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Saskatoon apartment vacancy rate drops to record lows

The Rental Market Report released yesterday by Canada Housing and Mortgage Corporation (CMHC) shows apartment vacancy rates in Saskatoon falling to a record low of just .6%, down from 3.2% last October. Saskatoon “Southwest” showed the largest number of available apartments and a vacancy rate of 2.1%. The six other areas measured in the report have vacancy rates as low as .1% and as high a one percent.


It’s no surprise to anyone that rents have increased accordingly. According to CMHC, the average monthly rent for all types of suites surveyed saw a $76 increase from October of last year. I’m not involved in the rental markets but my perception is that rents are increasing at a much higher rate than what’s reported here.


CMHC points to a number of factors which are impacting vacancy rates including expanding employment and wages, in-migration, rapid price escalation of new and resale housing (affordability), rehabilitation of existing apartments leading to lower turn-over, and of course, increased numbers of condo conversions.


Analysts at CMHC expect vacancy rates to stabilize at less than 2% through 2008 while rents increase an additional $60.


Read to full Rental Market Report here


I’m always happy to answer your Saskatoon real estate questions. 

All of my contact info is here. Please feel free to call or email.

Norm Fisher Royal LePage Vidorra

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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