May 29, 2022

La Ronge Northerner

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Autopsy of a home crisis

Housing prices are exploding, affordable housing is declining … Montreal is in the midst of a housing crisis. If we comfort ourselves when we compare ourselves, the situation of a good number of families will not be a concern. As population growth is currently increasing it remains to be seen whether residential construction will be adequate to meet the needs. Here is some data from the comprehensive “Portrait of Homes in Geter Montreal” published by the Montreal Metropolitan Community (CMM).

Released at 6:00 p.m.

Isabel Ducas

Isabel Ducas
Press

4.6 million

Photo by Robert Skinner, La Press Archives

In 2021, the Montreal Metropolitan Community (CMM) had a population of 4.1 million.

According to estimates by the Quebec Institute of Statistics (ISQ), which represents 48.7% of Quebec’s population, this is the projected population of Greater Montreal in 2041. By 2021, MWC had a population of 4.1 million. This increase will be mainly on the basis of international migration in the central sectors and metropolitan migration in the outer suburbs.

243,000

According to ISQ growth forecasts, the number of new families moving to the Montreal area over the next 20 years, or 12,150 families per year.

Infographic The Press

Infographic The Press

Infographic The Press

23,500

The average number of new homes built annually in the area since 2016. Despite epidemics and population decline between 2020 and 2021, residential housing continued to increase in the region, and by 2021, Montreal integration and the Northern Crown had reached incomparable highs for more than two decades.

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Between 2020 and 2021, the average rent in the region increased by 3.7%. For the third year in a row, the annual increase is significantly higher than the 20-year average (2.8% between 2002 and 2021). Among the region’s major geographical areas, the increase was 4.7% in Langue, 3.7% in Montreal, approximately 3.5% in the suburbs, and 2.7% in the Laval. […] In 2021, the average rent for a two-bedroom unit in the CMM area was $ 935, but reached $ 1,140 for unused units, so rent is available.

Excerpt from Montreal Metropolitan Community “Portrait of Houses in Greater Montreal”

200,000

The number of low-income tenants faces housing problems. About 8% of rental families live in homes that require major repairs, and 10% live in congested homes.

3%

Photo by David Boyle, Law Press Archives

By 2021, the average rent for a two-bedroom unit for rent in the CMM area is $ 1,140.

Rental housing vacancy rate in Greater Montreal, which refers to the equilibrium rate. The rate was 1.5% in 2019. However, this ratio is lower in the northern crown (0.4%) than in the Montreal (0.9%), longer in the longevity integration (1.2%) and lower in the Laval (2.2%). (3.6%). In the city of Montreal, the vacancy rate is high: 7.9%. The vacancy rate for lower priced units is lower than average: 2.8% for rent of $ 750 and below and 2.3% for rent of $ 750 to $ 940.

20,000

The number of units or rooms in Greater Montreal, before the epidemic, was advertised on major short-term rental websites (Airbnb and VRBO) rather than the traditional rental market.

4 Rising prices in the resale market for one-family homesAnd Quarterly 2019 to 4thAnd In the 2021 quarter in Greater Montreal, the price of condominiums increased by 32%. Since the early 2010s, home real estate prices have more than doubled in terms of household income.

+47%

2%

Photo by David Boyle, Law Press Archives

Since the early 2010s, the price of residential real estate in Greater Montreal has doubled faster than household income.

The proportion of condominiums in the area owned by non-residents is an event that mainly affects the city of Montreal.