economie

Before people rush to Montreal to live their best life, they should know my city’s beautiful veneer is starting to crack

Apartment prices have jumped in recent years, especially in luxury buildings.

Thanks to provincial protections that limit and regulate rent increases for existing leases, Jemmott’s monthly payment has only gone from 900 to 1,100 CAD over the last eight years.

But similar units in her building now cost 1,500 to 1,700 CAD a month, and things only seem to worsen for new renters. According to The Coalition of Housing Committees and Tenants Associations of Quebec, Montreal rental prices have increased by an average of 27% between 2020 and 2024.

Even after Jemmott decided she was willing to downsize from a two-bedroom to a one-bedroom apartment to live in a building with more amenities, her search ended in vain. For now, she’s staying put.

Michael Falduto, a ReMax real-estate broker who serves Montreal and its surrounding suburbs, isn’t surprised by Jemmott’s experience.

He said that before the pandemic, renters could secure a “luxury condo in a big complex with a pool and all kinds of amenities” for 1,500 CAD a month. Now, renters are getting “a standard two-bedroom” for the same cost.

The broker added that when one of those “unicorn” affordable luxury apartments comes on the market in Montreal, he’s inundated with 10 to 15 tour requests almost instantly.

Concordia is one of Montreal’s big universities.

To make matters worse, if young professionals don’t speak French, there isn’t a lot of incentive for them to stay and strengthen the Quebec market.

New language signage laws in Quebec, which will come into effect in June 2025, state that businesses must give French at least twice as much space on their storefronts as any other language.

Even the construction signs are in French.

Businesses also have to compete against the city’s carousel of construction projects, which can reduce foot traffic, among other issues. After all, at 382 years old, Montreal requires a lot of upkeep.

According to the City of Montreal website, more than 500 construction projects are carried out within the territory annually, which is why locals quip that Montreal has two seasons: winter and construction.

“It’s not even a joke when I say even if the city opens up a 6-inch hole in the pavement, something like 12 cones appear all around it,” Castanheira told BI.

Although it’s been a big year for new housing construction in Montreal — up 226% since June 2023 — which we surely need, most of these seemingly never-ending projects are infrastructure repairs.

I have loved raising a family in Montreal, but I can also see its flaws.

When the weather warms up in the summer, we gather on restaurant terraces, savor amazing food, and temporarily forget about politics and potholes.

But Montreal is far from a fairy tale. Like any city, we have flaws.

Beneath the enchanting facade lies an imperfect reality, including housing scarcity, restrictive provincial regulations, and the steady multiplication of our ubiquitous orange cones.

Before you hastily pack up your things or apply for your Canadian visa, dive below the surface of that “best places to live” listicle by doing some of your own research.

Read the original article on Business Insider

https://www.businessinsider.com/montreal-cost-of-living-quality-of-life-issues-local-2024-9