Residential starts have fallen much more in Quebec than in other Canadian provinces this year, a situation denounced by a researcher from the Montreal Economic Institute.
“The best way to slow the rapid rise in housing prices is to increase supply,” says Gabriel Giguère, public policy analyst at the MEI. “It is not normal that the city of Vancouver alone has almost as many construction starts as the entire province of Quebec. »
Between January 1 and November 30, there were 29,963 residential starts in Quebec, according to the most recent data of the Canadian Mortgage Corporation and Housing. This represents a drop of 35 percent compared to the same period in 2022.
For comparison, Metro Vancouver saw construction begin on 29,882 housing units in the first 11 months of this year.
Quebec shows the largest decline, far ahead of the next province – Newfoundland and Labrador – where housing starts are down 18 per cent. Nationally, the average decrease is eight percent.
Mr. Giguère indicates in particular that the greater Montreal region alone is responsible for nearly two-thirds of the decrease in construction starts in Quebec this year.
He recalls in particular that the Plante administration has, since coming to power, hindered the creation of 23 760 housing.
“Interest rates, material prices and labor shortages are realities from coast to coast,” explains Mr. Giguère. “The gap between Quebec and the other provinces comes rather from the fact that in other large Canadian cities, we do not see developers as enemies, but rather as allies on the housing issue. »
2023-12-19 05:04:33
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