2024 Housing Market Outlook

Anticipate a decline in housing starts for 2024 following a year of record activity

Rental construction has gained traction in recent years, notably expanding its share of multi-unit starts. Despite tight financing conditions expected to impact activity in 2024, demand for rental housing continues to drive growth in purpose-built rental construction.

High land and construction costs, along with financing constraints are making it hard for some multi-family projects to move forward. Favourable financing policies are likely to support rental constructions near the city core, while new condominium developments are projected to focus on areas with lower land costs. These include Coquitlam, Port Coquitlam, Port Moody, Maple Ridge, Surrey, Delta, Langley, within the North and South Fraser regions.

We anticipate these multi-family projects to account for most of the decline in new home constructions in 2024 but are expected to rebound as monetary policies ease in 2025. Construction activity is forecasted to return to previous levels by the end of 2025, driven by the persistent high demand for housing in Vancouver.

The provincial government's announcement of zoning policy changes across British Columbia in 2023 is set to pave the way for higher density development in existing single-detached zones. This will likely lead to an increase in ground-oriented multi-family developments in the upcoming years.

We project construction of single-detached homes will continue to decrease due to limited greenfield space and profitability concerns compared to higher density housing types. While a resurgence is expected in 2025, it is forecasted to remain below the peak levels observed in 2022.

Price declines will reverse as homebuyers’ budgets are expected to expand

Resale activity is expected to pick up in 2024 across Metro Vancouver. The trend of declining prices that began in 2022 is expected to end in 2024. The average resale price will grow in 2025. By 2026, the average resale price in the Lower Mainland will surpass all-time highs last seen in early 2022. This shift in trend follows signs of stronger resale activity at the end of 2023, as prices stabilized and homes saw fewer days on market than the peak at the end of 2022.

Prices in 2024 will be supported mostly by expectations of lower mortgage rates as the Bank of Canada may begin cutting the policy rate by mid-2024, continuing into 2025. Tightening monetary policy over the past couple of years shrank consumers’ budgets and dampened real estate activity across the region. As mortgage rates may change before policy rate decisions, resale activity could quicken earlier than official policy rate changes.

Average incomes rose in 2023, faster than the previous 10-year average, as the economy remained inflationary. We expect incomes to continue growing, but at a slower pace than in recent years. This growth will allow for higher homebuyer budgets and loans.

Price growth in 2024 will not be equal across all housing types. As mortgage rates fall, the most affected buyers will be those seeking lower-priced homes. These homes are further away from the city core, in the North and South Fraser regions. Following lower mortgage rates in 2025 and 2026, single-detached home prices will grow faster.

Higher mortgage rates in the previous 2 years may also have delayed potential first-time homebuyers. As this subset is more likely to buy lower-priced homes, a stabilizing environment may encourage them to resume those plans, further increasing demand for lower-priced apartments and attached homes in the suburbs.

Existing home sales will rebound, driven by demand for lower-priced apartments and townhomes

After a weak 2023, home sales will begin to increase in early 2024, and into 2025. Like prices increases, these sales will be focused first on more affordable units in the suburbs, but increased activity will eventually be reflected in all housing types. Sales will continue to increase into 2026 but will remain well below the highs seen in 2021.

Apartment units will account for an increasing share of resales. Part of this is due to the continued shift in construction activity, with increasing numbers of condominium units being completed each year. More resales will be multi-family units based in the South Fraser region.

Metro Vancouver’s economy was resilient in 2023, despite contractionary monetary policy. In 2024, it should see marginal growth, before expanding in 2025 and 2026. The unemployment rate in the region rose from recent lows at the end of 2022 but has since moderated to levels seen in 2016. It is expected to stabilize at these higher levels, before coming back down in 2025 and beyond.

Rental demand continues to be high, with more rental supply on the horizon

Rental demand will remain high in 2024, contributing to continued rent growth across all bedroom types. We expect that turnovers will continue to be low, as existing renters have limited alternatives in the rental market.

As mortgage rates decline, some households that transition from renting to homeownership may alleviate some rental demand. However, if immigration to British Columbia (which is absorbed by Vancouver) remains at levels seen in recent quarters, it will continue to put pressure on the rental market, as immigrants are more likely to be renters.

Vacancies will remain low, but the rental universe will see expansion in the next few years. Record levels of purpose-built rental units under construction will drive this growth, as many of these projects are expected to enter the market in the next few years.

