Montreal’s tallest condo tower set to start
August 5, 2019
Montreal has been cited as the hottest housing market in Canada, with a sales-to-new-listing ratio of 94 per cent, according to a national survey by Zoocasa.
Home sales in the city were up 7 per cent in June compared to the same month a year earlier and the average home price surged 6.3 per cent in the same period to $423,902.
“This is still considerably lower than in Canada’s other large urban markets,” said the study from Zoocasa, an online real estate portal.
Now a Montreal developer hopes to break into the seller’s market with the tallest residential tower that Canada’s second-largest city has ever seen.
Brivia Group said it will start the first of a three-phase complex in the Phillips Square district of downtown Montreal by building a 61-storey condo tower with a total of 789 residential units.
The total value of the mixed-use project could reach $1 billion, according to a company statement.
Brivia Group plans to begin construction on the 1 Square Phillips tower in 2020, with occupation of the first phase in 2024. The condominium units will start at $295,900, a company release stated. Pre-sales begin this fall. Plans indicate the tower will contain studios, one and two bedrooms apartments, penthouses and “super” penthouses ranging up to 5,000 square feet.