Montreal's vacancy rate is going up, but so is rent
CTV
The vacancy rate in Montreal is going up for the first time since the pandemic started — but so are rents, which almost doubled in six years, according to new data from the Canada Mortgage and Housing Corporation (CMHC).
The vacancy rate in Montreal is going up for the first time since the pandemic started — but so are rents, according to new data from the Canada Mortgage and Housing Corporation (CMHC).
The vacancy rate in the city is now at 2.1 per cent, up from 1.5 per cent in January. A healthy vacancy rate is typically around 3 per cent.
The CMHC’s Fall 2024 Rental Market Report published Tuesday showed that vacancies are higher in newer buildings, where rents rose significantly, and "as a result, the rental market remained tight, especially for low-income renters" this year. Rental unit completions were among the highest on record.
Housing advocates have said for years that simply building more, expensive units would not ease the housing crisis and point to the report as proof.
Catherine Lussier, a spokesperson for housing advocacy group FRAPRU, said the idea that people with means will move into pricier units and leave their affordable ones behind is false. She pointed out that even when people do leave their affordable unit, landlords often hike the rent before the next tenant moves in.
The report notes that "the average rent increase was much higher for apartments that turned over to new tenants (18.7 per cent) than for those where a lease was renewed (4.7 per cent)."
"This is keeping [low-income] tenants in precarious situations, more than it is offering a solution for them for the long-term," Lussier said.
