Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 11, 2014 08:15 ET

April 2014 Rental Market in Saskatchewan

SASKATOON, SASKATCHEWAN--(Marketwired - June 11, 2014) - The rental apartment vacancy rate(1) in Saskatchewan's urban centres(2) was 3.3 per cent in April 2014, up from 3.0 per cent in April 2013, according to the Spring Rental Market survey released today by Canada Mortgage and Housing Corporation.

"A slower pace of job creation and weaker wage gains contributed to a slowdown in net migration which led to a moderation in rental demand and a higher vacancy rate. An increase in the supply of purpose-built rental apartments through new construction also contributed to higher vacancies," said Goodson Mwale, CMHC's Senior Market Analyst for Saskatchewan.

On the basis of a sample of structures common to both the 2013 and 2014 surveys(3), the average two-bedroom rent increased by 4.3 per cent in Saskatchewan. Regina and Saskatoon both experienced gains in average rents from the previous year. Within structures common to both surveys, the average rent for a two-bedroom apartment increased 3.2 per cent and 4.4 per cent in Regina and Saskatoon, respectively, from April 2013.

Four out of ten urban centres in Saskatchewan registered higher vacancy rates from the previous April survey. North Battleford's vacancy rate was the highest in the province at 7.8 per cent in April 2014. The lowest vacancy rates in April 2014 were registered in Lloydminster at 1.8 per cent, followed by Regina which reported a vacancy rate of 2.5 per cent. The average apartment vacancy rate in Saskatoon was 3.0 per cent in April 2014.

In new and existing structures, an average two-bedroom apartment in Regina rented for $1,053 in April 2014. The average two-bedroom rent in Saskatoon was $1,075 per month in April 2014. Provincially, Estevan maintained the highest rent with an average two-bedroom apartment renting for $1,275 per month in April 2014. Meanwhile, Swift Current recorded the lowest average two-bedroom rent at $781 per month in April 2014.

Rental Market data is also available in English and French at the following link: Spring Rental Market Report

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

(1) The survey is based on privately-initiated rental apartment structures of three or more units.

(2) Urban centres defined as centres with a population of 10,000 or more.

(3) Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the April 2013 and April 2014 surveys provides a better indication of actual rent increases paid by tenants.

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Additional data is available upon request

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A table is available at the following address: http://media3.marketwire.com/docs/951202a.pdf

Contact Information

  • Market Analysis Contact:
    Goodson Mwale, Senior Market Analyst
    (306) 975-4897
    gmwale@cmhc.ca

    Media Contact:
    Charles Daniel Mainville,
    Senior Communications Consultant
    (403) 515-2915
    cdmainvi@cmhc.ca