CORNWALL, Ontario – Cornwall is often commended for its close proximity to major Canadian cities like Ottawa, Toronto and Montreal. It is also recognized for its affordability.
According to Bob Peters, Division Manager of Economic Development for the City, 2017 statistics from the Canada Mortgage and Housing Corporation (CMHC) state that the average price to rent in the city is lower than the average price to rent in Canada.
Peters said that the statistics for the Cornwall average approximately represent the following values:
$650 – Bachelor apartment
$690 – One bedroom apartment
$835 – Two bedroom apartment
$890 – Three bedroom apartment
Peters compared those numbers to the national averages, approximately representing the following values:
$730 – Bachelor apartment
$900 – One bedroom apartment
$990 – Two bedroom apartment
$1010 – Three bedroom apartment
Cheryl Cadieux, Office & Property Manager of ACE Property Management, believes that these statistics are an accurate representation of the average prices to rent in Cornwall, however she believes that they are increasing.
Cadieux has assisted clients who work in neighbouring cities like Ottawa and Montreal, but make the decision to live in Cornwall because of the affordable rent values.
“Your rent is relative to your income,” said Cadieux.
Cadieux suggested that rent values in Cornwall coincide with the average income of a resident. Based on resident income, Cadieux believes that the cost to rent may run high for some in the city but is generally affordable. She also stated that it is important to consider if the unit is inclusive as extra costs for heat and hydro may vary from month to month.
The statistics referred to also reflect that Cornwall had a higher vacancy rate of 3.6 per cent than the national average of 3 per cent in 2017.
“It’s important that we have a good balance between supply and demand,” said Peters. Peters said that it’s important to have a healthy vacancy rate so residents moving to the city can find suitable housing, but it is also important that units are full and landlords are happy.
Peters noted that is important to acknowledge that rent values are constantly fluctuating and depending on how the statistics were collected, may only represent a portion of the population.