Montreal Condo – Are there too many condos?
No promoter or bank is there to lose money and if four market analysts tell you it’s a go, then go for it.
The only thing is that your product has to be perfect in all aspects in relation to the specific request of the clientele in the industry and that’s what we do at McGill Real Estate.
Improvisation among developers is over at least for those for whom things went smoothly. One thing that has changed is the respect between developers. Historically, when someone moved into an area with a specific product, competitors could not present a similar product across the street.
Today it is every man for himself and everyone is hungry for their share of the pie. As long as banks remain as strict, there will be no problem. No sales will mean no construction. The problem rises from developers who build whether they sell or not. They are destabilizing the market equilibrium by building projects that are borne by sales. For the moment, things are running smoothly but there are big developers who have money from sources that are unknown who risk putting in danger the economical equilibrium of the real estate construction market.
Banks are performing better due diligences but there is a larger number of launderers that are involved in real estate projects, not to make a profit but to launder criminal profits, which is entirely another game. Buyers should not bury their heads; it is quite easy to find out who is really behind the various projects. It’s simple, if there is an inkling of organized crime, make the right social call and do not buy. We did it, we have 3 children and I refuse to contribute to that. (3 of 5)
Patrice Groleau owner McGill Real Estate Agency specializing in sales and marketing projects
Holder of a BA degree in Human Resource Management from the University of Quebec in Montreal, a graduate degree in Entrepreneurship from the University of Sherbrooke, Advanced Project Management at McGill University in Montreal. He also holds a degree in Risk Management from the University of Quebec in Montreal, a trade securities licence in Canada by the Canadian Securities Institute, in addition to having obtained diplomas from the Quebec Real Estate College and Real Estate Broker College in Quebec.