February 2022
Canada Mortgage and Housing Corporation’s (CMHC) annual report on the rental market was published in February, offering their perspective of the market’s evolution in 2021. Here are the highlights:
- The economic recovery and an increase in international migration contributed to an increase in demand for rental properties, this increase generally followed 2021’s trends.
- Vacancy rates remained stable in 2021, reaching 3.1% across Canada. In the metropolitan region of Montréal, the rate went from 2.7% in 2020 to 3% in 2021. In Quebec City and Gatineau’s CMAs, these rates went from 2.7% to 2.5% and 1.6% to 1.1%.
- Rent increases moderated themselves in 2021, with growth rates approaching their historical average. In Montréal’s CMA, the average rent of two-bedroom housing reached $932, a 3.9% increase. In Quebec City, the average was of $945, an increase of 2.2%. In Gatineau, the average was of $1035 in 2021, an increase of 6.4% from 2020.
- Affordability issues remain an issue across Canada, particularly for low-income households. The report outlines the number of hours one must work monthly, with an average wage, to achieve the 30% limit of their income spent on rent. In Montréal’s CMA, this number was 105.8 hours in October 2021, an increase of three hours when compared to October 2020. In Gatineau, the increase was much more significant, going from 99.2 in 2020 to 107.1 in 2021. Quebec City went from 100.5 to 105.6 hours.
To view the full note, click here.
The French version is also available here.
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Head office
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Administrative offices
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