Rental housing market accelerates in Montreal
Most of the new homes in Montreal are rented. In recent years the real estate market in Montreal has been largely driven by rental apartments.
According to published statistics, the construction housing for detached houses in Montreal decreased. However, a large increase in rental flats was observed.
The new Canadian Mortgage and Housing Agency report said which types of buildings have increased or declined in Canada.
According to the data of CMHC, it is reported that the housing throughout the country decreased to 207,509 units in the same month of the previous year and reached 203,554.
“Both single-detached and multi-unit dwellings starts trended lower. Higher mortgage rates combined with still-favourable, but less stimulative economic conditions have contributed to softer demand on new home markets in urban centres” CMHC chief economist Bob Dugan said.
Total housing starts in Montreal fell 47 percent last month. However, construction of rental flats showed strong growth. Low vacancy rates, aging of the population and the preference of young people for rented apartments encouraged the launch of rental housing.
According to the experts, In 2017 and 2018, the new condominium offices are strong and the units continue to increase at varying speeds during this year 8.
Sevdenur Demir / [email protected]