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The Montreal skyline is dotted with construction cranes as an unprecedented building boom continues to unfold in condo and office construction. On the surface, at least, signs of prosperity abound.

But look a little deeper and you’ll see a city that’s slipping behind the rest of the country. Over the last decade, Montreal’s economy grew by an average of just 1.5 per cent — the lowest rate among Canada’s major cities. Personal disposable income is also the lowest among the country’s eight biggest cities, and unemployment is among the highest.

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The bad news doesn’t stop there. Montreal is living through a period of crumbling infrastructure, widespread corruption, failed governance, inadequate fiscal power, low private investment, an exodus of head offices and an outflow of people.

Even the real estate activity that’s dominating private investment in Montreal these days is of some concern to economists. They point out that it’s largely speculative and does little to improve productivity, innovation or the knowledge base of the local economy.