Tour des Canadiens to get a partner building
Published Thursday, September 17, 2015 2:09PM EDT
Last Updated Thursday, September 17, 2015 9:09PM EDT
The real estate arm of the Montreal Canadiens is doing so well it's going to build a second condominium highrise in the core of the city.
The Tour des Canadiens 2 will rise 37 stories from St. Antoine St., and include a pedestrian bridge into the Bell Centre.
The new tower will have 438 condos and will be aimed at bachelors or small familes, with one- and two-bedroom units available.
"I think you get a mix of everything," said Geoff Molson, the president of the hockey club.
"I can't really speak as to who the buyer is, but everything from a single person who wants to live in an apartment downtown, to a smaller family wanting to live in a bigger apartment downtown."
With artistic elements inspired by winter, the top of the building will include features resembling icicles that will light up at night.
Residents will also get priority access to hockey tickets.
Prices for the smallest units will start at $200,000.
Despite the new project, the downtown condo market is keeping pace, says one analyst. There are fewer on the market than last year, but still lots of interest from buyers.
“There are many projects in downtown Montreal, more than 50 projects, 18,000 units, but on those 18,000 units, 70 per cent are sold so it [means] the demand is there,” says condo market analyst Mathieu Collette.
There are a number of reasons why condos are still selling. Single family homes are expensive and baby boomers want to scale down. Being close to work has its advantages for those who live downtown, singles who seek low-maintenance lives are on board, and then there’s the plummeting Canadian dollar.
“The Canadian dollar being so low is a great opportunity, so we see a lot of foreigners investing here,” said real estate broker Amy Assaad.
However Montreal's Real Estate Board said sales for all types of homes except condos increased last year. In fact, condo sales dropped seven per cent.
Regardless, the Canadiens and their co-developers, Cadillac Fairview, Canderel, and the FTQ's Solidarity Fund said their first tower has been so successful that building a second tower seems appropriate.