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Our latest Housing Market Insight analysis explores the conversion of rental apartments into undivided condominiums.
Conversion of rental properties into undivided co-ownerships is concentrated in certain central sectors of Montréal
From 2011 to 2019, approximately 3,900 rental apartments — or about 1% of the rental stock — were converted into undivided co-ownerships in the Montréal metropolitan area. These rental properties were mostly converted between 2011 and 2013. The majority of the converted units are located in Montreal, particularly in the boroughs of:
- Mercier–Hochelaga-Maisonneuve
- Rosemont–La Petite-Patrie
- Le Plateau-Mont-Royal
Has the construction of rental apartments been distributed geographically over the past few years in Greater Montréal?
From 2015 to 2019, with the slowdown in the new condominium market, more and more rental units were built. On average just over 6,000 units were added each year. This increase in units was expected to boost choice for the city’s many tenants and reduce the pressure on rents. However, the massive influx of new rentals may not have been evenly distributed across Greater Montreal. From 2011 to 2019, about three quarters of these units were located outside Montreal, particularly in the suburbs. In the vast majority of the boroughs of the Montréal City, barely a few dozen units were added to the existing rental stock.
The conversion of rental apartments into undivided co-ownerships withdrew rental units from the market from 2011 to 2019. This may have put downward pressure on the vacancy rate and made it more difficult for renter households to find housing. However, the decreases in the vacancy rate recorded between 2015 and 2019 in the Montréal CMA indicate that other supply and demand factors likely influenced the rental market.
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