Nick Slobodinuk, Executive Vice President, real estate broker PMML, a summary of statistics shared by the IDU during its event entitled Montreal real estate market trends 2023.
Since 2009, interest rates have fluctuated from very low to 5%. The Bank of Canada has increased rates to counter inflation. The consequences are starting to be felt, especially on five-year refinances. Population growth is on the rise despite the rates. GDP has slowed due to higher interest rates. Inflation is expected to return to around 2%. Rates are likely to remain high until 2025. Housing starts dropped in 2023, but the demand for housing remains strong despite construction costs rising by 41%. The government is considering measures to alleviate the housing crisis.