BEFUNKY - Montreal, Quebec City and Gatineau are all experiencing housing challenges but in their own way. Immigration, inflation and labour costs are still plaguing a somewhat recovering market for 2024.
An average two-bedroom purpose-built apartment went for $1,252 last year, an increase of 8.9 per cent. And while home prices have generally stabilized since 2022 limited inventory resulted in the average provincial home price hitting a record $507,740 in January. However, the average price of a newly built home topped $870,000 in December.
“You don’t have a lot of municipalities that will allow four units,” he says. “Municipalities need to be sensitized to this need for densification. There’s a lot of the classical view of single home, detached family. So, this is maybe something that will go forward, but right now you don’t have the political feeling that it’s changing.”