[Moncton] The Three Sisters - 20 Record Street | 3x58m | 3x15s | Completed

[jonny golden]

Hard to say. I know they were struggling to fill units a few months ago. It does seem like more and more new faces each week but not filled. Lots of empty spots in the underground parking.

I had commented before that I thought a reasonable goal for Mr. Lafford would be to have the second sister essentially fully leased by the time the third sister was finished. That still gives him a lot of time to lease out #2.

I can't help but wonder if all these buildings will absorb the strong housing demand at some point? I know that buildings coming on line are being filled up fairly quickly, but there's so many under construction - not to mention the stuff in the pipeline.

[sailor734]

Originally Posted by jonny golden

I had commented before that I thought a reasonable goal for Mr. Lafford would be to have the second sister essentially fully leased by the time the third sister was finished. That still gives him a lot of time to lease out #2.

I can't help but wonder if all these buildings will absorb the strong housing demand at some point? I know that buildings coming on line are being filled up fairly quickly, but there's so many under construction - not to mention the stuff in the pipeline.

Yeah, I wonder about the idea of a pendulum.....If in the frenzy to build as much as possible we aren't going to overshoot and end up in an oversupply situation eventually?

[jonny golden]

Originally Posted by sailor734

Yeah, I wonder about the idea of a pendulum.....If in the frenzy to build as much as possible we aren't going to overshoot and end up in an oversupply situation eventually?

That's what I'm afraid of. Just look at Riverview and Dieppe for example. It's incredible the number of units under construction. It's almost impossible for me to keep track of them all. Fortunately Moncton CMA continues to grow, so there's still demand.

[David_99]

Delete.

[lirette]

I have to say I'm surprised by this panic about oversupply. For 4+ years I've read nothing but immigration panic, how we will never be able to build enough housing etc and now weve built a a handful of condos downtown and it's concerns about oversupply.

Isn't oversupply intended to lower the cost of living? Can we try lowering rent prices first ?

[sailor734]

No panic, just an observation that markets with supply and demand often swing from from one extreme to the other.

We don't seem to do a very good job of successfully predicting and preparing for future demand. Just look a schools. Over the decades we've gone from a building frenzy to closing/amalgamating half empty schools and now back to over crowding and portable classrooms everywhere.

[Mud]

The positives of the vacancy rate passing from around 1% as it has been to something more reasonable outweighs the exciting pace of new proposals/developments as far as I'm concerned.

We may not even see the more interesting projects downtown suffer too much, though maybe they'll be chopped down a bit. I think this is also a positive because developments should be better overall if they have to woo the now scarcer renter. Plus I was never a fan of the 20-floor+ bonanza, I think mid-rise cities are prettier.

[jonny golden]

I was thinking about this subject (is there too much building going on), and decided to look at the vacancy rates from CMHC.

https://www03.cmhc-schl.gc.ca/hmip-pimh/...=3&DisplayAs=Table&GeograghyName=Moncton

Even with the amount of units that have come onto the market in the last few years, the vacancy rates are still very low. For example: Central Moncton for units over $1500 it's only 2.4%. So there'd be a strong demand for the Saint Bernard's Place units. It would be really nice to see this project starting up as it would be a great addition to the downtown.

This is a quote from the city of Moncton website for 2024:

Estimates show that Greater Moncton has an immediate need for 3,286 new housing units, with an annual need moving forward of 1,826, including 900 units in Moncton alone.

[MonctonRad]

Safir Hammam Spa at the Three Sisters is nearly ready to open.

✨ SAPHIRE IS OPENING! ✨

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• Fridays, Saturdays & Sundays: Mixed clientele

Don't be late! Book your Moroccan experience now at safirhammam.com

������ The SAFIR team looks forward to introducing you to the millennial traditions of Moroccan hammam in an authentic and soothing setting in the heart of Moncton.

[EnvisionSaintJohn]

Originally Posted by MonctonRad

Safir Hammam Spa at the Three Sisters is nearly ready to open.

Book your Morrocan escape now… I had to do a double take ✈️

[MonctonRad]

Originally Posted by EnvisionSaintJohn

Book your Morrocan escape now… I had to do a double take ✈️

No need to go to Morocco now!

[EnvisionSaintJohn]

Originally Posted by MonctonRad

No need to go to Morocco now!

🤐 I’ll save it for the airport thread lol…

These type of mixed use high rise developments are exactly what Saint John needs more of. Continuing to hope our city’s leaders take note of, and attempt to emulate Moncton’s recent success with mid rise and high rise developments.

[MonctonRad]

Another new opening for the Three Sisters

We’re thrilled to announce the Official Opening of our brand-new clinic at 33 Foundry Street, Moncton!

📅 Date: Saturday, March 29th, 2025
🕚 Time: 11:00 AM – 2:00 PM
📍 Location: Mancuso Clinic – 33 Foundry Street, Moncton

Come tour our beautiful new space, meet our wellness team, and learn about all the services we now offer—including our highly anticipated Longevity Program designed to help you stay healthy for the next 20 years!

🎈 What to Expect:
Guided tours of the clinic
Wellness service demos
Meet-and-greet with our practitioners
Refreshments and light snacks

✨ Whether you're a current patient or new to the clinic, we’d love to celebrate this exciting milestone with you!
We can’t wait to welcome you to the new Mancuso Clinic—see you March 29th!

[MonctonRad]

Interesting time-lapse video showing construction of the Third Sister (and the Gateway Towers complex across the street).

https://www.facebook.com/712033985/videos/4043235202624654

This appears to have been filmed from one of the units in the Second Sister.

[MonctonGoldenTri]

Originally Posted by jonny golden

I was thinking about this subject (is there too much building going on), and decided to look at the vacancy rates from CMHC.

https://www03.cmhc-schl.gc.ca/hmip-pimh/...=3&DisplayAs=Table&GeograghyName=Moncton

Even with the amount of units that have come onto the market in the last few years, the vacancy rates are still very low. For example: Central Moncton for units over $1500 it's only 2.4%. So there'd be a strong demand for the Saint Bernard's Place units. It would be really nice to see this project starting up as it would be a great addition to the downtown.

This is a quote from the city of Moncton website for 2024

Estimates show that Greater Moncton has an immediate need for 3,286 new housing units, with an annual need moving forward of 1,826, including 900 units in Moncton alone.

:

Thank you for confirming the figures. I’m curious about the developers' hesitation, given that private banking and guaranteed borrowing costs (such as locked-in rates) differ significantly from those available to regular consumers. Over the past 25 years, including during the two major recessions—the dot-com bubble and the housing crisis—Moncton has consistently demonstrated healthy growth.

[jonny golden]

There are many potential reasons why some developers are delaying Moncton projects. Hopefully we'll see Saint Bernard's Place and the Junction next phase get off the ground. These are two very prominent developments that would really enhance their specific areas.

As far as interest rates are concerned, they've come down significantly in the last year. The Bank of Canada rate has been reduced by a whopping 225 basis points (2.25%) since last June. When you're talking about multi million dollar projects, it's huge.

We don't know what's going on behind the scenes, but it would be a great day in Moncton development land if we were to get an announcement regarding either (or both) of these projects being activated!

[new kid in town]

Agreed. Work on Infinity would be very much welcome, too. Hopefully it stays at 30 floors. I honestly would not care much if Moncton slows a bit for a while after as long as we still get the height.

[MonctonRad]

The Third Sister is now topped off at 15 storeys.

[habs33]

New sign being installed for the Three Sisters

[MonctonRad]

Nice sign!