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The CMHC expects a decreasing vacancy rate and small rent increases

The CMHC expects a decreasing vacancy rate and small rent increases

In a forecast summary of its Spring 2009 poll the CMHC holds that rent increases will not be very important in 2009 and 2010, with vacancy rates still going down, except for the region of Sherbrooke.

For the region of Montreal, the vacancy rate for the year 2008 has been 2,4 %, but should go down to 2,0 % in 2009 and slightly go up again in 2010 to reach 2,3 % only, i.e. still below the rate of equilibrium which one evaluates at 3,0 %. The average rent which was 659 $ per month for a two-room apt. will go up to 668 $ in 2009 and to 675 $ in 2010.

Gatineau is not much of an exception. The vacancy rate of 1,9 % in 2008 should reach 2,5 % in the years 2009 and 2010. The rent of 677 $ per month in 2008 should not climb higher than 690 $ and 705 $ respectively for the current year and for the year 2010.

It is in Sherbrooke that the vacancy rate will increase more, but it will also be very insignificant. At 2,8 % in 2008, one should know rates of 3,0 % in 2009 and of 3,1 % in 2010. Average rent for a two-room apartment was 543 $ in 2008 and one expects it to go up to 555 $ in the current year and only 10 $ more in 2010.

In Quebec City, the market remains extremely tight. The vacancy rate of 0,6 % in 2008 should maintain itself at the same level in 2009 and 2010. The landlords have not increased their rents even if apartments are very hard to find in this region. The average rent of 653 $ per month will increase by 10 $ per year only, in 2009 and 2010.

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Québec Landlords Association (1)

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