Shiller Lavy leaving St-Viateur
A regular blog reader has a heartening piece in CultMTL about how Shiller Lavy is selling off most of its properties on St-Viateur – at a tasty price, of course.
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walkerp 10:50 on 2023-01-14 Permalink
Great article, very informative. Thanks. Fingers crossed.
Kevin 11:44 on 2023-01-14 Permalink
Interest-only mortgages?!
I can somewhat understand that for a homeowner who has a sudden problem and needs to improve cash flow (can’t work, unexpected major repair) but I don’t understand why any company should be doing that unless their only goal is to speculate and flip.
Any government interested in controlling the cost of housing should ban them immediately
Ephraim 12:25 on 2023-01-14 Permalink
On January 1st there is a new law in regards to “flipping”. Which oddly should have been the law before anyway. You should be required to live on premises, for at least 3 years to claim capital gains exemption.
DeWolf 13:00 on 2023-01-14 Permalink
As some Cult MTL readers noted when this was published, Shiller Lavy is also selling the Lululemon and QDC Burger buildings too, so they’re attempting to completely withdraw from St-Viateur.
@Kevin, the way it was explained to me is that an interest-only mortgage is used mainly by big property investors who plan to make an immediate profit off of rents before eventually flipping the building.
Michael 13:43 on 2023-01-14 Permalink
The writer didn’t do all his homework.
A 2 min check shows that the Clark building was bought 100% cash 10 years ago.
There were some blanket mortgages added in the following years from Desjardins but those were paid off recently.
Property is free and clear now.
Michael 13:46 on 2023-01-14 Permalink
There was a blanket mortgage of $72.5M put on over a dozen properties of theirs in 2019 and that was paid off completely recently.
They are still rich. Filthy rich. And the higher rates probably won’t put a dent in them.