Market Report
Montreal Multifamily Market Report
3Q 2024
Renters Confront Rising Market
Pressure Amid Slowing Construction Activity
Population growth continues to heighten rental need. With four times as many temporary residents arriving last year as in 2022, Montreal’s overall population grew by 2.9 per cent in 2023. This significant population increase, combined with elevated borrowing costs that hinder the transition to homeownership, has led to surging apartment demand and a drop in multifamily vacancy to under 2.0 per cent last year. In 2024, Quebec is set to welcome 10 per cent more new international students as part of Canada’s immigration policy reform. Preliminary data shows that the metro area’s working-age population already grew by 3.4 per cent year over year in the first half of 2024, an acceleration from last year’s rate of increase. This upward momentum is expected to continue bolstering rental demand, putting further downward pressure on the vacancy rate.
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