By David Giles, Global News, December 16, 2014 - SASKATOON – The number of apartment vacancies in Saskatoon is up from the previous year. So too is the price of rent.
In its Fall Rental Market Survey, Canada Mortgage and Housing Corporation (CMHC) says the vacancy rate in October was 3.4 per cent, up 0.7 percentage points from a year ago. One reason, says the agency, is more units on the market.
“Additions to the purpose-built rental apartment universe via new construction and the movement of renter households into homeownership contributed to the higher vacancy rate this fall,” said Goodson Mwale, senior market analyst for Saskatchewan.
Vacancies varied around the city, from a low of 2.7 per cent in the central zone to as high as 7.4 per cent in areas outside of city limits.
Rent was also up compared to October 2013. The average monthly cost of a two-bedroom apartment was $1,091, an increase of 4.3 per cent. The central zone had the highest rates at $1,193 due to the proximity to the downtown core and the university. Rent was lowest in the outlying areas at $874 monthly.
Bachelor units were up 5.7 per cent while apartments with three or more bedrooms increased by 2.8 per cent.
For condos on the rental market, there was a 1.2 per cent vacancy rate in October compared to 0.7 per cent for the same period last year.
The report also found foreign investment in condominiums was 0.3 per cent in Saskatoon.