A HALIFAX property developer is helping reshape the Montreal skyline and attributes increasing investor interest in the city to its annual Grand Prix and acclaimed jazz and comedy festivals.
Richard Homburg just launched the $35-million Phase II of the 333 Sherbrooke St. E. luxury condominium project and at the same time unveiled an ambitious plan for the CN Central Station in the heart of the city that he scooped up last year for $355 million.
The completed project will bring the Homburg Invest Inc. portfolio in Montreal up to the $1-billion mark.
Mr. Homburg said in Montreal he will build two $150-million 24-storey office towers at the CN Central Station site to take advantage of a proposed new link between the downtown location and Pierre Elliott Trudeau International Airport at Dorval.
Saturday, April 12, 2008
Wednesday, April 9, 2008
Toronto's condo market booms
Toronto - The housing market in much of the United States may be moribund, but in Toronto, something of a boom mentality still exists.
In March, several hundred Toronto residents braved the cold to line up before the opening of the sales office of a new condo project. Certified checks in hand, they wanted to make sure they got their choice within Aura, a proposed 75-story residential tower scheduled to go up downtown.
This isn't the first time condo sales debuts have drawn large crowds. In November 2007, speculative buyers waited patiently beside heat lamps to place deposits on another 80-story slab. Despite a last-minute price hike – apartments advertised for $2 million catapulted to $8 million – sales remained heavy.
In March, several hundred Toronto residents braved the cold to line up before the opening of the sales office of a new condo project. Certified checks in hand, they wanted to make sure they got their choice within Aura, a proposed 75-story residential tower scheduled to go up downtown.
This isn't the first time condo sales debuts have drawn large crowds. In November 2007, speculative buyers waited patiently beside heat lamps to place deposits on another 80-story slab. Despite a last-minute price hike – apartments advertised for $2 million catapulted to $8 million – sales remained heavy.
Saturday, April 5, 2008
Canada's housing market remains stable
Canada's real estate market stands on stable footing. On average, healthy year-over-year house price gains were recorded during the first three months of 2008. While more modest price increases were observed when compared to previous quarters, the solid appreciations noted in the first quarter are largely due to the shared effects of resilient local economies, high immigration levels, and relatively low interest rates - all leading to enduring buyer demand, according to a House Price Survey report released today by Royal LePage Real Estate Services.
While almost all markets surveyed experienced price increases, it was the smaller cities, with relatively affordable housing and strong economies based on resource industries that emerged with the most significant gains. Thriving Saskatoon saw appreciation as high as 66 per cent, while areas in Newfoundland posted increases above 20 per cent for the first time since Royal LePage started tracking house prices.
While almost all markets surveyed experienced price increases, it was the smaller cities, with relatively affordable housing and strong economies based on resource industries that emerged with the most significant gains. Thriving Saskatoon saw appreciation as high as 66 per cent, while areas in Newfoundland posted increases above 20 per cent for the first time since Royal LePage started tracking house prices.
Tuesday, April 1, 2008
Real Estate Boom In Canada Loosing Steam
The Conference Board of Canada is warning of "a lengthy slowdown" in Canada's residential construction industry with profits, already off 22 per cent in 2007, falling for the next two years.
The longest housing boom in the post-war era is now "out of breath," following spectacular growth in the number of homes built and the prices paid for them, the board said in a report released Thursday. "Satiated pent-up demand and slower economic growth is leading to what is expected will be a long slowdown in the housing market," the report says.
The longest housing boom in the post-war era is now "out of breath," following spectacular growth in the number of homes built and the prices paid for them, the board said in a report released Thursday. "Satiated pent-up demand and slower economic growth is leading to what is expected will be a long slowdown in the housing market," the report says.
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