Sept-Îles Rental Market 2026: The North Shore's Most Dramatic Housing Crisis — and Its Biggest Construction Response

Sept-Îles is the largest city on Quebec's North Shore, with close to 27,000 residents. A world-class deep-water port, a major industrial hub (ArcelorMittal iron ore, Rio Tinto Fer et Titane, QIT), and the southern terminus of the Quebec North Shore and Labrador Railway — Sept-Îles is a city whose economic fortunes are tightly bound to global commodity cycles. Its rental market followed a striking trajectory between 2020 and 2024, falling from a healthy balanced market to near-zero availability in four years. By 2026, an ambitious 121-unit development on Rue Comeau represents the largest single housing response in the city's recent history.

The Numbers: One of Quebec's Most Dramatic Vacancy Collapses

Verified CMHC data for Sept-Îles:

October 2020 — Avg. rent: ~$620/month | Vacancy: 5.8% (balanced) October 2021 — Vacancy: 4.1% 2022 — Avg. rent: $721/month | Vacancy: 1.4% 2023 — Avg. rent: $784/month | Vacancy: 1.3% | Rent change: +8.7% October 2024 — Vacancy: 0.5% 2025 — Avg. rent: ~$900/month | Vacancy: CMHC data withdrawn* | Rent change: +15%

*CMHC withdrew its 2025 Sept-Îles vacancy figure due to statistical reliability concerns with the sample. Per Guy Berthe, president of the OMH de Sept-Îles board and head of CODELO, the rate "still looks very much like" the 0.5% of 2024, as no significant new supply arrived in the interim.

In five years, Sept-Îles went from 5.8% vacancy — above equilibrium — to 0.5% in 2024. That's one of the most rapid declines of any Quebec city documented in the CMHC data over this period.

The 15% rent increase in 2025 — reported by Radio-Canada Côte-Nord in December 2025 — is the steepest on the North Shore for that year. Guy Berthe's warning to local media was unambiguous: "If we don't act now, we're going to find ourselves at some point in a kind of terrible chaos."

The Building Fire That Made Things Worse

In 2023, Sept-Îles absorbed a shock that amplified an already strained market: a major fire in a building on Rue Régnault destroyed 19 rental units. Combined with other losses from renovations, demolitions, and changes of use, the city lost a net 75 rental units in 2023 alone.

For a city whose total rental stock numbers in the few thousands, losing 75 units in a single year is significant — roughly equivalent to removing 1–2% of supply in one shot, in a market that was already critically tight. The fire was both a human tragedy and a structural blow to the housing supply.

The Major Response: 121 Units from CODELO on Rue Comeau (2026)

The most concrete and ambitious answer to Sept-Îles' housing crisis is the double-phase project from the Corporation de développement de logements (CODELO) and its partners.

Phase 1: 60 units (announced June 2024)

In June 2024, CODELO and the OMH de Sept-Îles announced the construction of 60 affordable units on a Rue Comeau site provided by the City of Sept-Îles.

Phase 2: 61 additional units (confirmed January 2025)

From the moment Phase 1 was announced, CODELO was already evaluating a second building on the same site. In January 2025, the additional financing was confirmed: 61 more units would be built at the same Rue Comeau address, bringing the total to 121 affordable rental units in two buildings.

Radio-Canada confirmed both buildings are scheduled for delivery in 2026. This is the largest single affordable housing announcement in Sept-Îles' recent history — and the doubling of the project within six months of the original announcement signals how urgently the need was felt.

The land was provided by the City of Sept-Îles. Financing involves CODELO, the OMH, and both levels of government.

Understanding the Industrial Demand

The Sept-Îles rental market can't be analyzed without its industrial context.

ArcelorMittal (iron ore production and rail transport) and Rio Tinto Fer et Titane / QIT (ilmenite and titanium iron) together employ thousands in the region, directly and through subcontractors. When commodity demand is high and plants run at capacity, the city absorbs an influx of specialized workers, contractors, and service providers who all need housing — and need it fast. Sept-Îles has full city services (hospital, cégep, retail), which means workers are willing to settle here long-term, unlike smaller resource outposts.

This industrial demand layered on top of stable permanent resident demand — and against historically low construction rates — explains the market's sharp tightening over 2021–2024.

Where to Look in Sept-Îles

Downtown / Boulevard Laure — Main commercial artery and highest rental density. The most competitive sector, closest to the bay.

Ferland neighbourhood — Northeast residential, established duplexes and triplexes. Slightly below downtown pricing, popular with families.

Arnaud and Plateau sectors — Newer residential areas with larger, better-insulated units. Slightly above average pricing.

Rue Comeau area — Where the 121 CODELO units are under construction. Watch this corridor for new availability as the project delivers.

Moisie — Village east of the city on the Moisie River (a world-famous salmon river). Some units available in a spectacular natural setting. A car is essential.

What to Expect as a Renter in 2026

Sept-Îles remains one of Quebec's tightest rental markets. With vacancy probably still near 0.5% and a 15% rent jump in 2025, renters face conditions that penalize anyone who needs to move.

The 121 CODELO units due in 2026 are a genuine relief valve — particularly at the affordable end. But Guy Berthe was realistic in local media: "It's certain that it won't fix everything right away, but other projects should be announced."

For industrial workers arriving in Sept-Îles: start your search before you arrive, ask your employer about company housing if applicable, and be ready to move quickly when you find a unit. In this market, hesitating for even a few days can mean losing it to another applicant.

Sources: CMHC Rental Market Reports 2022, 2023, and fall 2024; Radio-Canada Côte-Nord December 2024 and December 2025; Le Nord-Côtier February 2024; Radio-Canada January 2025 (CODELO Phase 2). Compiled by Rentack, July 2026.

Apartments in Sept-Îles: https://www.rentack.com/apartments-for-rent/sept-iles. Landlords: dashboard.rentack.com.