Housing Costs Become Major Financial Burden for Quebecers

More than 70% of Quebecers identify housing as a “significant financial burden,” according to a Léger survey conducted for Multi-Prêts. This financial pressure has forced 40% of residents to reduce spending on leisure, travel, and savings to afford rent or mortgages, creating a climate where residents act as if they are in a recession, according to financial planner Fabien Major.

Why are Quebecers cutting household spending?

Housing costs are consuming a larger portion of household budgets, leading 37% of survey respondents to express worry over their ability to maintain payments. According to the Léger study, 67% of those cutting costs have reduced leisure spending, 55% have cut travel, and nearly half have reduced their ability to save.

Mylène Grenier, a mortgage broker with Multi-Prêts for 21 years, stated that the rise in the cost of living is “concerning.” Grenier noted that insecurity among clients has increased, observing that the situation on the ground has worsened.

Did You Know? In Montreal, a minimum down payment currently requires approximately 40 months of savings, while the Quebec City market requires about 30 months, according to financial planner Fabien Major.

How does this affect first-time homebuyers?

First-time buyers face the highest levels of financial stress, with 83% viewing housing as a significant burden and 56% worried about their ability to pay. The Léger survey found that 30% of these buyers now rely on financial assistance from their families, a figure Major says was lower in the past.

Public sentiment reflects a generational divide, with 84% of Quebecers believing younger generations are disadvantaged in accessing property. Additionally, 83% believe young people must make more sacrifices than previous generations did.

Expert Insight: Samantha Carter notes that the current crisis is distinct from the mortgage crises of the 1990s because it combines higher interest rates with inaccessible price points. The risk is that by sacrificing quality-of-life expenses first, households could face increased burnout and family tensions.

What is the impact of the government’s “welcome tax” reimbursement?

Premier Christine Fréchette announced that the government will reimburse the “welcome tax” for first-time buyers up to a maximum of $5,875. While 70% of survey respondents view this as concrete financial relief, 58% believe it will have little real impact on overall property access.

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Fabien Major argues the measure may be ineffective because the market could anticipate the rebate. He suggests property prices might simply increase by $6,000, potentially neutralizing the benefit of the tax reimbursement.

How can residents manage these costs in 2026?

Financial experts suggest using tools like the CELIAPP to accumulate down payments through planned savings. Major recommends that those forced to cut spending should do so “intelligently” rather than by instinct to protect their quality of life.

Suggested cost-saving measures include renegotiating interest rates, consolidating debts, and canceling unnecessary subscriptions. Grenier advises consulting a mortgage broker early to plan life projects and prevent housing from becoming an unsustainable financial burden.

Frequently Asked Questions

Who is most impacted by housing costs in Quebec?
First-time buyers are the most affected, with 83% describing housing as a significant financial burden and 56% worrying about their ability to make payments.

How long does it take to save for a down payment?
According to Fabien Major, it takes approximately 40 months of savings for a minimum down payment in Montreal and 30 months in the Quebec City market.

What is the government’s plan for first-time buyers?
Premier Christine Fréchette announced a reimbursement of the welcome tax for first-time buyers, capped at $5,875.

Do you believe government tax rebates are enough to offset rising property prices?