The construction of new condos isn’t exactly news in Montreal. But a new group of condos in the borough of Ahuntsic-Cartierville is notable for its connection to a big and often controversial initiative created by the city.
EXPLAINER TAKES A VISIT TO THE CITÉ L’ACADIE DEVELOPMENT.
1 A group of city officials and building executives gathered recently to announce the construction of 469 condos in Ahuntsic-Cartierville. The project is part of a larger development called Place de L’Acadie that’s being built on land that was once home to 21 residential buildings. The former owner of the buildings, Sadok Sagman, had been issued "hundreds" of tickets due to the unsafe nature of his properties, according to La Presse. This led to the buildings being condemned and razed by the city. In their place is what is currently the largest ongoing residential construction project in Montreal. "In addition to these condos, Place de L’Acadie will also include 223 public housing units and more than 600 rentable units for seniors, for a total of 1,292 new housing units distributed over seven buildings of seven to 16 floors," according to the Société d’habitation et de développement de Montréal (SHDM), an organization that develops real estate for the city. The SHDM is leading this project, and has been involved in many other developments and land sales in recent years, some of which have come under fire, both literally and figuratively.
2 Earlier this month, a large fire tore through six condo buildings in the city’s east end, destroying 96 affordable-housing units. The development was built on land sold by the SHDM in 2007 for $4.4-million – even though it was later revealed that the land had been valued at $31-million. The purchaser was the F. Catania real estate company, whose leader, Paolo Catania, was recently fined more than $1,500 for violating provincial political donation laws.
3 The Cité L’Acadie condos are part of a special city program called Accès Condos. It aims to make condo ownership more accessible for Montrealers. Since 2005, it has "enabl[ed] more than 1,500 new households to become owners," according to the SHDM. The core of the program’s popularity is the fact that it offers a 10 percent purchase credit that people can use as a down payment on the purchase of a condo.
2 comments
So the rents were jacked -up and so were the value of the properties but people can hardly afford the taxes or the interest rates on mortages. The rich keep getting richer and the poor just keep on getting poorer. There are no good opportunities here for the little guy. These groups of investors and city departments and what ever other group you come up with are here for one soul purpose and that is to make a profit. A profit so big that it will drive you into debt for your entire life. Is it any better than paying a rent? Who wants to live in a condo , it is like living in an apartment and if you have problems with your neighbours well your stuck. Yes they make it easy for you to purchase a condo but there is alweays the fine print that comes along a few years down the line ,where your interest rates will go up and your property will lose value . In a condo it is not just the up-keep of your place that comes into play it is the up-keep of the building and the location around the building. A nice condo in a bad area of Montreal is not worth the any price you pay. Most of the condos going up lately are exactly that going up in areas that are not so favorable for one reason or another.
It is a much smarter idea to own a one-family home than a condo unit. In the Cartierville district where I live condos are popping up like mushrooms while bungalow construction has ground to a halt. Developers can earn huge profits on condo construction because of lower land and building materials requirements.
On the one hand condos provide cramped living quarters with 3 to 5 rooms and little space for storage. You have no private green space. Using elevators to get to and from your dwelling becomes tedious after a while. They are located next to busy thoroughfares with excessive noise and pollution You only own half the floor and ceiling and part of the inside walls. You are at the mercy of barking dogs, ramped up stereo systems and exotic kitchen smells. This is not the life.
One-family homes on the other hand have distinctive architectures and provide 10 rooms or more on two levels. Extra full bathrooms come in handy. You own everything including the land. Located on quiet streets it feels like living in the country especially with your lush garden of Eden in your back yard which is great for hosting summer parties. Your kids can play outdoors in total security. With your private indoor garage you don’t have to worry about parking restrictions on the street.
If finances are tight, a duplex or triplex retains most of the advantages of single family dwellings plus provides a cash flow that pays your taxes and living expenses. For most of my life I have lived in a duplex or triplex and would never want to trade places with a condo dweller.