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Market Report

Montreal Multifamily Investment forecast

2022 Outlook

Life Science and Aerospace Jobs Aiding Local Employment as Students Return

Return of in-person learning will push down vacancy. A high concentration of life science, technology and banking firms enabled the Montreal labour market to boast an unemployment rate 100 basis points below the 2019 recording at the end of last year. Many businesses within these industries expanded during the pandemic, while an easier transition to remote work allowed for fewer initial job losses. Growth in higher-income roles like these coordinate with the plethora of local academic institutions that foster a deep talent pool, incentivizing Canadian and foreign firms to enter the metro. In addition to supporting a healthy labour market, student demand for off-campus rentals contributes to the strength of the multifamily segment. Temporary remote learning during the health crisis led to a mild vacancy climb; all four of the metro’s largest universities, however, received the go-ahead from the Quebec Premier Legault to resume in-person activities in 2022. As students return to classrooms, rental demand will follow, keeping metro vacancy very tight.

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