Thursday, June 05, 2008

Housing rents rise 1.5% in Ottawa

Rents are rising in Ottawa and also in Gatineau. But well below the national rate.

The average monthly rent for a two-bedroom apartment rose 1.5% in Ottawa to $957 per month and up 2.2% in Gatineau to $674.

The vacancy rate in Ottawa was stable at 2.2% while the vacancy rate in Gatineau rose to 4.1% from 2.8% a year earlier.

Nationwide, rents rose an average of 3.6% compared to a year earlier, driven by increases as much as 21% in hot cities like Saskatoon, Edmonton and Regina.

Excluding these fast-growth centers, rents rose an average of 2.3%.

The average rental apartment vacancy rate in Canada's 35 major centers decreased slightly to 2.6% in April 2008, from 2.8 per cent in April 2007.

The Canadian economy remains very supportive of strong demand for both ownership and rental housing thanks to solid job creation and healthy income gains.

High levels of immigration and the increasing gap between the cost of home ownership and renting continue to drive rental demand in 2008. These factors have put downward pressure on vacancy rates over the past year.

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