There are few funds or details to accompany the Quebec government’s new promise to help post-secondary institutions secure affordable student housing in the private market. Finance Minister Eric Girard flagged plans to increase the number of student housing units as he introduced the 2024 provincial budget earlier this week, but just $7.5 million over five years is allocated for the effort.
That funding — $1.5 million per year until 2028-29 — is meant to support both the acquisition of student housing and the maintenance budget for Quebec’s private subsidized colleges. As outlined in the budget document, the provincial government intends to enable post-secondary institutions to forge rental guarantee agreements with housing providers, thus ensuring that “student-friendly housing” will be reserved in new developments.
“By enabling institutions to guarantee a minimum occupancy rate, this initiative aims to increase private-sector interest in the construction of student housing,” it states.
The remainder of the funding is intended to bring private subsidized colleges on par with maintenance levels at provincial CEGEPs. “This initiative is intended to provide college students a safe learning environment and high-quality training facilities that promote student retention and success,” the budget document maintains.
Turning to an older demographic of residents, the budget promises about $122 million over three years for private seniors’ residences, primarily to extend COVID-related extra support that was about to expire. The funding will go to operational expenses, for care-giver staff and to help cover increases in insurance premiums, rather than asset improvements.
“Some seniors continue to face housing challenges, as several private seniors’ residences have had to close their doors in recent years due to financial difficulties,” the budget document observes.