The average 2-bedroom rent will continue to rise at similar rates to those seen recently, as new units come to market and turned-over units adjust to market rents.

Changes to international student migration policies will have an impact on renter demand in the region, as international students are most likely to be renters. However, this impact is unlikely to be immediately measurable as these changes won’t decrease this student population right away. Further into 2025 and 2026, these policies may weaken rental demand, but it will still be strong.

Risks to the outlook:

Potential upside factors boosting construction, sales and prices include:

• higher-than-expected immigration inflows
• earlier- or larger-than-expected rate cuts
• new policies meant to encourage development

Conversely, downside risks to the outlook encompass:

• prolonged periods of elevated interest rates
• implementation of policies targeting reduced population inflows or constraints on the resale market

Forecast Summary — Vancouver CMA

Sources: CMHC, Greater Vancouver REALTORS®, Fraser Valley Real Estate Board

The forecasts included in this document are based on information available as of March 21, 2024.

Positive economic conditions will bolster housing market

Economic fundamentals are poised to drive construction and resale activity in the housing market throughout the forecast period. The economy of Alberta presents an overall positive outlook, characterized by favourable labour conditions, stable energy prices and significant investments in the petrochemicals, oil and gas, and power sectors.

This positive outlook is likely to continue in the short term, supported by employment gains across various sectors, including construction, wholesale and retail trade, and professional and technical services.

Moreover, relative housing affordability and lower living costs in Edmonton are anticipated to continue attracting both international and interprovincial migrants, leading to higher population growth. The housing market is projected to remain active over the forecast horizon, supported by strong demand fundamentals.

The historical trend of average housing prices for Edmonton, Toronto and Vancouver show that the price ratios between Edmonton and these larger centres are at their lowest in decades. With comparable average household incomes, this implies that homeownership remains much more attainable in Edmonton than in the other major markets.

New construction expected to grow, spearheaded by multi-unit housing

Housing starts are expected to remain strong in 2024, comparable to what was observed in 2023. We also expect starts to trend upward in 2025 and 2026, driven by sustained demand for new multi-unit housing and expectations of continued growth. Favourable economic conditions, population inflows and reduced housing inventories will encourage developers to start more multi-unit projects.

Single-detached home construction is forecasted to slow further in 2024, following a decline in 2023 due to reduced demand for this dwelling type. Higher interest rates and stricter financing requirements temporarily discouraged some potential buyers of new single-detached homes, leading to builder inventory accumulation. However, demand growth is anticipated as mortgage rates decrease, and this will likely encourage the development of new single-family homes in 2025 and 2026.

Multi-unit developments, on the other hand, are projected to drive a large share of growth in housing starts. More of these dwelling types were started relative to single-family homes in the past year. Developers responded to the demand for lower-priced units, which increased as households reached the limits of their borrowing capacities. This trend is projected to continue in 2025 and 2026.

Driven by low vacancy rates and renewed investor interest, purpose-built rental and condominium apartment construction will continue to trend upward. Industry sources suggest that investor interest has picked up significantly, especially given the tightening rental market with more condominiums been used for longer-term rentals, as well as the recent implementation of city-wide zoning changes.

In addition, government financing and incentive programs started in the past year are expected to bolster housing starts over the forecast horizon.

However, market conditions will be impacted if energy prices differ significantly from forecasts and inflation persists and therefore delays interest rate cuts. On the other hand, stronger population and income growth could strengthen housing demand and drive more activity on the market.

Strong demand, low inventories of existing homes will drive average price growth

Resale transactions are expected to rebound in 2024, experiencing modest growth fueled by strong demand for more affordable units, like row homes and condominiums. However, sales may be tempered by limited supply. As economic fundamentals improve, and more supply becomes available, further expansion of resale transactions is anticipated in 2025 and 2026.

The MLS® average price is also projected to grow moderately over the forecast horizon. Strong demand and low inventories are expected to put upward pressure on prices. Also, we anticipate that, as interest rates decline, the demand for higher-priced housing units will rebound, resulting in average price growth.

Rental market will remain tight as low vacancy rate drives growth in average rent

Persistent strong demand for rental units and insufficient supply are expected to lead to further declines in vacancy rates in 2024 and 2025. This trend should persist as long as Edmonton’s population continues to grow. However, if construction activity aimed at meeting rental market demand aligns with expectations, vacancy rates could increase only marginally in 2026.

