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Altus Group Offers an "All You Need to Know" Bulletin on Municipal Taxation
In 2010, new triennial assessment rolls are in effect for more than 500 Quebec municipalities.
The deadline for filing applications for review against assessments for these 2010 rolls is April, 30th. Failure to file by that date means acceptance of the assessed values for three years.
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First Capital Realty hires new top man for Eastern Canadian development
Greg Menzies will take over the position of vice-president for Eastern Canada on February 1st. He will be responsible for the development of First Capital realty’s portfolio in this market. Mr.Menzies will report directly to Dori Segal, President & CEO of First Capital Realty.
Historic Ogilvy Building Could be Sold
Montreal’s historic Ogilvy building is on the block. Le Groupe Devimco, a key player in the Quartier Dix30 development in Brossard, will pay about $100M for the property on Ste. Catherine Street in downtown Montreal.
David Jubb, a Toronto real estate developer and owner of Pyxis Real Estate Equities, stands to make a tidy return on his investment. Jubb bought the property in 2000 from Standard life for $50M. Jubb did renovate certain portions of the property, including the installation of an air-conditioning system.
The President of Ogilvy’s confirmed that while the sale has not yet closed, due diligence is well underway.
Various reports are stating that two prominent Quebec families – the Beaudoins and the Bombardiers – could be partners in the deal.
Ogilvy’s was founded in 1866 by James A. Ogilvy and set up shop at the corner of Ste. Catherine Street and de la Montagne. In 1927, the store was acquired for $38,500 by James Nesbitt who decided to turn Ogilvy’s into a large scale department store.
Projet Royal Décarie to be Completed by Summer 2010
With its 164,246 inhabitants, the borough of Côte-des-Neiges-Notre-Dame-de-Grace is the largest in Montreal. "It's more people than the Gaspé," argues Claude Lauzon, Director of Corporate Community Economic Development in the borough. Spanning 21.4 square kilometres, NDG has one of the highest densities in the city. The result: "There is very little land to build on," said Paul-André Martel, Promoter and Sales Manager of the Royal Décarie project.
"Development is limited by mountains and highways," says Lauzon. “But the shortage of land also reflects the exceptional quality of life offered by the sector, particularly its close proximity to Mount-Royal.”
Mr. Martel is one of the few to advocate for new housing. What’s his secret? He’s owned land for ten years. The old building that was on his land has been demolished and the new Royal Decarie is ready to accommodate 16 condominium units as of July 2010.
The construction does not only stand out because of its location. The developer and architect, Luc Denis, has designed homes of the highest quality. Firstly, the units are spread over four floors and all have openings (windows or doors) at the front and rear of the building. "It allows for better lighting, more space and a better quality of life," said Mr. Martel. In addition, two private terraces of 175 square feet will be upgraded and available to some residents.
Another innovative aspect of the project is the green roof. It is composed of peat like vegetation and several layers of membranes, including one layer that is very similar to the cover of a swimming pool. This type of roofing can reduce air conditioning needs in the summer and insulates to combat heat escaping through the roof in the winter. This roof offers the advantage of lower maintenance costs and since it absorbs less heat, the life span of the roof doubles.
These are just some of the amenities that these upscale condos will offer, available at reduced prices until March. "The price for this quality of construction is currently 10% below the real value because we believe that selling condos from a schematic is much more difficult than selling a finished product," says Martel. “However, as of March or April, we will have a completed condo that we can use as a demo and our prices will be increased by 10%.”
The construction of the future University Health Center (MUHC) brings a dynamic flavour to NDG, specifically in the area west of Decarie and south of de Maisonneuve. "New residential buildings on Rue Saint-Jacques will soon be realized, made possible by a recent zoning change," said Lauzon.
For more info, www.royaldecarie.com
Habs Minor League Affiliate to Move to Laval?
Rumours are circulating that the owner of the Hamilton Bulldogs, Michael Andlauer, would like to move the team to Laval. The Bulldogs play in the American Hockey League and are the minor league affiliate of the Montreal Canadiens.
"I feel a certain interest from Andlauer to come to Laval. Rumors are that two or three other groups are also interested," said Laval Mayor Gilles Vaillancourt, in a telephone interview with Courrier Laval.
Mr. Vaillancourt has confirmed that the bidding process to find a developer and manager of the new Complexe sportif et culturel de Laval will begin sometime in February. "The project is underway. Following a qualification process, a tender for the construction of the amphitheatre will be issued,” he said.
The $96 million project, originally supposed to break ground in the spring, will now be delayed until July. "We have to wait and study the bids before proceeding to the construction of the Complex," said the mayor. "The population makes Laval a very attractive destination. Several teams would like to settle in to this ultra-modern building," he added.
Despite the success of the Bulldogs on the ice, they are not drawing crowds to Copps Coliseum in Hamilton. The team is averaging a little over 4,000 fans a game in an outdated facility.
In the short term, the Bulldogs will likely stay put. The complex in Laval will only be ready sometime in 2012. The Bulldogs lease at Copps Coliseum expires after this season and Mr. Andlauer said he’d like to renegotiate a new three year lease.
Andlauer has owned the Bulldogs since 2002 and he is also among the new consortium of shareholders of the Montreal Canadiens. He heads several service and management companies. One of these companies, Andlauer Transportation Services (ATS) is located at 665, Autoroute Chomedey in Laval.
