Montreal’s rental inventory is smaller than it has been in years, according to new data from the Canada Mortgage and Housing Corporation.
A CMHC report says Montreal’s residential vacancy rate dropped to 2.8% recently, a one percent dip that put’s the city’s available housing at a rate unseen since the city’s early-2000s housing crisis, reports CJAD.
The reason for the decreased vacancy rate is being attributed to the influx of immigrants flocking to Montreal thanks to the city’s recent economic boom.
More people in Montreal means more demand, and the (housing) supply can’t keep up, resulting in fewer options for renters.
But while vacancy rates are dropping, rent prices are increasing.
The average price for a rental unit in Montreal is now $766/month, a 2.2% increase.
Rent in Montreal is far more affordable than other major Canadian cities, but that doesn’t mean the city doesn’t face a housing issue.
Low-income earners are facing a limited amount of housing supply and rising rents, with salaries not increasing at the same rate.
Families with children are at a unique disadvantage. Less space is costing renters even more, making living situations all the more cramped.
That’s if a unit can be found, of course, because the low vacancy rate means stiff competition for available rental properties.
Valérie Plante committed to providing more low-cost housing in Montreal during her mayoral campaign. The mayor, however, hasn’t enacted any new policies to address Montreal’s growing housing issue. At least not yet.