New apartment condominiums intended for long-term rental are not anticipated to play a significant role in expanding supply in the near term. Also, the recently announced cap on student visas by the federal government isn't anticipated to have a material impact on rental demand in Alberta markets over the forecast horizon.

Similarly, the average rent for a 2-bedroom apartment is forecasted to increase from 2024 to 2026 at a pace exceeding the 10-year average. This growth will be driven by low vacancy rates and the addition of new residential apartments with higher rents to the rental universe.

Forecast Summary — Edmonton CMA

Sources: CMHC, CREA

The forecasts included in this document are based on information available as of March 21, 2024.

Housing starts will increase as strong fundamentals drive housing market activity

Positive economic and labour market conditions in Alberta, along with stable oil and gas prices, are expected to continue driving demand for housing of all types and tenures over the forecast period. Demand should persist for more relatively affordable unit types, which cater to potential homeowners most impacted by high mortgage rates. The market will remain active, supported by:

• strong population growth, driven by both international and interprovincial migration;
• growth in the population of young adults (18 – 24) and the core working-age population (25 – 44); and
• rising employment and growth in local wages and household income levels.

In 2024, housing starts are projected to reach new highs as builders respond to strong demand and limited inventories. In spite of higher costs and stricter financing conditions in 2023, price and rent increases maintained the profitability of projects for developers and a record number of projects were initiated that year. With low inventories, particularly for multi-unit structures and lower-priced homes, builders will likely continue breaking ground on these types of dwellings in the coming years.

Despite a growing stock of unabsorbed single-detached homes caused by lower demand, a marginal increase in starts of this dwelling type is expected in 2024. Total starts should rise over the forecast period, driven by increased multi-unit construction, including semi-detached, row homes and apartments (both purpose-built rentals and condominiums).

Industry sources suggest that the long-term rental supply shortages will continue to encourage developers to construct more purpose-built rentals for years to come. With building permits issued for residential projects (both commercial and multi-family), construction is expected to increase further once interest rates start to decline.

Federal funding and proposed regulatory changes introduced in the past year are also expected to support housing starts in the census metropolitan area (CMA) further into the forecast period.

However, due to the level of macroeconomic uncertainty, the outlook for Calgary’s housing market may change if inflation persists and interest rate cuts therefore happen later than expected. The outlook could also change if oil and gas prices end up being significantly different from estimates. On the other hand, housing demand could be further strengthened by higher population and income growth.

Limited inventory will keep sales growth moderate and cause prices to rise

We expect MLS® sales to rise throughout the forecast period due to strong demand fundamentals. This rise will, however, be moderated by limited inventory of lower-priced dwelling types. The demand for more affordable units such as row homes and condominium units will drive sales in the short term. But affordability concerns stemming from high mortgage rates might delay resale transactions of higher-priced properties.

According to housing industry sources, sales of existing homes will remain strong as more supply is introduced into the market from downsizing or upsizing homeowners, even if mortgage rates remain elevated.

Similarly, the average MLS® price is forecasted to trend upwards until 2026 as low inventories help maintain sellers’ market conditions. Although new listings are projected to increase in 2024, the increase will be outpaced by sales, and greater competition among buyers will put upward pressure on prices. Despite the substantial number of ongoing housing developments, we expect that it will take some time for new supply to catch up to demand and moderate price growth.  

Calgary’s rental market will tighten further as units remain in short supply

Despite a growing rental universe, the vacancy rate for purpose-built rental apartments is forecasted to edge lower in 2024 and 2025. Rental units will remain in short supply as demand continues to be driven by population growth combined with less mobility into homeownership. The recently announced cap on student visas by the federal government isn't anticipated to have a significant impact on rental demand in Alberta markets over the forecast horizon.

Purpose-built rental construction activity has been growing in the past few years: more than half of all apartments started in 2023 were targeted at the rental market. We expect this trend to continue over the forecast horizon.

While the potential addition of new rental supply isn’t projected to offset demand totally, it may moderate further declines in the vacancy rate by 2026. Industry sources suggest that more builders now have a rental division and they are capitalizing on strong rental demand (row homes and laneway homes). Additionally, they have the ability to develop a wider variety of rental options given zoning changes in recent years.

