumption expands at a more “muted” pace and housing investment “shrinks.”
“We also anticipate that the end of the housing boom will lead to a marked decline in housing-related activity and employment,” it says.
Capital Economics says signs of over-building are evident as unoccupied housing units are at historically high levels, similar to 1994-95 when housing construction was last mired in a slump.
“Another sign of over-building, or perhaps over-consumption, is the sharp increases in the home ownership rate over the last 10 years,” it says. “This run-up has coincided with a housing price boom fuelled by rising financial leverage.
“Our concern is that these excesses will eventually lead to a house price correction, which would greatly impact household wealth, consumer confidence and the economic recovery.”
Source: Montreal Gazette
… Good thing that here in Quebec the market remains stable. Not up, not down. Just stable.
Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889
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New Condo Building Collapsing – The Gazette
“It was a new condo building.
A construction flaw was making it collapse under its own weight.
The city condemned it as unsafe. The residents had to move out.
The turned to the new home owners warranty to pay for the massive repairs.
But there was a loophole.”
This was the first paragraph on the front page of Montreal Gazette’s on Saturday. Anyone, buyer or not- will become extremely wary of buying new construction after reading the entire story.
The builders have not been held accountable for the damages, nor they have repaired (or offer to do so) the disaster of construction they created. The administrators of the New Home Guarantee Program refused to cover the repair costs to the building because the (five year) warranty had expired at the time all the faults were discovered.
The warranty program requires that when construction is completed, the contractor must inform the condo association that it has to hire an independent, professional building engineer to assure the work meets the building code and the specifications of the purchase agreements. The inspector’s report is then given to each condo owner. If more work is required, the owners can hold back their final payment until the faults are repaired. When the construction is deemed to be finished, all parties sign an end-of-construction document and ownership of the building is turned over to the condo association. That’s when the five-year guarantee begins.
Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889
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