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.
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Norm Fisher Royal LePage Vidorra