Renters take heed: despite the economic impact of the COVID-19 pandemic, Quebec’s rental market remains hot.
A recent report from Rentals.ca and Bullpen Research & Consulting said average rent in the province increased by almost 15% annually from December 2019 to December 2020 to about $1,630 per month, while the average rent for all Canadian properties decreased 7.1% annually to $1,723 per month.
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What is even more impressive is that Quebec’s rent increased this much with an 11% decline in the average unit size.
Ben Myers, president of Bullpen Research & Consulting
"Rentals.ca data represents a sample of listings in the overall market that can shift every month based on the composition of the listings from large single-family homes to tiny basement apartments," reads the report.
Quebec has the third-highest average rent among the provinces, behind British Columbia ($1,996) and Ontario ($2,090), according to the report.
Of all the cities examined in the report, none saw rents increase more than Gatineau, which saw a 21.8% annual rise in average monthly prices for condos and rental apartments.
In Montreal, the average monthly rent for one-bedroom apartments increased by 4.6% year-over-year to $1,420 in December.
As noted last month, Montreal’s relative affordability has meant it has behaved a bit differently from Canada’s other major cities where an urban exodus has cratered property markets.
And the report suggests that the trend will continue nationally.
"The vaccines rollout appears to be occurring at a slow pace, and the second wave of COVID-19 is showing no signs of slowing either," it states.
"Our expectation is that rental rates will continue to decline over the next three to four months, perhaps longer."
The report is based on monthly listings from rentals.ca.
