February 24, 2024

The Queens County Citizen

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CORPIQ Study | Free housing rates in Montreal and Quebec reach 10%

CORPIQ Study |  Free housing rates in Montreal and Quebec reach 10%

The rate of vacant or soon-to-be-available housing has continued its asteroid rise since the outbreak and has now reached 10% on the island of Montreal and in the city of Quebec, according to a study by CORPIQ Tap.

Maxim Bergeron

Maxim Bergeron

“The drastic reduction in immigration, the opportunity to study or work remotely, the massive return of previously rented homes to tourists, the more restrictive detention rules, the less attraction to big cities without festive events, or meeting places all increased the rate of vacancy,” the document, which will be released this Saturday, summarizes.

To come to this consideration, the Property Owners Corporation of Quebec (CORPIQ) surveyed 1,538 rental building owners with 40,000 apartments from May 27 to June 11. According to the survey, 5.6% of homes on Montreal Island are currently vacant, but 4% will vacate their tenants later this month without renewing the lease.

In Quebec City, 4.3% are vacant and 4.9% will be released soon. “The offer is plentiful,” Hans Browlett, director of public affairs at CORPIQ, summed up, saying the “benefit” was in favor of tenants. The rate of vacant or available housing in Montreal and the national capital has doubled in the past year.

In contrast, the number of vacant apartments in many areas has dropped to less than 1%. According to the CORPIQ probe, the vacant housing rate is now only 0.2% in Boss-Saint-Laurent, Lanadier and Estre. It is at a very low level almost everywhere, including the metropolitan suburbs.

Corpic illustrates this two-speed reality by the massive outpouring of city dwellers to rural and suburban areas during the epidemic, as well as the purchasing power of many young homes, which has grown in the region over the past year.

Another crisis

Although demand has fallen in Montreal and Quebec since the onset of the COVID-19 epidemic, prices have not followed a similar trend. In a report released in January, the Canadian Mortgage and Housing Corporation (CMHC) reported an average monthly rental increase of 4.2% (to $ 891) in Montreal – the largest increase since 2003. In the city of Quebec, the increase was 2.7%, with an average rent of 4 874.

Note that the prices currently charged by homeowners in the two largest cities of the province are often higher than the average calculated by CMHC. They can easily cross 500 1,500 or $ 2,000 per month.

Housing situation 1 is also approaching a critical stage this yearIs In July, Voronic Laflam, a spokeswoman for FRAPRU, an organization for the protection of tenants’ rights, argued.

What we hear from housing committees is that the number of calls from victims to various schemes for tenants to leave their homes or undergo abusive rent increases is two to three times higher than in the past few years.

Voronic Laflam, FRAPRU spokesperson

The units available, despite being in large numbers in Montreal and Quebec City, are often “too expensive” or “in poor condition”. The proliferation of “restructuring” cases has raised the feeling of anxiety among many tenants, who fear they will be fired, MTo me Flame. “It’s worrying, it’s really happening right before our eyes that the affordable housing stock is breaking down,” she said.

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CMHC data confirms the shortage of low-cost rental units. Last fall the vacancy rate was 1.6% for apartments under 25 625, 1.4% for those spending 25 625 to 99 899, and 2.7% for those renting between 7 900 and 2 1,299, and 7.4% in the 4 1,300 to 99 1,999 range.

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