Doing nothing now will only worsen the housing crisis
- May 7th, 2024
Quebec is facing an alarming housing crisis with a 32% decrease in housing starts in 2023. This situation is mainly due to increased construction costs and interest rates. Key players in the real estate industry, including the ACQ, APCHQ, CORPIQ, and UDI, are calling on the Quebec government to take urgent measures to increase the housing supply.
To resolve this crisis, it is necessary to build more housing. According to the CMHC, 1.2 million apartments need to be constructed by 2030 to restore affordability.
While the 8,000 social and affordable housing units announced represent a positive step, they are only a partial response to the crisis. Industry players are calling for the implementation of a government action plan for housing, including measures such as exempting Quebec sales tax on new rental housing, creating a government and municipal infrastructure fund, and supporting the renovation of rental properties.
