Ipso Facto has acquired 165 unsold condominiums at 1 Square Phillips in downtown Montreal for $65 million, converting them to rental housing.

The bulk purchase works out to roughly $394,000 per suite, compared with an average municipal assessment of approximately $503,000 per unit.

The condos were acquired from developer Brivia Group, which completed the first phase of the project at 1201-1215 Place Phillips. Ipso Facto was a financial partner in the development, joining Brivia in 2021 and extending the relationship to the project’s second phase.

The 61-storey first tower includes 498 condominiums alongside 298 purpose-built rental apartments. Amenities include wellness space, a pool, fitness facilities, a cinema, co-working areas and a 50th-floor sky lounge and terrace.

The conversion reflects a broader shift in Montreal development. CMHC reported a record 23,089 rental housing starts across Greater Montreal in 2025, compared with just 2,027 condominium starts, which remained near historic lows. “Weak investor activity, economic uncertainty and a substantial price gap between new and resale units reduced the feasibility of new condominium projects,” CMHC said.