With persistently low vacancy rates, we expect the average rent for 2-bedroom apartment units to increase further this year and until 2026. Average rent surged by 14.3% in 2023, the fastest pace in over a decade, as the vacancy rate declined to 1.4%.

Rents will continue to face upward pressure as rental demand outpaces supply in the short term. Also, new higher-priced rental apartment units added to the rental universe will contribute to higher average rents.

Forecast Summary — Calgary CMA

Sources: CMHC, CREA

The forecasts included in this document are based on information available as of March 21, 2024.

Housing starts will decline through 2025, led by the apartment segment 

The outlook for the housing market in the Toronto census metropolitan area suggests a decline in housing starts that will persist through 2025, with a primary impact on the apartment segment, which accounts for most starts in the region.

Anticipated to extend into 2025, this decline is set to predominantly affect the apartment sector, which plays a significant role in new construction activities within the region. Challenges on both the demand and supply sides have led to a pessimistic stance among apartment developers. Factors such as heightened mortgage rates and escalating costs of materials, labor, and financing are expected to result in fewer project initiations during 2024 and 2025. The reduced profitability of condominium and purpose-built rental projects has further dampened the outlook for apartment starts.

The forecast highlights a shift in apartment projects toward suburban municipalities within the CMA, known as "the 905." Developers are capitalizing on lower land costs in these areas to offer more cost-effective housing options, catering to the growing demand for affordable accommodations among prospective buyers and tenants. This regional trend underscores the evolving dynamics of the real estate market, with affordability becoming a key factor influencing development patterns.

The expected slight increase in ground-oriented housing starts

There is an anticipated upturn in the initiation of ground-oriented residences, comprising single-detached, semi-detached and row homes, following a decline in 2023. Projections suggest a modest increase in these housing starts from 2024 to 2026. This growth is supported by a gradual decrease in mortgage rates and a limited supply of existing homes.

Unlike apartment developments, which involve longer planning and construction periods, ground-oriented projects are poised to respond more promptly to reduced mortgage rates.

Among the newly developed ground-oriented dwellings, potential buyers are likely to favor semi-detached and row homes due to their more affordable price points. In contrast, the number of single-detached home starts is expected to remain subdued compared to historical trends, primarily due to affordability challenges that may restrict demand. Municipalities are projected to prioritize denser housing types in alignment with governmental policy objectives.

Resuming growth in the average MLS® price in 2024

Following a decline in 2023, Toronto's average MLS® price is anticipated to rebound in 2024, with continued growth forecasted for 2025 and 2026. This recovery will be supported by decreasing mortgage rates, robust population growth, and an improving economy as we progress into 2025 and 2026. The economic upturn will be further fueled by increased consumer spending, business investments, and ongoing government allocations to local infrastructure projects.

Price changes will vary across market segments. Condominium apartments, prevalent in the City of Toronto and its downtown core, are expected to experience balanced market conditions and subdued price growth. This trend will be the result of increased supply driven by factors such as:

• investors facing challenges with cash-flow-negative rental properties caused by higher mortgage rates since early 2022, leading, in part, to a recent increase in condominium listings; and
• a substantial number of condominium completions.

Conversely, ground-oriented housing types are poised to propel the growth in the average MLS® price. Demand from households seeking more living space, notably millennials with young families, combined with a limited supply of such homes resulting from new construction activities over the years, will maintain tight market conditions within this segment.

Furthermore, MLS® sales, which hit a 23-year low in 2023, are projected to rise from 2024 to 2026. Affordability challenges persist in the region, keeping sales below their recent 10-year average throughout the forecast period. While mortgage rates are expected to decrease gradually, they are likely to remain above levels observed over the last decade, impacting the purchasing power of potential homebuyers.

Rental market will remain tight

The rental market in Toronto is expected to remain tight, with the vacancy rate for purpose-built rental apartments projected to slightly increase over the forecast period from 2024 to 2026. Despite this marginal uptick, the vacancy rate will stay low enough to exert strong upward pressure on rents. Factors contributing to this tight market include high immigration-driven population growth and challenges in homeownership affordability, ensuring continued robust demand for rental properties in the city.

The incremental growth in the vacancy rate can be attributed to several factors. Firstly, there may be a slight decrease in demand from international students due to recent policy changes. Regions near post-secondary institutions and with significant student populations, such as Peel, Etobicoke, Downsview, the Annex, and Scarborough, are more likely to feel the impact of this shift.

