June 30, 2014 - Canada Mortgage and Housing Corporation published the results of its Spring 2014 Rental Market Survey for the province of Québec. According to this report, the average vacancy rate of private buildings with three or more units stood at 2.9 per cent in April, a slight decrease of 0.2 percentage points compared to April of last year. The CMHC confirms that demand and supply of rental apartments have increased proportionately over the past 12 months, thereby explaining the relative stability in the vacancy rate.
Based on the results of the April survey (see table below), the Québec City Census Metropolitan Area (CMA) registered the lowest vacancy rate for a second consecutive year, at only 1.8 per cent, followed by the Montréal CMA, with a vacancy rate of 2.7 per cent. Only the Gatineau and Saguenay Metropolitan Areas saw their vacancy rate rise compared to April 2013, with respective increases of 1.8 and 1.2 percentage points.
The average rent for two-bedroom apartments rose by 2.6 per cent across the province compared to April 2013, reaching $709 per month. More specifically, the Montréal CMA, where the number of dwellings accounts for two-thirds of the province’s rental housing stock, registered a 3.2 per cent increase in average rent. In contrast, the only decrease in average rent for two-bedroom apartments was in the Gatineau CMA (-0.8 per cent).