Market Report
Montreal Multifamily Market Report
3Q 2025
Shift in Immigration Policies Eases Pressure on Rental Market
Population growth now weighing on demand. Quebec’s recent immigration policy overhaul has noticeably slowed population growth. In the first quarter of 2025, the province’s total population declined from the 2024 level, bringing annual growth down to 1.2 per cent. This slowdown has softened demand in the multifamily sector, pushing the vacancy rate higher. So far this year, the provincial government has doubled down on tightening immigration, including stricter French-language requirements and the suspension of the temporary foreigner worker stream in the Quebec Experience Program. As a result, population inflows are expected to weaken further, likely leading to continued population declines over the coming years. Population growth, once a key driver of apartment demand, has now become a drag on the sector. Coupled with trade-related risks that are weighing on employment and broader economic growth, demand-side tailwinds are projected to fade in the near term.
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