- Hélène Bégin, Principal Economist • Maëlle Boulais-Préseault, Economist
Economic Viewpoint
Increasing Quebec’s Housing Supply
October 3, 2023
- According to Canada Mortgage and Housing Corporation (CMHC), Quebec needs 860,000 additional housing units by 2030.
- This is equivalent to an average of 107,500 additional units per year, on top of current construction trends.
- This would allow us to keep pace with increasing demand and restore affordability to levels last seen around 20 years ago.
- There’s huge demand among several population groups, particularly low‑income households, including young people, students, foreign workers and people experiencing homelessness.
- Social and affordable housing must be prioritized.
- Adding housing doesn’t just require new construction, but also conversion and maintenance of existing buildings.
- Public funds need to be injected, but that alone won’t ease the housing crisis. First, we need to create the right conditions by reducing regulatory barriers and relaxing taxation on homebuilding.
- Municipalities and cities are responsible for implementing these conditions—in some cases in partnership with the Government of Quebec—to help kickstart projects.
- Partners from across the board need to be more involved. In addition to the private sector and the various levels of government, the cooperative sector and non‑profit organizations (NPOs) are also part of the solution.
- Many communities are already making great strides. Several initiatives have helped get projects off the ground, while others are expected to follow soon. However, more needs to be done to mitigate the current crisis.