Construction of Montreal′s REM light rail project is seen as a major stimulator of real estate in the city
ツ Cynthia Villeneuve, AACI, P. App., ASA ????
Valuation & Advisory Services Director | #collierscanada
For almost the last two years, Montreal real estate market has continuously been breaking records nearly every month.?Although analysts still have different opinions on whether or not to continue this process, the fact is there are multiple reasons for believing in commercial real estate renaissance in the city, and the main one is the transforming nature of REM light rail project.
“In terms of how the REM has positively impacted the residential market, for obvious reasons it’s opened up new markets for my investors who look for large multi-residential projects to invest in,” said Marc Hetu,?a senior vice-president for apartments with CBRE. Hetu was one of five panellists at the ULI Toronto webinar billed as Pulse Check Montreal. “It helps them tick an extra box which is accessibility and transport in pockets of the city that previously were just non-starters for them.”
Key regions opening up for developers are the West Island, the South Shore and the North Shore, Hetu said.
“That’s been wonderful. It will contribute to greater investment volume, it will contribute to appreciation of housing values and the net worth of individuals, all of which will be very positive for the greater Montreal area and its economic growth.”
More than ever, Montreal′s been seen as an investment opportunity and a significant draw for investors contemplating where to expand their operations.
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