Manoir Lafontaine, work still not begun
Manoir Lafontaine is a medium-rise building that faces the park of the same name. A few years ago, it was snatched from the jaws of a well‑known real estate duo to be renovated and become affordable housing, with satisfaction at the time (link from 2023). Tenants that were on the brink of renoviction were to be asked to leave temporarily so upgrades could be made.
So it turns out work has yet to begin and the tenants, many of them elderly, have given up hope that they will ever be able to return to the building where some had lived for decades.
Ephraim 15:00 on 2025-07-24 Permalink
As taxpayers, we’re footing a significant bill for the Manoir Lafontaine renovations. The City of Montreal contributed a $5.6 million non-repayable grant for acquisition and upgrades. The Quebec government chipped in $16.8 million to facilitate the shift to affordable housing. Additional funding includes loans from Desjardins and the Canada Mortgage and Housing Corporation (CMHC), alongside grants from the Ministry of Municipal Affairs and Housing (MAMH). The total renovation budget is approximately $38–$39 million, with $15 million allocated for critical repairs like heating and elevators. For a 93-unit building, this equates to roughly $419,000 per apartment.
Pardon my bluntness, but we could outright purchase apartments for these residents at a lower cost. Currently, 38 condos are listed for sale in the Plateau, ranging from $225,000 to $400,000. This doesn’t even account for available multiplexes. For example, there’s a building listed on Centris (https://www.centris.ca/en/multi-family-properties~for-sale~montreal-le-plateau-mont-royal/20653770) for under $16 million, featuring 16 one-bedroom, 18 two-bedroom, and 40 three-bedroom units. That’s 74 apartments at approximately $216,000 per unit.
This goes back to what I have been saying for a long time, maybe government doesn’t belong in the housing business and maybe instead we should be simply subsidizing those who have the need, based on need. Just the $5.6M and $16.8M is $22.4M and invested at 5% would bring $93K a month in subsidies…. or $1K a month with no loss of equity. Again, we can likely make arrangements with a REIT, who are professionals in running apartment buildings and let them do the maintenance, etc. And pay them the subsidy for these apartments. Even at 3% that’s $600 a month in subsidizes to make an apartment more affordable.
Kate 16:01 on 2025-07-24 Permalink
Ephraim, surely that building listed on Centris already has tenants?
Ephraim 18:17 on 2025-07-25 Permalink
Absolutely, but the point is that apartments are going for well below the cost to renovate this building. The cost to renovate this building is so extreme that you have to ask the question, is this viable at all. The location is great, which is why the building is likely worth more than it should be, with a view of the park. But are we doing justice to these people and to taxpayers.
Finding land and building further out with new insulation, new thermal heating systems, would create apartments with much lower costs to maintain. Instead, we are plowing so much in per apartment that we could just give them condos and save money.