Our borough of Park-Extension and indeed the entire city of Montreal is currently facing a housing crisis, with rental prices on the rise due to a limited supply of affordable housing. According to the Canada Mortgage Corporation, the vacancy rate in Montreal has steadily decreased over the past few years, reaching a low of 1.6% in 2023 compared to 3% in 2021. This trend is expected to continue, with rental prices predicted to rise further in the near future.
The situation is particularly difficult for those seeking modest, small, and inexpensive housing in Greater Montreal. Inflation is one of the factors contributing to this trend, as confirmed by Grégoire Gervais-Vachon, founder of the loge.moi application. Tenants who are paying favorable rates are reluctant to leave their housing for fear of losing their preferential rates, making such housing even scarcer on the market.
As a result, many people are turning to Facebook groups and applications such as Logements entiers à Montréal, 1000 and less, which have seen a surge in popularity. According to Alexe Robert, the founder of the application, they have received around 20,000 membership requests in the past two months alone, indicating a high demand for affordable housing.
The housing crisis is having a significant impact on the lives of Montrealers, especially those with limited financial resources. Without access to affordable housing, many individuals and families are struggling to make ends meet. Some are even forced to choose between paying for housing and other basic needs such as food and healthcare.
To address the issue, the government and private sector need to work together to increase the supply of affordable housing in Montreal. This could involve providing incentives for developers to build more affordable housing, implementing rent control measures, and investing in social housing projects.
In addition, tenants can take action by staying informed about their rights and advocating for their needs. This includes familiarizing themselves with the laws and regulations surrounding rent increases, seeking out resources and support, and joining tenant organizations to voice their concerns.