Montreal vacancy rate declines as economy picks up
There was a dramatic year-to year decline in the Montreal vacancy rate last month.
The Canada Mortgage and Housing Corporation says the residential vacancy rate fell 1% in October to 2.8% due in large part to growing numbers of immigrants who are coming to Montreal because of the economic upturn.
At the same time the average rental rate increased by 2.2% to $766 per month.
Radio Canada says vacancy rates are also falling in off-island communities including the South Shore, Laval, North Shore and Vaudreuil-Soulanges.
CMHC says the lowest vacancy rates in the country can be found in Kelowna and the Abbotsford-Mission region of British Columbuia at 0.2% while the highest vacancy rate is in Saskatoon at 9.6%.