This article is taken from the recent Canadian Real Estate magazine.
Montreal’s booming condominium market is expected to slow moving into
2011, but affordable condo units should still make up the greatest number
of new housing starts in the city, according to the Canada Housing and
Mortgage Corporation (CMHC).
Condominium starts in the Montreal should fall by 11% on a year-over-year
basis in 2011, according to a forecast released by the crown corporation
on Nov. 15. That decline is expected to come after another record year in
which condo starts should nearly match 10,000, the record set in 2004.
CMHC expects the vacancy rate in Montreal to remain stable at about 2.5%
as immigration and employment increase in the city.
In fact, Montreal is expecting 40,000 new international immigrants during
2011, according to the Conference Board of Canada.
New immigrants bolster business for cash-flow investors because they