CMHC Publishes its 2019 Rental Market Reports for Quebec CMAs
Every fall, the Canada Mortgage and Housing Corporation (CMHC) collects data on the country's primary and secondary rental markets. Data for the Montreal, Quebec City and Gatineau CMAs were published in January in three reports available on the CMHC's website.
Here are the highlights of the three reports for the year 2019:
Rental market report for the Montreal CMA
- The vacancy rate in the Montreal CMA decreased in 2019 to reach 1.5 per cent, which is a 15-year low.
- Vacancy rates have now reached 1.6 per cent on the Island of Montreal and 1.2 per cent in the suburbs.
- The estimated change in average rent in the Montreal CMA was 3.6 per cent, a larger increase than in recent years.
- The average rent for vacant two-bedroom apartments (thus still for rent on the market) was approximately $1,080 in the CMA. This is around 25 per cent more than the average for occupied units.
- The vacancy rate for rental condominiums stood at 1.8 per cent, remaining stable compared to 2018.
Rental market report for the Gatineau CMA
- Since the last survey in 2018, the supply of rental housing in the Gatineau CMA increased significantly, but several factors have contributed to an equally strong increase in demand. As a result, the vacancy rate has remained unchanged at 1.5 per cent.
- The average rent for two-bedroom apartments increased by 4.2 per cent between October 2018 and October 2019, the strongest growth in more than 15 years.
- The vacancy rate for units in recently constructed buildings remained low (0.3 per cent), even though their rents are significantly higher.
- The vacancy rate for rental condominiums remained relatively stable, sitting at 1.6 per cent. For the first time since this statistic was compiled for this CMA, the proportion of condominiums offered for rent decreased, reaching 31 per cent.
Rental market report for the Quebec City CMA
- The overall vacancy rate for apartments fell from 3.3 per cent in October 2018 to 2.4 per cent in October 2019. This was the third year in a row that rental demand in the area outpaced supply.
- Rental market conditions tightened in several areas of the agglomeration of Quebec City, while the vacancy rate remained stable on the South Shore of Quebec City.
- Overall, the proportion of vacant dwellings remained higher in the upper rent ranges.
- The estimated change in the average rent from 2018 to 2019 was 1.9 per cent, a slightly higher increase than in recent years.
- The vacancy rate for rental condominiums was also down, reaching 1.4 per cent in 2019 (2.5 per cent in 2018).