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Spotlight on Housing

Quebec’s Housing Market Is on the Rebound

June 12, 2024
Hélène Bégin, Principal Economist, Maëlle Boulais-Préseault, Economist and, Marc-Antoine Dumont, Senior Economist

  • In Quebec, existing home sales and housing starts have picked back up.
  • The resale market is still falling in most of the other provinces, but it’s worth pointing out that Quebec’s market drop was especially pronounced.
  • Now, property sales are on the rise for nearly half the province and residential construction seems to have improved since early 2024. 
  • However, these gains aren’t equally distributed across Quebec. Even in the regions and census metropolitan areas where housing starts have improved, the results vary widely by specific location.  
  • Most building material prices have dropped since their peak, but the cost of new buildings has not followed suit. Instead, they’re still climbing. This can be explained by rising labour costs, persistently high interest rates and, most importantly, price stickiness—prices often go up more easily than they come down. 
  • Developers and building product manufacturers have been generally unable to lower their prices, even though material prices have declined. 
  • Rental construction has started back up in some regions and locations, but there is still an ongoing housing shortage in Quebec. Rents remain high and the increase expected for 2024 is higher than last year’s.
  • To sum up, Quebec’s resale market and new residential building construction have both started recovering. Some municipalities have also streamlined their approval process for new rental builds. But it remains to be seen if this will be enough to offset the housing crisis. 

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NOTE TO READERS: The letters k, M and B are used in texts, graphs and tables to refer to thousands, millions and billions respectively. IMPORTANT: This document is based on public information and may under no circumstances be used or construed as a commitment by Desjardins Group. While the information provided has been determined on the basis of data obtained from sources that are deemed to be reliable, Desjardins Group in no way warrants that the information is accurate or complete. The document is provided solely for information purposes and does not constitute an offer or solicitation for purchase or sale. Desjardins Group takes no responsibility for the consequences of any decision whatsoever made on the basis of the data contained herein and does not hereby undertake to provide any advice, notably in the area of investment services. Data on prices and margins is provided for information purposes and may be modified at any time based on such factors as market conditions. The past performances and projections expressed herein are no guarantee of future performance. Unless otherwise indicated, the opinions and forecasts contained herein are those of the document’s authors and do not represent the opinions of any other person or the official position of Desjardins Group.