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Top Transactions of the Month

August’s Top Transactions

Multifamily | Fitzrovia acquires 2 Montreal condo towers for $103M

On August 22, Groupe Canvar sold two multifamily buildings in Montreal for $103M. Le C-Lofts (de la Concorde) and Le Smith (de Bleury), totaling 317 units, were acquired by Fitzrovia. Located in Ville-Marie West, these buildings will undergo renovations and receive new luxury amenities. The average price per unit stands at $322,000. Discover more details about this transaction in this video.

Retail | TD Asset Management sells its share of Carrefour Laval for $553M

Last month, TD Asset Management sold its 50% stake in Carrefour Laval to Cadillac Fairview for $553M. This property, totaling 1.2 million sq. ft., is one of the most productive shopping centers in Greater Montreal, generating $1,177 in sales per square foot. Cadillac Fairview now owns 100% of this iconic property. For more details on this transaction, watch the following video.

Office | Allied sells two office buildings in Old Montreal for $32.5M

In August, real estate investment trust Allied sold two landmark office buildings in Old Montreal for $32.5M. The 480 Saint-Laurent, a mixed-use building with 65,800 sq. ft., and 85-87 Saint-Paul West, a historic property from 1866 with 73,600 sq. ft., changed hands at an average price of $233/sq. ft. These properties offer unique architectural charm in the heart of Old Port. More details in this video.


Latest Market Velocity Statistics :

Multifamily

The multifamily market in Quebec displayed positive momentum in August, continuing the trend observed in July. Over the past 12 months, 2,559 transactions were recorded, generating a total volume of over $5.3 billion. These figures represent a significant increase of 32% in the number of transactions and 50% in volume compared to the previous year, indicating very encouraging signs.

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The overall capitalization rate (Cap Rate) was set at 4.24% in August, reflecting a slight increase of 3% from last year. Meanwhile, the multifamily market experienced a median cost per unit reaching $145,000, marking a 13% increase compared to August 2023.


Industrial

The industrial real estate market recorded a slight contraction in August, with a 2.25% decrease in the number of transactions compared to July, totaling 781 transactions over the past 12 months. Additionally, the transaction volume declined, reaching $2.99 billion in August, representing a 13% drop from the previous year. However, the average price per square foot for industrial properties continues to rise, showing a 9% increase from last year to reach $185 per square foot last month.

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Office

In August 2024, the office market recorded 446 transactions, reflecting a slight decrease of 2% compared to the previous quarter, but an increase of 6% compared to August 2023. Furthermore, the transaction volume saw a significant increase of 21%, reaching $1.1 billion. Similarly, the price per square foot for office properties experienced a substantial annual rise of 17%, settling at $242.

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Retail

The retail real estate market showed stability in transaction volume over the past 12 months, with 946 transactions recorded in August 2024, reflecting a 2.25% increase compared to 925 the previous year. However, the total transaction volume declined by 7%, reaching $1.7 billion last month. Regarding the average price per square foot, a slight increase of 4% was noted, bringing it to $276 per square foot.

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The Mortgage Market at a Glance

The number of mortgages granted has increased by 6% over the past 12 months, reaching a total of 11,173 loans (including acquisition financing and refinancing). The total loan volume amounted to $79 billion, reflecting a 4% rise year-over-year.

Refinancing made up 65% of the total number of loans and accounted for 85% of the total volume as of August 2024. However, there was a slight decline (-2.5%) in the number of refinancings over the last quarter.

Loans granted for new acquisitions saw a 2.5% decrease in volume over the year, though the number of these loans increased by 11% during the same period.

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