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

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