Montreal plans to buy nearly 700 homes to keep them away from real estate speculation

Montreal Mayor Valérie Plante speaks at a press conference in Montreal on Nov. 19, 2024. Plante announced on Monday morning that the city plans to acquire 700 housing units in the Côte-des-Neiges-Notre-Dame-de-Grâce borough. (The Canadian Press/Christinne Muschi)

Mayor Valérie Plante announced on Monday morning that the city of Montreal plans to acquire 700 housing units in the Côte-des-Neiges-Notre-Dame-de-Grâce borough. The purchase is expected to represent an investment of nearly $103.8 million by the city.

The Plante administration will be exercising its right of first refusal over a number of affordable housing units in the Côte-des-Neiges neighbourhood in order to prevent them falling prey to speculation.

Management of the properties will be entrusted to the Office municipal d'habitation de Montréal (OMHM), which will be responsible over the coming months for assessing the condition of the buildings concerned and defining renovation priorities.

“Protecting more Montrealers by guaranteeing them affordable housing on a sustainable basis is our concrete way of combating the housing crisis and preventing homelessness,” said Plante.

“Our administration's efforts are producing results and bringing us closer to our goal of achieving 20 per cent off-market housing by 2050,” added Plante.

This report by The Canadian Press was first published in French on Dec. 16, 2024.