In April, the APCHQ published a report in its series of housing bulletins entitled “What is the extent of Quebec’s housing deficit?” In addition to offering a portrait of the province’s latest residential market trends, the report presents an estimate of Quebec’s available housing deficit. Here are the highlights:
The report notes the imbalance between the housing supply and its demand in Quebec, presenting the evolution of the listings/sales ratio since 2008, which has reached 2.8 by the end of 2021.
The shortage of rental units is also noted, with the vacancy rate reaching 2.5 per cent during that same period, resulting in pressure on rental prices, which reached 3.6 per cent in 2021.
The APCHQ estimates that the provincial housing deficit is between 100,000 and 110,000 units, while acknowledging the nuances of such an estimate due to substitution effects between different housing categories (in this context, private rental housing, social housing, and owner-occupied housing).
This analysis is in line with a perspective that is particularly prevalent among Quebec and Canadian real estate market observers, which stresses the importance of the supply deficit in the current imbalance.