Conference Board Expects Slow Growth for Montreal | City news

Montreal's real gross domestic product is expected to be 0.4 per cent in 2024, down from 6.7 per cent in 2021, 3.4 per cent in 2022 and 0.9 per cent in 2023, according to a new report from the Conference Board of Canada.

This is due to factors such as the province raising tuition fees for out-of-province students by 33 per cent and the language law.

GDP is then expected to grow by 2.2 percent from 2025 to 2028.

The city's growth rate is said to be the worst among 13 cities surveyed in the organization's February Major City Insights report. Other factors include a slowdown in home sales due to higher interest rates, new restrictions on the number of international students coming to Canada and a drop in Quebec immigration. By comparison, Canada is expected to have a growth rate of 0.7 percent this year.

The report found that Montreal's annual population will grow by an average of 1.1 percent between 2024 and 2028, and only 0.2 percent in 2028.