Submitting for this truly astonishing quote:
" Landlords in Quebec, however, feel they need to catch up to other provinces as Quebec is still one of the most affordable places to live in the country, said Jean-Olivier Reed, a spokesperson for the Quebec Landlord Association (APQ)."
That’s still good though. If there are people willing to move into those luxury places, they are probably freeing up some other capacity, and so on. More supply is never bad. As long as they are building in density, it will help with housing affordability.
The assumption that they’re freeing up other capacity isn’t necessarily true. There are several counter samples on my mind and there are probably more.
In fact one of the main points of the article is that Montreal has been building faster than population growth and housing is still drastically going up in price.
That’s because Montreal doesn’t exist in a vacuum. It’s maybe the only city in Canada with a remotely good approach to urbanism, and as a result one of the most affordable cities to buy housing in Canada. So there is added demand for Montreal real estate from the rest of the country, which contributes to rising prices.
What about house flippers?