According to the RCLALQ, several parts of Quebec, including neighborhoods on the Montreal Island, experienced rent increases of up to 18%. The reasons for this are as follows:
Increased demand: The number of people immigrating to Quebec, especially Montreal, has been steadily rising. Since 2009, there has been a 108% increase in immigration to Montreal.
Interest rates: Rising policy interest rates have made it unrealistic for many young households to afford buying real estate, forcing them to remain in the rental market. Additionally, higher interest rates have compelled real estate developers to raise rents to cover their increased financing costs.
Typically, a housing vacancy rate of 3% indicates a balance between supply and demand. However, as of 2023, this rate has dropped to 1.5%, the lowest in 15 years.
Due to this shortage, apartments receive numerous visit requests within minutes of being posted on platforms like Facebook Marketplace, Kijiji, Craigslist, and other housing groups. Some apartments get leased immediately.
It is crucial to communicate with the landlord or representative of an apartment before using our Visit service. Ensure that you can secure a visiting date and time before requesting us to certify the apartments for you.
