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According to the CMHC the large rental markets of Quebec would still be the most affordable in the country

According to the CMHC the large rental markets of Quebec would still be the most affordable in the country

« On average, rents in Quebec have increased by about 2,1 % since 2007. The estimated rent variation oscillated between 1 % and 3 % in the CMAs (the Census Metropolitan Areas). According to the affordability indicator of the CMHC, the large rental markets of Quebec would still be the most affordable in the country. The index was on the increase (indication of a growing affordability) in the CMAs of Montreal, Quebec City and Gatineau, whereas the regions of Saguenay and Sherbrooke have registered a decrease », the CMHC has divulged while making public the results of their Fall 2008 Poll on rental dwellings.

The average vacancy rate has receded in Quebec to set itself at 2,2 % in October of 2008 whereas it was at 2,6 % in 2007.

Kevin Hughes, regional economist at the CMHC for Quebec has declared: « Although the general decrease is representative of the situation observed in the majority of the large centres, about half of the urban centres have shown higher vacancy rates. Generally speaking, sustained demand (resulting from job growth and from the migratory balance) has been suffering from a stagnant offer of rentable dwellings. This being said, in the great majority of cases, the changes, be they increases or reductions, were inferior to 1 percentage point ».

The vacancy rate for the Montreal CMA has been 2,4 % last October, i.e. a reduction of 0,5 % relative to the same period last year. The CMHC explains this reduction of the vacancy rate with a strong increase in the migratory balance, job growth among the young and the construction of rentable dwellings which has contributed to this market crunch.

The market of the Quebec City region has also grown smaller: the vacancy rate here has gone from 1,2 % in 2007 to 0,6 % in October of 2008. In the Gatineau sector the rate has gone from 2,9 % in October 2007 to 1,9 % for the same period in 2008.

In Sherbrooke, however, the vacancy rate has increased, going from 2,4 % in 2007 to 2,8 % in 2008. In the CMA of Trois-Rivières, the rate has slightly increased to 1,7 % in October of 2008 compared to 1,5 % for the same period last year.

In the Saguenay, a diminishing rate has been noticed: it has been 1,6 % in October of 2008 compared to 2,8 % in October of 2007.

These are the average rents for two rooms (according to the October 2008 poll) : 646 $ per month for the whole of Quebec; 677 $ in Ottawa-Gatineau; 659 $ in Montreal; 653 $ in Quebec City; 518 $ in Saguenay; 543 $ in Sherbrooke; and 505 $ in Trois-Rivières.

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Québec Landlords Association (1)

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