Secondly, industry sources report that declining mortgage rates will encourage more renters to transition to homeownership. Some of these potential buyers may opt to relocate outside the Toronto CMA in search of more affordable housing options. The region's high cost of living has already led to a notable migration outflow to other parts of Ontario and Canada in recent years.

Lastly, the high number of purpose-built rental and condominium apartments currently under construction, with a considerable percentage of the region's condominiums being rented out (38.4% in 2023), could contribute to a slightly higher vacancy rate. The surge in purpose-built rental apartment starts in 2023, reaching a historical peak since 1990, is anticipated to result in the completion of these units by 2026.

Potential risks to the outlook

Upside risks to the housing forecasts include higher-than-expected population and income growth, as well as recent or potential policy changes that could lead to more housing starts than initially predicted.

Conversely, downside risks involve a substantial increase in listings if heavily indebted households struggle to manage their mortgages upon renewal. Weak economic growth stemming from persistently high interest rates, coupled with households prioritizing debt repayment over consumption, poses another downside risk to the housing market outlook.

Forecast Summary — Toronto CMA

Sources: CMHC, CREA

The forecasts included in this document are based on information available as of March 21, 2024.

Steady growth driven by thriving tech sector and a growing population

Ottawa is expected to experience steady growth, driven by its thriving technology sector and increased population from both domestic and international migration. Major capital projects undertaken over the next few years will further drive economic development. This growth will lead to higher housing demand, potentially making affordability issues in the region worse.

Housing starts will increase in 2024, led by high levels of multi-unit construction

Multi-unit development is expected to increase moderately in 2024 and remain strong over the forecast horizon as:

• financing costs begin to ease in 2024 and gradually decline in 2025 and 2026
• a strong rental market drives rent increases which will positively impact rental development and attract investors to condominium development
• new policies and programs encouraging the development of multi-unit and rental structures help ease the costs of development

In 2024, we anticipate increased townhome construction due to rising demand for affordable housing. This continues a trend from 2023 when condominium developers shifted focus to townhomes for their cost-effectiveness and faster build times. This trend is likely to continue in 2024 as developers try to meet the demand for more affordable housing options.

We expect a rebound in single-detached starts in 2024, driven by declining mortgage rates that will attract more buyers to the market. Developers are ready to respond to this increased demand by resuming stalled projects and starting new ones.

We anticipate a gradual decrease in financing rates throughout 2024, 2025 and 2026. Lower rates will support high levels of construction activity over the 2025 and 2026 period. We allow for downside risk in our starts forecast range for 2025 and 2026, in case economic conditions don’t improve and interest rates remain high. In this scenario, affordability is likely to decrease.

Prices will increase moderately in 2024, with lower borrowing costs increasing demand

We expect a moderate increase in house prices in 2024, driven by expected declines in mortgage rates that will boost housing demand. The upward pressure on prices is expected to be limited, as new listings are anticipated to climb when market activity increases.

House prices are expected to increase in 2025 and 2026 due to continued declines in borrowing costs and ongoing population growth, resulting in higher demand for housing.

Seasonally adjusted annual sales have increased into the start of 2024, indicating that buyers are becoming more comfortable with the higher interest rate environment. We expect this trend to continue and lead to a moderate increase in sales in 2024. This will continue into 2025 and 2026 as interest rates continue to decline.

Tight rental market should keep vacancy rates low while driving rents higher

Vacancy rates will remain low in 2024 due to a tight rental market. We expect marginal increases in the vacancy rate over the forecast horizon as rental construction is expected to keep pace with growing demand. Factors contributing to rental housing demand in the region include:

• international migration, which will remain high
• interprovincial migration, as Ottawa has attracted roughly 3,000 residents per year, on average, from elsewhere in Ontario over the past decade
• fewer people moving from Ottawa to Gatineau than the number observed during the pandemic
• unaffordability, as many renters are unable to afford the transition to homeownership

Average rents are expected to climb in 2024 as low vacancy rates lead to increased competition for available units and newly completed rental units are added to the rental supply at higher price points. Additionally, the continuation of low vacancy rates will further contribute to the upward pressure on rents in 2025 and 2026.

Forecast Summary — Ottawa CMA

Sources: CMHC, CREA

The forecasts included in this document are based on information available as of March 21, 2024.