If the Bulldogs pass on Laval as their next destination, the complex could open its doors to a team from the Quebec Major Junior Hockey League (QMJHL). The owner of the Montreal Juniors, Farrell Miller, might be interested in relocating his franchise to Laval. He recently expressed the idea of building a new arena in a solid metropolitan market.
The project, directed by the Cité de la culture et du sport de Laval, aims to build a 140,000 square foot sports and multi-cultural complex with three separate ice surfaces comprising 250 seats, 2,000 seats and 7,000 seats.
The complex will be located at the corner of boulevard Saint-Martin West and Daniel-Johnson on land currently owned by the City of Laval. The land will be transferred to the Cité de la culture et du sport de Laval as part of an emphyteutic lease with a term of 20 years.
Two Pieces of Land Sold
The Angus Development Corporation (ADS) acquired two new sites in downtown Montreal, one being the building belonging to Main Grocery Importing and the other belonging to the Montreal Pool Room.
The sale officially closed on January 18.
"This is simply a step in the process that will help revitalize an entire sector of the city that is in dire need,” said Christian Yaccarini, CEO of SDA.
These acquisitions are part of the Quad-Saint-Laurent entertainment district, located between the Boulevard Saint-Laurent, Clark Street, boulevard René-Lévesque and rue Sainte-Catherine.
The Montreal Pool Room restaurant however, was seen as an institution by many and has existed since 1912.
"To complete the acquisition program, all that remains is the site of Café Cleopatra, for which the expropriation program has begun," notes the SDA. The owner of Cleopatra has however contested the notice of expropriation.
The construction of the Quadrilatère Saint-Laurent, which is expected to cost $160 million and is expected to house offices including those of Hydro-Quebec, will begin in August. The SDA is also planning on building a cultural building, the 2-22, in the district.
Quebec Real Estate Market Finishes 2009 on a High Note
Quebec's provincial real estate market performed well in 2009, with sales increasing by 3 per cent over 2008 for a total of 79,185 MLS® sales transactions, according to the Quebec Federation of Real Estate Boards (QFREB).
"Quebec's real estate market, with three consecutive quarterly increases in sales, finished the year on a positive note even though sales decreased by 19 per cent in the first three months of the year," said Michel Beausejour, FCA, Chief Executive Officer of the QFREB. "Despite the economic downturn, sales increased by 3 per cent in 2009 compared to 2008, showing that Quebec's real estate market is quite stable."
Sales increased for all property categories in Quebec in 2009. Single-family homes led the way with a 4 per cent increase in sales compared to 2008. Condominium and plex sales followed closely with increases of 3 and 2 per cent, respectively.
In terms of prices, the median price of both single-family homes and plexes increased by 5 per cent in 2009 compared to last year, while condominiums posted a 4 per cent increase.
A Record-Breaking Fourth Quarter
The fourth quarter of 2009 exceeded the record set in the fourth quarter of 2007 by 8 per cent, with a total of 18,130 transactions registered in the MLS® system province-wide. When compared to the last three months of 2008, the increase was 36 per cent.
"This 36 per cent increase in the last quarter seems quite dramatic, but this was magnified by the market's poor performance for the same quarter in 2008. We have to remember that in the fourth quarter of 2008, following the recession, sales in Quebec were down 21 per cent," said Mr. Beausejour. "The strength of the province's real estate market shows that both buyers and sellers were active at the end of the year, which bodes well for 2010," he added.
In terms of prices, the median price of single-family homes in the province of Quebec reached $200,000 in the fourth quarter of 2009, an 8 per cent increase compared to the same period in 2008. The median price of condominiums increased by 6 per cent, while that of plexes grew by 9 per cent.
Quebec's Metropolitan Areas Performed Well in 2009
The strong performance of the province's real estate market resulted in an increase in sales in most of Quebec's metropolitan areas in 2009. The Montreal area posted a 3 per cent increase in sales compared to 2008, with 41,802 transactions. Property prices also continued to increase in the Montreal area in 2009 compared to 2008. The median price of condominiums increased by 5 per cent, while that of single-family homes and plexes increased by 4 per cent.
The Gatineau area was just as active as Montreal in 2009, with a 3 per cent increase in sales compared to 2008. In terms of prices, single-family homes registered a 4 per cent increase in median price in 2009 compared to 2008. Plexes posted the largest increase in median price, at 16 per cent, while that of condominiums increased by 7 per cent.
The Quebec City area also performed well in 2009, with a 2 per cent increase in sales compared to 2008. As for prices, single-family homes and condominiums posted a 7 per cent increase in median price compared to 2008, while plexes registered the largest increase, with a 12 per cent increase.
The market was equally active in the Trois-Rivieres area, which registered a 2 per cent increase in sales in 2009 compared to 2008. Property prices also increased, with the median price of single-family homes and condominiums increasing by 4 per cent. The median price of plexes grew by 8 per cent.
In the Sherbrooke area, sales increased by 2 per cent in 2009 compared to 2008. The median price of single-family homes increased by 2 per cent in 2009 compared to last year, while that of plexes increased by 7 per cent. The median price of condominiums decreased slightly by 2 per cent.
The Saguenay area is the only area to register a slight decrease in sales in 2009, as the number of transactions fell by 1 per cent compared to 2008. Despite this decrease, property prices continued to climb. The median price of single-family homes increased by 4 per cent in 2009 compared to 2008, while that of condominiums and plexes increased by 15 and 10 per cent, respectively.