Montreal Condo – Is the market good?
Is the market good? Yes!
Yes, we are currently beating sales records. Considering 2012 was the year of all years, 2013 looks very promising according to statistics. Even if it ends on a slight decline, it should be noted that it is being compared to a record year.
However, these figures should be taken lightly as they are available on a need to know basis by individual developers through their sales teams. The term “sold” does not mean the same for everyone. We can say what we want to say but I saw projects of major towers last year that were publicized as 80% sold but rather the units were reserved and once the financing stage of the buyers hit, the % dropped to 30%.
One thing is for sure; I do not know any developers that don’t start building once the construction quotas have been met.
I recently heard in the media, “They already have 100 reservations!” …that is pure embellishment. A sale consists of a preliminary contract, a bank letter, minimum deposit required by the bank construction loan, the right of retraction and most recently, a sufficient enough profit margin on the condo, which means there is no room for discounted condos without profit. (1 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.