MONTRÉAL, QUÉBEC--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate1 in the province of Quebec's urban centres2 was 3.1 per cent in October 2013, relatively unchanged3 from 3.0 per cent in October 2012, according to the fall Rental Market Survey results released today by Canada Mortgage and Housing Corporation (CMHC).
"In general, the addition of new units to the rental housing supply is still slow in several large urban centres in Quebec. Meanwhile, demand has remained sustained overall. While the changes in rental market conditions across Quebec continued to reflect the effects of the fundamentals on supply and demand, the diverse prevailing environments were such that these impacts varied depending on the areas," said Kevin Hughes, CMHC's Regional Economist for the province of Quebec.
On the basis of a sample of structures common to both the 2012 and 2013 surveys,4 the average rent for two-bedroom apartments increased by 1.7 per cent in the province. This rate reflects those observed for the other bedroom types.
Regionally, most of the province's 45 urban centres did not see any change in their vacancy rates compared to October 2012. Nearly half of them did not register any statistically significant changes, and most of those that did posted increases that were relatively small overall.
Rental market data is also available in English and French at the following link:
Fall Rental Market Report.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
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| 1 | The survey is based on privately initiated rental apartment structures of three or more units. |
| 2 | Urban centres are defined as centres with a population of 10,000 or more. |
| 3 | The change in the vacancy rate for the current year was not significantly different, on a statistical basis, from the previous year. |
| 4 | Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2012 and October 2013 surveys provides a better indication of actual rent increases paid by tenants. |
Additional data is available upon request.
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Contact Information:
Kevin Hughes, Regional Economist
514-283-4488
khughes@cmhc.ca
Media Contact:
Catherine Leger, Communications
514-283-7972
514-475-5165 (cell.)
cleger@cmhc.ca