This was originally posted to the Real Deal blog.
Despite fears of investors driving Canada’s largest condo market into an overbuilt ghost town, there are actually more units sitting empty in Montreal than in Toronto, a BMO report says.
“I was surprised,” said BMO senior economist Sal Guatieri. “I didn’t know it (the number of vacant units in Montreal) was that high.”
According to Canada Mortgage and Housing Corp. data cited by Guatieri, there were 1,876 completed and unabsorbed (haven’t found a buyer) condos in Montreal, compared to 1,013 units in Toronto, as of October. Of Canada’s four largest real estate markets, Vancouver has the highest number of vacant condos, with 1,934 units completed and unabsorbed.
According to the CMHC, there are almost 60,000 condo units under construction in Toronto – with delivery expected over several year -compared to just under 15,000 in Montreal.
Guatieri still considers the “overhang of vacant units” in Montreal to be “moderate,” with the number flattening out since the start of 2013. And sales in all housing categories, while still nine per cent below past decade norms, but have risen two per cent in the past year.
But Montreal’s housing market remains the weakest of the four large Canadian cities, and the only one where buyers have the upper hand, Guatieri said. While Guatieri expects Montreal home prices to remain relatively flat in 2014, rising condo listings and the number of vacant unsold units “could put some downward pressure” on prices in the near-term.
While Montreal has ample supply – and prices remain comparatively affordable – the city’s market needs buyers. Investors have been purchasing condos to use as rentals in Montreal, although some shy away because of the city’s higher condo vacancy rate of 2.7 per cent, versus 1.2 per cent in Toronto and 1.0 per cent in Vancouver.
There’s also the question of weaker population growth in Montreal, than in other cities, Guatieri said.
“Elevated unemployment suggests the city could attract fewer young job seekers and potential home buyers than the Western Provinces in the year ahead.”
Listings for Sat Dec 14
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C2786009 – M4A – 130 TISDALE AVE Toronto, Ontario – $ 698,800
Price Change. Dec 14: $ 698,800 Nov 17: $ 749,000
Bright, Spacious European Style End Unit, Open Concept With 10 Ceilings On Main Floor. 4+1 Bdrms, Eat-In Kitchen, Granite Counter, Large Living Rm, …
C2786794 – M5P – 402 RICHVIEW AVE Toronto, Ontario – $ 1,999,000
Price Change. Dec 14: $ 1,999,000 Nov 19: $ 2,149,000
Forest Hill Classic! Large Formal Principal Rooms, Family Room Has Soaring 12Ft Ceilings. Hardwood Floors, Crown Moulding, Leaded Windows Throughout. …
C2787590 – M5T – 50 SOHO SQ Toronto, Ontario – $ 1,180,000
Price Change. Dec 14: $ 1,180,000 Nov 20: $ 1,300,000
Lux.Victorian Freehold Townhome In Sought After Brownstones Of Soho Cul-De-Sac. Excellent Location In Heart Of Queen West District. Close To Everything. …
C2800143 – M2R – 167 HIDDEN TR Toronto, Ontario – $ 689,900
***Remarkable*Modern*Stylish*Renovated Over The Years*Bright/Cozy Home In Centre Of North York***Property Features: Hardwood And Wooden Flooring …
C2800146 – M6H – 32 SOMERSET AVE Toronto, Ontario – $ 499,999
Cozy & Cute Home For First Time Buyer Or Renovator.Great Investment Opportunity In Prime Wychwood Neighbourhood!Rental Income …
C2800151 – M3H – 80 CHARLESWOOD DR Toronto, Ontario – $ 749,900
Act Now, Spacious Detached Bungalow In Demand Location, This 6 Bedrooms Home Offers Open Concept Mainfloor With Gleaming H/Wood Flooring, Finished …
C2800177 – M3H – 148 FAYWOOD BLVD Toronto, Ontario – $ 799,900
Superb 4 Level Side Split,3 Bedroom Home On A 54X 112 Fully Fenced Lot. Built-In Double Car …
C2800184 – M5S – 101 MAJOR ST Toronto, Ontario – $ 799,000
Absolutely Stunning Century Home Located On Mature & Quiet Street In Prime South Annex. Beautifully Renovated 4 Bedroom Home W/Self-Contained Apartment & …
C2800352 – M2N – 204 WILLOWDALE AVE Toronto, Ontario – $ 863,000
*** Great Opportunity For …
E2728703 – M4E – 926 KINGSTON RD Toronto, Ontario – $ 529,900
Price Change. Dec 14: $ 529,900 Nov 21: $ 589,900 Oct 26: $ 629,900 Oct 19: $ 669,900 Oct 9: $ 699,900
Open Up Your Shop/Studio/Cafe/Office! Trendy Location With 2 Bdrm. Apartment & Lane Parking! Constant Foot Traffic With Exciting …
E2758876 – – $ 489,900
