Can you believe that, it’s incredible… there’s thousands and thousands empty condos in Montréal, a lot are new, and they continue to build them, sometimes even in high rising towers and all. A lot of them are illegal airbnb too.
Why they cannot sell them? They are small, expensive, and sometimes badly placed (no metro, no parking, bad area, place without services around, etc).
13 in 3 months in downtown area!!!
For 1 bd condos specifically prices did go down, because developers overshot the supply aiming for investors. But larger units are still very much underserved and there’s too much demand.
Houses aren’t expensive just because they’re houses. They’re expensive mostly because there’s a big plot of land underneath, land that eventually will be required for a big tower that will sell like hot cakes. It’s the same market because Canada has a market of land speculation.