Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 16, 2014 08:15 ET

Quebec Vacancy Rate Increases in October 2014

MONTRÉAL, QUÉBEC--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate1 in the province of Quebec's urban centres2 was 3.7 per cent in October 2014, an increase3 from 3.1 per cent in October 2013, according to the fall Rental Market Survey (RMS) results released today by Canada Mortgage and Housing Corporation (CMHC).

According to Kevin Hughes, CMHC's Regional Economist for the province of Quebec "The easing observed in Quebec's rental market is explained by an increase in supply and a likely decrease in demand. On the supply side, we have recorded a rise in construction as well as in rented condominiums. On the demand side, it can be thought that it was slowed down by the relatively weak labour market in 2014 and by the decline of net migration."

Four of the six Census Metropolitan Areas (CMA) posted a rise in vacancy rate between the two October surveys. Among the province's 44 urban centres, 45 per cent posted increases in their vacancy rates between the last two fall surveys. The vacancy rates did not show any significant changes in a third of the urban centres, while, in 20 per cent of them, the rates registered decreases.

On the basis of a sample of structures common to both the 2013 and 2014 surveys,4 the average rent for two-bedroom apartments increased by 2.0 per cent in the province. This rate reflects those observed for the other bedroom types.

Data related to today's report is also available from CMHC's Housing Market Information Portal at https://www03.cmhc-schl.gc.ca/hmiportal/en/

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 advice to Canadian governments, consumers and the housing industry.

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 CMHC Housing Market Information.

Follow CMHC on Twitter @CMHC_ca

(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 nominal increase in the vacancy rate from the previous year was statistically significant.
(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 2013 and October 2014 surveys provides a better indication of actual rent increases paid by tenants.

Additional data is available upon request.

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To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/984105a2_CHMC_table.pdf.

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