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There are still many residences available in Quebec with rental rates that are still amongst the lowest in Canada

There are still many residences available in Quebec with rental rates that are still amongst the lowest in Canada

If one takes account of the cities of 10.000 inhabitants and more, one notes that there are still many private residences available in Quebec, even if the vacancy rate has passed from 2,5% in April 2008 to 2,3% in April 2009, with an availability ratio of 5,3%. Access to housing is still very good whereas it is noted that the average rent of a two-room apartment in Quebec is 629 $, which is the lowest in Canada if one makes exception for Newfoundland which ranges at 615 $ per month. All the other Canadian provinces have higher average rents than Quebec.

The figures are provided by the Canadian Mortgage and Housing Corporation (CMHC), with its poll carried out in April of 2009.

There are still many residences available throughout Quebec, with the 1st of July approaching. On the other hand, certain cities have very low vacancy rates whereas the record is held by Quebec City with a rate as low as 0,6 %.

“The picture of the market according to the size of the dwelling is uniform enough in the Province and has not changed yet since the last two polls done this spring: the market is tighter in the segment of the large apartments. Indeed, the rate of inoccupation is notably weaker on the side of the apartments of two and three rooms”, Kevin Hughes, regional economist of the CMHC notes.

The vacancy rate is at 2,7% (April 2009) in the CMA of Montreal. In the last few years, few rental residences were added to the market and demand has remained strong, thanks to a constant migratory influx.

In the region of Sherbrooke, the vacancy rate amounted to 2,5% in April of 2009. Even if the migratory ratio is always high in this region, demand has slowed down. “It is estimated that access to home-ownership and a labour market less favourable for the young people are at the origin of this slowdown.

In Quebec, it is in Gatineau that the vacancy rate has dropped the most. This area has a robust labour market, especially for the young people, thus supporting the formation of household-tenants issuing from the local population and from migration, which made it possible to increase demand. Also, few rental residences were added to the current real-estate pool.

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Québec Landlords Association (1)

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