CMCH Spring 2015 Rental Market Survey (Province of Quebec)

MONTREAL, QUEBEC--(Marketwired - June 15, 2015) - 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 3.5 per cent in April in urban centres (10,000 or more ) of Quebec. The change in the nominal rate compared to that recorded in the spring of 2014 (+0.6 percentage point) was statistically significant.

"The rise of the Quebec vacancy rate in the spring of 2015 occurred in the context where supply is increasing and where demand is passing through a phase of decrease. On the supply side, the stock of apartments (purpose built rental or condominium) has been indeed on the rise, while demand has been weaker as a result of less robust labour markets and decreasing net migration," explains Kevin Hughes, Regional Economist at CMHC for Quebec.

The Québec Census Metropolitan Area (CMA) recorded the lowest vacancy rate (3.2 per cent), however it is now comparable with those of the Montréal and Trois-Rivières areas. The Gatineau CMA posted the highest rate (6.2 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 (see table).

The average rent for two bedroom apartments was $714. At the CMA level, it ranged between $571 and $777. In other urban areas, it was in the lower part of this range. The estimated change in the average rent for the entire province stood at 1.9 per cent in April 2015.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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For more information, visit www.cmhc.ca or call 1-800-668-2642.

CMHC Market Analysis standard reports are also available free for download at www.cmhc.ca/housingmarketinformation.

This release is also available at www.cmhc.ca.

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To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/1012316et.pdf