Montreal's Vacancy Rate
October 27, 2014
Looking to rent in Montreal? You’ll be happy to learn that the vacancy rate in Montreal’s primary rental market was stable at 2.8 percent, last October, compared to 2012, according to the Rental Market Survey conducted by Canada Mortgage and Housing Corporation (CMHC).
Montreal’s stable vacancy rate is primarily due to a strong movement towards homeownership in the area. Low mortgage rates and the large availability of condominiums have resulted in many citizens between the ages of 25 to 34, taking the leap towards homeownership. A strengthening job market and a continued trend of immigrants settling in Montreal, however, account for a large part of apartment rental demand.
Compared to other major Canadian cities Montreal’s vacancy rate is high. Toronto’s rate is only 1.6, while Vancouver and Calgary’s rates are 1.7 percent and 1 percent respectively. Saint John (11.4 percent), Moncton (9.1 percent), and Windsor (5.9 percent) are the major centers that take the cake for highest purpose-built rental housing vacancy rate.
Despite Montreal’s stable vacancy rate in 2013, the rates vary per neighborhood. The island of Montreal had a vacancy rate of 2.9 percent last October, partly fuelled by the number of institutions of higher learning attracting students that rent. Vacancy is generally lower in the central and southeastern market zones and higher in the western and northern zones including in the zones of Notre-dame-de-Grâce and Côte-Saint-Luc (4.2 percent); Beaconsfield, Kirkland and Pointe-Claire (4.3 percent); Dorval, Lachine and Saint-Pierre (4.4 percent); and Ahunstic and Cartierville (4.5 percent).
The vacancy rate on the Laval rental market remained stable as well in October, 2013, at 2.2 percent. On the North Shore, the rate remained unchanged at 1.7 percent.
Perhaps not so surprising, the most popular type of vacant unit in Montreal is Bachelor Apartments, while the lowest vacancy rates are 3 bedroom apartments. Between October 2012 and 2013, the vacancy rates among different units remained relatively stable.
About Jennifer Braun
Jennifer Braun is a freelance lifestyle writer from Montreal. When she isn’t writing about fabulous things like her city and its fashion scene, she’s watching Sex and the City reruns and planning her next big story.