Access to housing in the Montreal area remains relatively more affordable compared to other major cities, but the situation is deteriorating faster than elsewhere, according to a report commissioned by Centraide of Greater Montreal.
It’s the key finding of a study conducted pro bono by McKinsey at the foundation’s request and unveiled Monday during the Greater Montreal Chamber of Commerce’s Strategic Forum on Major Projects.
The situation is worsening due to the accelerated rise in rent costs, the slowdown in new construction starts, the scarcity of affordable housing for families, and the increase in visible homelessness.
Average rent jumped 35 per cent in the metropolitan area between 2018 and 2023. In the city of Montreal, the increase was 30 per cent.
The deterioration is relatively similar in other major Canadian cities, such as Toronto and Vancouver, but the rate of increase is faster than in New York, at 21 per cent, for example.
In fact, nearly 17 per cent of Montreal households do not have enough money to live with dignity once they have paid their rent.
Centraide advocates for increased investment in social housing.
The share of subsidized housing remains modest in Montreal, at 6.7 per cent in 2023. The greater metropolitan area ranks at the bottom of the sample, at 4.8 per cent.
By comparison, this proportion stands at 16.3 per cent in Boston and 8.2 per cent in Vancouver.
Renowned for its large-scale social housing program, the city of Vienna, Austria, tops the list at 27.5 per cent.
–This report by La Presse Canadienne was translated by CityNews
