Rents: $726 ↑
In Quebec, Canada’s Largest Rental Market Offers Opportunities for New Construction
The Province of Quebec has undergone a renaissance over the past fifteen years. Montreal has revitalized derelict areas around its downtown core. Its population has increased, and the city has become a fashionable place to live and work.
More importantly, Quebec is a province of renters. Montreal has the largest apartment universe in Canada by far. It’s close to topping the apartment universe of the Greater Toronto Area and Greater Vancouver combined. It’s unit density (units per 100 people) is higher than the City of Toronto and among the highest in the country. While Quebec City is a comparatively smaller market, it has an apartment density and an apartment universe higher than the City of Ottawa. Densities are similarly high in smaller centers, including Sherbrooke and Trois-Rivières.
The size of the Montreal and Quebec City markets has helped keep average rents low. However, vacancies in both cities are also low. The size of both markets allows for a considerable range in the types of apartments renters will rent, and the amounts they are willing to rent.
New construction has taken place in both markets, with nearly 3,000 units added to the universe in the past decade. While this is a drop in the bucket compared to the size of the surrounding universe, this new construction has come in at the high end and commands some of the best rents in Canada. The low vacancy rates in both markets show that the new construction has been easily absorbed. The development of 515 Rue Ste. Catherine shows that high-end student housing, especially close to McGill University and its 6,800 international students, is a profitable niche.
A third strong market exists in Gatineau, across the Ottawa River from the City of Ottawa. There, public sector jobs and access to Ottawa’s developing high-tech industry has driven up population and employment, as well a creating a demand for short-term lease apartments and furnished units. Vacancies are trending down.
The province of Quebec may not have the repressed marketplace of the Greater Toronto Area or Vancouver, where demand easily absorbs new supply, but a marketplace clearly exists for new construction that caters to the high-end, luxury, student, and furnished markets.
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Global Director Buildings
Mansoor Kazerouni is an Architect with over 27 years of experience and a significant portfolio of projects completed or underway across Canada, the United States, the UAE, Jordan and India. These include high density high-rise residential buildings, hotels, office, retail, institutional, and complex urban mixed-use developments. A number of these projects have been nominated for and received Urban Design and Architectural Design awards.
Mr. Kazerouni is the Global Director of Architecture at IBI Group, leading a team of over 1,400 Architects, designers and Engineers located in 60 offices worldwide.
Mr. Kazerouni has been a guest lecturer on the subject of architecture and mixed-use design at universities, conferences and various panels. He has also been interviewed on the subject by newspapers, architectural publications, television and other media.
Mr. Kazerouni's abilities and expertise in his field have been recognized by his appointment to the City of Mississauga's Urban Design Advisory Panel, the City of Markham’s Urban Design Advisory Panel and the City of Vaughan's Urban Design Advisory Panel. He is also a past Advisory Board Member of the Urban Land Institute, a member of the Ontario Association of Architects, the Alberta Association of Architects, the Nova Scotia Association of Architects, the Architects Licensing Board of Newfoundland and Labrador, and a member of the Royal Architectural Institute of Canada. He has testified as an expert witness at the Ontario Municipal Board and at Arbitration Hearings related to development sites.
Darryl McCullough CCIM SEC
Broker - Royal LePage Lakes of Muskoka Realty Inc., Brokerage
President - Crescent Equity Management Inc.
Since 1972, I have been given the opportunity to interact with seasoned partners and clients in structuring and organizing both simple and complex real estate transactions involving acquisition, disposition, finance, and consulting in Canada and throughout the United States. It has trained me to bring a unique, personal client-centered approach to each assignment, from simple to complex transactions and the diverse clientele who own them.
In 1984 I received the Certified Commercial Investment Member, CCIM, designation (www.ccim.com); an internationally recognized identity confirming amortized knowledge in the disciplines of investment, development etc.
Another prominent membership I thankfully am able to continue holding is with the U.S. based Society of Exchanges Counselors (www.secounselors.com). This organization shares my belief in pursuing and demonstrating problem solving techniques in the real estate industry based on proven principles of integrity, professionalism, and accountability. Through this organization I continue to dedicate myself to what is true in the discipline of real estate problem solving.
Technology coupled with a learned research and analytical skill set now allows me to carry out these functions with selected projects from my adopted Muskoka home.
I continue to maintain an ever changing “student” learning status not only related to the physical asset, but equal or more importantly, drawing out corporate/personal situations and objectives and then knitting together ultimate benefit packages based on creative solutions via time honoured formulas.