Real estate

General Industry Profile

Compared to the largest North American cities, Greater Montréal's real estate sector has experienced a rise in moderately priced real estate over the past ten years. Commercial and residential buildings have not been overdeveloped and prices have consequently remained attractive. Greater Montréal thus offers numerous opportunities for investors in the real estate sector.

Key Figures

• A market of 200,000 square metres of office space, nearly 80% of which is in the central business district (2008)
• 130 real estate projects representing a total value of $76B
• Vacancy rates: 6,9 % (2008)
• 300,000 m2 of industrial space was occupied within Greater Montréal in 2008.

Benefits of the Region

• Greater Montréal has several major institutional projects underway including the Theatre district, development of university centres, construction of university hospitals, etc.Developing Greater Montréal as a region of higher knowledge, innovation and creativity depends on its universities and industrial clusters which include, among other sectors, the fields of aerospace, life sciences and information and communications technologies. The strong concentration of attractive jobs in the metropolis accelerates the population's urbanization process and creates a demand for housing and commercial space in the central core.
• Greater Montréal's shift towards an economy of higher knowledge has led to a significant surplus of industrial buildings. The potential for converting these properties into office buildings, residences, scientific laboratories or retail shops presents interesting business opportunities for investors who have acquired expertise in this area.
• Internal migration, immigration and the fragmentation of households support real estate growth forecasts through 2026. According to these forecasts, demand will increase more rapidly than its population. The residential market must adapt to this situation, by offering units that are bigger and closer to services for families, and smaller units for single residents. This will lead to many more business opportunities for investors.