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Griffintown is “absolutely’’ a good investment, said Mathieu Collette, research director specializing in the new condo market.
Median price for a new condo in Griffintown is $450 a square foot, compared with $550 near the Bell Centre and $520 in Old Montreal, including all taxes.
The rate of condos bought for investment is about 20 per cent, aligned with the average of downtown Montreal.
“Considering you’re less than a kilometer from downtown Montreal, in a neighborhood that is being revitalized, the pricing is still reasonable in relation to the market,’’ Collette said.
“It’s a completely new district. It’s probably the trendiest area close to downtown. It’s close to Atwater Market, the Lachine Canal bike path, Old Montreal. You can do everything on foot. And now the major restaurateurs no longer go to St-Laurent Blvd. They go to Griffintown.”
The Canadian Real Estate Association Says « Low Interest Rates Have Given Buyers Confidence and Pushed the Number of Monthly Sales in May and June to the Highest Levels in Years. »
The Association Says « The Number of Canadian Home Resales In June Hit a Record For The Month and About Two-Thirds Of All Local Markets Showed Increases From a Year Earlier »
It Says There Were 56,839 Transactions by CREA Members in June, Up 11% From Same Month Last Year.
The Association’s National Home Price Index Was Up 5.43% in June From the Same Month Last Year and The National Average Price For Homes Sold in June was $543,560 — up 9.6 % From a Year Earlier
* Source Montreal Gazette 07.14.25
As the daughter of a contractor, Daniela Lamorte grew up being exposed to many facets of the real estate industry. Her years spent scouting properties with her family unsurprisingly led her to develop a fascination and passion for the Montreal housing market. So when it came time to pick a career, real estate was a natural fit. “I developed an appreciation for all things real estate from childhood,” Lamorte said. “We moved fairly often, and the exposure I had to that process impacted me as well.” After completing her undergraduate degree at McGill University in 2010, Lamorte immediately took the necessary steps to become a broker. “I always perceived it as a challenging, dynamic industry, and I feel extremely lucky that I’m able to turn my admiration for real estate into a fulfilling career,” she said. In 2011, Lamorte began working with a highly sought-after townhouse development in Pointe-Claire. “It was a truly fantastic learning experience,” she said. “Once that project wrapped up, I joined Abbey & Olivier, and that’s where I’ve happily been ever since.” The boutique firm is home to 10 brokers, and is located in Beaconsfield, resulting in many of Lamorte’s clients being spread around the West Island and surrounding areas such as the Montérégie. “I work with first-time homebuyers and very seasoned buyers, and I find that both market segments are equally fun and gratifying to serve,” she said. “I don’t think it’s possible to be bored in this business because every transaction is different and the market is constantly evolving.” But the best part is the people, she added. “It always comes back to the clients and the relationships you get to build with them.” While Lamorte recounts her first few years in the industry as being enjoyable and successful, they haven’t been without challenges. “I’ve had to work with clients to overcome the perception that the current economic and political climates are unstable,” she said. “People are slightly hesitant to make big decisions like selling or buying a home under these circumstances, and that bit of uncertainty has direct consequences on brokers.” Lamorte says she chooses to see this as a blessing in disguise. “The silver lining is that if I can make it during the tough times, then surely I can make it during the best of times,” she said. “It’s conditioning me for the future challenges I will inevitably face in this industry.” Another important lesson learned thus far has been the value of versatility. “You have to be adaptive in this business; it’s essential to being an effective broker,” Lamorte said. “Every situation is different, every property has it nuances and every client is unique; no two transactions are the same so you have to be perceptive enough to identify these differences and respond accordingly.” Lamorte says beginning her career at a boutique real estate firm has been hugely beneficial for her development as a broker. “We are a very unified group of brokers and we provide a great support system for one another, which encourages collaboration and healthy competition,” she said. “But most importantly, it creates a sense of accountability.” In an office with 100 brokers, or under a banner with thousands of brokers, you can easily go unnoticed by peers and clients and get lost in the mix, she continued. “The situation at our firm is much different,” Lamorte said. “And we have ongoing coaching and training from some of the most experienced brokers in the business.” During the next five years, Lamorte expects to continue developing her career at Abbey & Olivier. “I envision having an extensive client base and a lot of diverse experiences,” she said. “This is not only what I hope for, but it’s also what I expect of myself; I want to be able to look back and be proud of what I have achieved, and also look forward and continue to deliver for my clients.” There is an inherent satisfaction that comes from having a happy client and successfully concluding a transaction, she added. “It is so rewarding to be doing what I have wanted to do for years. I have no doubt that I am exactly where I should be, and that is a profoundly satisfying feeling.”
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Many buyers choose to purchase a condominium, as opposed to another type of home, for the pure simplicity of living. Advantages include; less maintenance, increased security, a collective approach to building management, a worry-free ability to travel, etc. That being said, there are a number of factors to consider prior to the purchase of a condo.
The quality of the management of the condo association is something that must be verified before a purchase. Said management is either delegated to a third party company or is handled by an elected group of building residents. It is important to review a document created by the condo association called a “Declaration of Co-Ownership.” This document will have all the rules and regulations pertaining to building management, use of the condo, use of common spaces, etc. Also found in the Declaration will be any restrictions with regards to pets, BBQs, number of visitors allowed in common areas, amongst others. It is important to consult the Declaration to see if the condo regulations fit your style of living.
It is also important to review the minutes from the condo association’s Annual General Meetings. These minutes give a general overview of yearly happenings as well as any upcoming projects. Also reviewed are expenses incurred for any repairs, projected expenses, an evaluation of the physical state of the building, important renovations to come, relationships between co-owners, etc.
The financial statements and budget published by the condo association paints an up-to-date picture of the building financial health and its ability to deal with any unforeseen expense. It is important to verify if the association is running a budgetary surplus or deficit from year to year. A condo association should maintain a financial balance equal to an amount that will cover all projected expenses over the course of 10 to 15 years. Should the financials not be healthy, it falls to the administrators of the co-ownership to decide how to adjust monthly condo fees, paid by co-owners, to an amount that will eradicate any deficit.
Almost any question with regard to a condominium property can be answered by a thorough consultation of the aforementioned condo documents. Additional queries should be directed towards the building management or seller. This research will ensure a fully educated buyer makes an informed and smart purchase.