Canada Global(Web News) The Canadian Mortgage and Housing Corporation is reporting that the average rent in the city has reached a record level, raising fears that Montreal’s housing crisis could worsen amid record high rents.
And housing advocates fear the situation could get worse.
This year’s report shows a record increase in rents in Montreal, according to new numbers released by the Canada Mortgage and Housing Corporation in its annual rental market report. The price of a two-bedroom apartment has increased by 7.9 percent. This is the largest increase in the last 30 years.
The vacancy rate also declined in 2023, sitting at 1.5 percent compared to 2 percent last year. That’s something Montreal city officials are worried about.
“That’s why in the city of Montreal we want to speed up building permits,” said Benoît Doris, vice-president of Montreal’s executive committee.
The Coalition of Housing Committees and Tenants Associations of Quebec (RCLAQ) says the low vacancy rate limits people’s options, often pushing them into situations where they can’t afford the rent.
Quebec is poised to pass its controversial Bill 31, but it does not include a rental registry. That worries advocates like Bill Dassault. “It will probably have a negative impact on the situation,” he said.
