From Twitter, March 2022.
Leo observes that Montreal and Quebec appear to be outliers, with low vacancy rates but limited nominal rent increases. I’m reminded of Jeremiah Johnson’s graph: the key thing is that you don’t see cities with high vacancy rates and high rent appreciation.
Notwithstanding the second graph, a careful review is warranted of why rents don't escalate in the Quebec cities despite a low vacancy rate... It is certainly suggestive of policy and cultural factors....