Vacancy Rate Returns To Normal

Le Devoir reports that recent construction activity in downtown Montreal, which is still going strong in 2007, has resulted in a signifiant increase in rental vacancy rates.

If three-four years ago the vacancy rate downtown was around 0.6%, today over 3.5% of apartments are on the market or available for rent. This, according to Le Devoir, is directly linked to the construction boom happening downtown: in the last few years a handful of large condominiums (one of which, Le Concorde, located next to the offices of Le Devoir, is mentioned indirectly in the article as the reason some journalists lost their parking space) appeared in the eastern section of downtown.

Sources and Links

• Et pourtant, on construit! (Le Devoir)