Gradual decline in interest rates will revive the housing market, but affordability will remain an important issue

Inflation and soaring interest rates influenced the residential market in the Montréal census metropolitan area in 2022 and 2023. Housing starts plummeted. The borrowing capacity of households weakened, and property sales declined. Rental demand surged, far exceeding growth in supply. Rent increases reached record levels.

We believe the worst of that storm is probably over. Between now and next year, we expect interest rates to decrease gradually and construction costs to increase more modestly, which should stimulate renewed residential investment in the area.

These conditions will be more favourable to the creation of new housing. Housing starts will be fairly stable this year and are expected to rebound slightly in 2025 and 2026. However, this won't be enough to meet demand, as housing needs are continuing to grow and prices remain high.

Montréal will continue to attract a large proportion of Quebec’s immigrants and non-permanent residents, whose numbers have seen record growth. This demographic trend will continue to be a major source of growth in housing demand for the area, especially in the rental market.

In addition, the outflow of Montréal residents to other Quebec regions has decreased since the end of the pandemic. Overall, population growth will continue to support housing demand in the Montréal CMA.

The slight drop in mortgage rates will encourage a resurgence in resale market transactions starting this year. The average price should increase gradually, which will continue to limit movement to homeownership.

Similarly, the rental market will remain under pressure, with supply still insufficient to meet demand. Upward pressure on rents will continue, increasing housing affordability challenges.

Housing starts should stabilize in 2024, before starting to rise slowly

In 2023, housing starts in the Montréal area dropped to their lowest level since 2001.

More favourable conditions are now on the horizon, with a gradual decrease in the policy interest rate expected over the coming quarters. In 2024, housing starts should remain fairly stable compared to 2023, putting an end to the drop seen over the past 2 years.

But this upturn will be moderate and gradual. In addition, there's a lag between when new real estate projects are planned and when construction starts. A more substantial upturn in residential construction may not be seen until 2025.

Rental housing starts will continue to drive residential construction. The vacancy rate for purpose-built rental housing is low, while needs are great, and demand will keep growing. Developers remain on the lookout for business opportunities, particularly in certain suburban areas where the cost of land makes it easier to develop new real estate projects. The more financing conditions improve over the short and medium terms, the more the pace of rental construction will pick up again.

The upturn in condominium starts, meanwhile, will be slower. Rising prices and financing costs have weakened demand from both owner-occupiers and investors. Unit pre-sales have slowed sharply. There are few building projects in the planning phase. Condominium starts will decline again this year.

Lastly, starts of single-detached, semi-detached and row houses should remain relatively stable in 2024. Even if demand picks up, available land for low-density building projects remains scarce and expensive, keeping prices high and restricting the pool of potential buyers.

Renewed resale market activity will support moderate price growth

Resale market transactions should pick up this year. The pace of property sales in Greater Montréal began to recover at the start of the year, with the first signs of fixed mortgage rates easing off.

However, sales growth will remain limited by the slight increase in regional unemployment over the past few months and by persistently high prices. In Montréal, the correction that followed the real estate frenzy during the pandemic was relatively limited. After surging by just over 50% from 2019 to 2022, the average Centris® price fell by only 2% in 2023. Qualifying to purchase a home remains a challenge for many households.

Even so, the scarcity of supply on the market is still giving sellers an advantage, and prices should start to rise moderately again this year. As a result, the gradual decrease in mortgage rates will have a fairly modest effect on property affordability for potential buyers.

Rental market will remain under pressure

With the slowdown in apartment starts seen in 2022 – 2023, the number of new units completed this year will be down. Fewer than 13,000 purpose-built rental units could be added to the rental stock in 2024, compared to nearly 16,500 in 2023 (from July of the previous year to June of the current year). But demand for rental housing will continue to rise as the population grows and challenges to homeownership persist.

The rental vacancy rate is expected to decrease again in Greater Montréal. From 1.5% in October 2023, it will fall to close to 1% by October 2024.

These market conditions would encourage another sharp rent increase in 2024. In addition, last year’s steep rise in operating expenses (maintenance costs, municipal taxes, etc.) will once again drive rents up.

Rental market affordability will remain a major challenge in Montréal in the coming years as the scarcity of available units persists, especially in the lower rent ranges.

Forecast Summary — Montréal CMA

Sources: CMHC, Centris®

QPAREB via Centris®. Centris® contains all real estate broker listings in Quebec.

The forecasts included in this document are based on information available as of March 21, 2024.