The governments of Canada and Quebec, along with the City of Quebec, announced earlier this week the investment of nearly $32.5 million on the future Maison de Lauberivière.
This project, which is slated to begin construction on March 2019 in the St-Roch neighbourhood of Quebec, will be a 10,000-square-metre building that will offer 7 storeys of 149 housing units, especially for the city’s most in-need populations.
The Maison de Lauberivière is scheduled for completion on January 2021.
Read more: Quebec group urges politicos to make ownership more attainable
According to the Quebec Federation of Real Estate Boards, intensified sales activity has considerably depleted the supply of homes in the province during the third quarter of the year.
Inventory fell to a 7-year low of 62,123 residential properties, which was 9% lower than during the same quarter in 2017. This also represented the 11th straight quarterly drop in the number of for-sale listings.
Meanwhile, 18,798 purchases were recorded in Q3 2018, which was 5% higher year-over-year.
“What’s important to know is that this result represents a new third-quarter sales record, as well as the seventeenth consecutive quarterly increase in residential sales in Quebec,” QFREB market analysis manager Paul Cardinal said.