Montreal ranked top in the country in 2018 in terms of economic growth. It was the first time since 1987 that the city succeeded in outperforming all other metro areas in Canada. Montreal has experienced a steady rate of increase in job availability and personal income. Experts expect the increases to continue in the manufacturing sector as well as in services that cater to the influx of new residents. Entertainment, food industries and home construction were some of the most profitable industries in the city.
Timely Development Decision
Real estate availability could have become a concern with the bustling economy. Job availability encouraged more migration into the busy area. The needs included desirable accommodations in the heart of the city. The foresight of developer Kheng Ly, enabled him to realize the time was right for his latest venture. The YUL project was a massive undertaking that included 17 townhouses, two 38-level towers, and 800 luxury condominiums and began accepting residents in 2017.
Desirable Growth Effort
The project enabled the city to have luxurious accommodations that would appeal to residents of all ages and provide an attractive addition to the downtown skyline. The project made the beauty of the city a priority and included an expansive garden space. Convenient homes in a desirable area help to encourage younger residents into a region with an aging population to ensure condition economic expansion.
Beneficial Outside Investment
The YUL project not only fulfilled a need, but it brought in an estimated $600 million for investors. Chinese investment in the city is also helping to fuel the economic increase and spur more development. The boost from outside investors could help the city to outperform the estimated 1.8 percent GDP growth expected for the current year.
Ly, through his development group Brivia, continues to add unique and attractive designs within the most needed areas around Montreal. The work has gained the attention of many including the Canada China Business Council that recently awarded Ly with a Business Excellence Award due to his work on the YUL project. Equally important is the trust Ly has earned within the community thanks to his efforts to maintain and improve historic structures in the city like the Louis-Hippolyte La Fontaine house.