Rental apartments in Ottawa became slightly easier to find but significantly more expensive last year, according to an annual update from the Canada Mortgage and Housing Corporation (CMHC).
The average monthly rent increased by 8.4 per cent in 2019, from $1,174 to $1,281, driven largely by the asking price for smaller units. The average one-bedroom apartment rose from $1,184 per month in 2018 to $1,307 per month last year, while a two-bedroom increased from $1,584 to $1,663.
“Western Ottawa and surrounding areas — the zone that includes Kanata — had the highest and fastest-growing average rent for vacant two-bedroom units. Asking rents in Kanata were 62 per cent higher than the city’s average, likely contributing to an increase in the vacancy rate,” the report noted.
But it was the smaller units that drove the increase in vacancy, too, according to the CMHC.
“By bedroom count however, only the rise in the vacancy rate for bachelor units was significant, while movements in the vacancy rates for all other bedroom types were not statistically different from 2018,” said the report.
Vacancy highest near U of O
The vacancy rate for purpose-built rentals rose only slightly, from 1.6 per cent in 2018 to 1.8 per cent last year.
The demand for rentals continues to increase in Ottawa as the city’s population grows. International students attending the city’s universities and colleges are a key driver of rental demand, the CMHC said.
Nevertheless, the vacancy rate in Sandy Hill/Lowertown, near the University of Ottawa, was the city’s highest at 2.7 per cent, followed closely by 2.6 per cent downtown and 2.3 per cent in Chinatown/Hintonburg.
Altogether, 1,233 purpose-built rental units were added to the city-wide stock in 2019, according to CMHC.
The steady demand and tight rental market may have encouraged condo owners to get in on the game last year, with a 3.3 per cent increase in offerings in 2019 following a modest decline in 2018.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.
The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.
Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.
In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.
On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.
The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