Price Change. Dec 14: $ 489,900 Oct 9: $ 493,000 Oct 11: $ 495,000 Oct 31: $ 499,000 Oct 15: $ 519,000
Quiet Short Walk To Ttc, Close To School, Library, Hwy 401 And Scarborough Town Center. Rapid Transit, …
E2793647 – M1J – 62 SHIER DR N Toronto, Ontario – $ 409,900
Price Change. Dec 14: $ 409,900 Nov 30: $ 424,900
Updated & Well Maintained Detached Side Split 3 In Good & Quiet Neighborhood! Newly Renovated Basement & 3 Piece Wr & Laundry! New 4 Piece M/F Wr! Oak …
E2795068 – M1R – 1263 WARDEN AVE Toronto, Ontario – $ 499,000
Price Change. Dec 14: $ 499,000 Dec 4: $ 505,000
Spacious Bungalow With Large 45Ft Lot! 2 Kitchens, 2 Baths, 3 Entrances And 5 Bedrooms In Total Make This A Perfect Home For A Large Family. Gleaming …
E2800046 – M1K – 2472 EGLINTON AVE E Toronto, Ontario – $ 355,000
3 Brm Townhouse, Walk To Kennedy Subway Stn!! 2 Fire Places!! Walk Out Basement To 2 Parking Spaces!! …
E2800095 – M4J – 188 GILLARD AVE Toronto, Ontario – $ 749,000
Beautifully Renovated! Detached 3 Bedroom Home On Gorgeous Tree Lined Street. Open Concept W/ Hardwood Maple & Natural Stone Flooring. Granite Counters In …
E2800188 – M1K – 168 MAGNOLIA AVE Toronto, Ontario – $ 439,900
***Extra Large Semi-Attached 2 Storey Brick Home In Most Demanding Family Neighbourhood*** 24 Hour Ttc, Close To School, Shopping, Subway, …
E2800284 – M1B – 15 CHEETAH CRES Toronto, Ontario – $ 399,000
Location, Location, Lovely End Unit Townhouse, Feels Like A Semi-Detached. Close To 401, Schools, Parks, Shops And Many More. Very Quiet Neighborhood In …
E2800304 – M1N – 314 KENNEDY RD Toronto, Ontario – $ 399,900
Perfect For Extended Family **Great Investment Property In Prime Location** 3 Separate Living Accommodations **2 Two Bedroom And 1 One Bedroom Apartment …
E2800319 – M4L – 68 PRUST AVE Toronto, Ontario – $ 889,000
South Riverdale Masterpiece! Designed By Neroaletier , This Home Offers An Open And Unique Space With Many Custom Features! Blonde Hardwood Throughout, …
E2800340 – M4M – 79 CAROLINE AVE Toronto, Ontario – $ 589,900
Prime Leslieville. A Gem Of A Home With Most Of The Original Charm Restored And In Tact. Beautiful Gumwood Window And Door Frames , 8″” Gumwood …
E2800377 – – $ 319,000
Attention Builders & Renovators!!! High Demand Birchcliffe Village; Existing House Has Been Prepped For Extensive Renovation; Newer 100 Amp Service; …
E2800422 – M1V – 25 BRIMWOOD BLVD Toronto, Ontario – $ 329,000
Spacious And Sun-Filled . 3+1 Bedrooms 2 Parking Spots With Direct Access From Basement. New Oak Hardwood Throughout(2013), New Renovated Bathroom …
W2789012 – M6N – 23 CLOVERDALE RD Toronto, Ontario – $ 599,900
Price Change. Dec 14: $ 599,900 Nov 22: $ 629,900
Rarely Available Detached 2-Storey Home, Same Owners For Nearly 50 Years. This Home Features 3 Kitchens, 3 Bathrooms And 3 Entrances With 9/ Ceilings On …
W2790334 – M6H – 514 SALEM AVE N Toronto, Ontario – $ 579,900
Price Change. Dec 14: $ 579,900 Dec 13: $ 599,900
*****Attention Buyers And Agents – Renovated Basement ***** Large 125 Feet Lot, 4+2 Br Solid Italian Home, Family Room, Formal Living And Dining …
W2800127 – M8W – 3 WHALEY DR E Toronto, Ontario – $ 599,900
Fully Renovated Alderwood Home Is Conveniently Located Close To All Major Highways Ttc Is Just A Few Steps Away And A Short Drive To Go …
W2800183 – M9C – 74 OLD BURNHAMTHORP RD Toronto, Ontario – $ 698,000
High Demand Area! Totally Renovated Bungalow With Sunburst Front Doors, Hardwood Floors Throughout, Crown Moulding, Gorgeous Gourmet Kitchen With Large …
W2800200 – M9N – 171 WILLIAM ST Toronto, Ontario – $ 389,500
Cozy 2 + 1 Bedroom Brick Bungalow With Bsmt Apt! Newer Roof, Windows, Floors, Driveway, Concrete Porch, …
W2800277 – M6M – 10 HARDING AVE Toronto, Ontario – $ 649,000
Big Lot 50 X 148Ft , Parking For Over 10 Cars. 3 Bedroom + 2 Bedroom + Bachelor. Right Now It Is …
W2800372 – M3M – 105 GEORGE APPLETON WAY Toronto, Ontario – $ 335,000
Beautiful & Trendy Condo Twnhouse. Upgrded To High Quality Brazilian Hrdwd Flr W/Cork Underneath Thruout. Modrn Kit W/Brkfast Bar Area.Upgrded Glass …
W2800421 – M8V – 62 YACHTERS LANE Toronto, Ontario – $ 659,000
Executive Townhome In Desirable Bal Harbour Village. Sunny & Spacious, Hardwood Throughout, Granite In Kitchen, Private Yard & Sundeck Off Kitchen. …
By Woodsworth Rd, North York, Ontario
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