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CMHC SPRING 2014 RENTAL MARKET SURVEY (PROVINCE OF QUEBEC)

CMHC SPRING 2014 RENTAL MARKET SURVEY (PROVINCE OF QUEBEC)

 According to the Rental Market  Survey conducted in the spring  by Canada  Mortgage  and  Housing  Corporation  (CMHC),  the  average  vacancy  rate  of  private buildings with  three  units and over stood at 2.9 per  cent in April in urban centres (10,000  or
more ) of Quebec. The small change in the nominal rate compared to that recorded in the spring of 2013 (-0.2 percentage point) was not significant statistically.


"The stability of the vacancy rate stems from a proportional increase in supply and demand. On the supply side,  the  monthly housing starts surveys  conducted by CMHC indeed testify  to the arrival on the market of new  rental buildings. On the demand  side, the increase was certainly supported by a lesser move toward  homeownership, as evidenced by  resale market statistics,"
explains Kevin Hughes, Regional Economist at CMHC for Quebec.


With  the  exception  of  the  Gatineau  and  the  Saguenay  areas,  all  Census  Metropolitan  Areas (CMA)  remained  stable  from  a  statistical  standpoint.  The  Québec  CMA  recorded  the  lowest vacancy rate (1.8 per cent) while the Gatineau CMA posted the highest rate (5.8 per cent). With respect  to  other  urban  areas,  the  survey  reported  an  increased  rate  in  agglomerations  with 10,000  to 49,999 inhabitants and stability in  agglomerations with 50,000 to 99,999  inhabitants.


The  average  rent for  two  bedroom  apartments  is  $709.  At the  CMA  level,  it ranges  between $562 and $766. In other urban areas, it is in the lower  part of this range. The estimated change in the average rent for the entire province stood at 2.3 per cent in April 2014.

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Québec Landlords Association

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