The Quebec government presented its strategy on Thursday to resolve the housing crisis without new funding.
At least 560,000 new homes need to be built by 2034 to meet demand said Housing Minister France-Élaine Duranceau at a press conference in Trois-Rivières.
“The housing crisis has been significant for several years, the supply is insufficient,” she said referring to immigration. “Demand has increased, among other things with the massive arrival of asylum seekers on our territory.”
Around $3.7 billion should be invested over the next five years to make housing more affordable and help households in need.
When asked why the new measures were not accompanied by a funding announcement, the minister argued that housing announcements are made during budgets updates.
Quebec is expected to launch their first call for tenders to build 500 prefabricated affordable housing units. The rules and requirements will focus on technology, productivity and reducing time to quickly build the homes.
“We are determined […] to find the path to affordability,” said Duranceau.
The average price of a single-family home on the resale market jumped by 50.6 per cent from 2019 to 2023.
Additionally, the average rent price for a two-bedroom apartment rose to 17.4 per cent in 2023 compared to 2022.
The rental housing vacancy rate stood at 1.3 per cent in 2023.
–This report by La Presse Canadienne was translated by CityNews