Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 15, 2015 08:15 ET

April 2015 Rental Market in Saskatchewan

SASKATOON, SASKATCHEWAN--(Marketwired - June 15, 2015) - The rental apartment vacancy rate(1) in Saskatchewan's urban centres(2) was 5.6 per cent in April 2015, up from 3.3 per cent in April 2014, according to the Spring Rental Market survey released today by Canada Mortgage and Housing Corporation (CMHC).

"Lower oil prices have slowed economic growth in Saskatchewan. A reduction in capital investment expenditures in the oil and gas industry has also reduced employment growth and the inflows of migrants. Further, an increase in the purpose-built rental universe 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 2014 and 2015 surveys(3), the average two-bedroom rent increased by 2.8 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 1.8 per cent and 3.4 per cent in Regina and Saskatoon, respectively, from April 2014.

Most urban centres in Saskatchewan registered higher vacancy rates from the previous survey. Estevan's vacancy rate was the highest in the province at 20 per cent in April 2015. The lowest vacancy rates in April 2015 were registered in Moose Jaw at 3.6 per cent, followed by Saskatoon which reported a vacancy rate of 4.6 per cent. The average apartment vacancy rate in Regina was 4.8 per cent in April 2015.

In new and existing structures, an average two-bedroom apartment in Regina rented for $1,095 in April 2015. The average two-bedroom rent in Saskatoon was $1,112 per month in April 2015. Provincially, Estevan maintained the highest rent with an average two-bedroom apartment renting for $1,302 per month in April 2015. Meanwhile, Swift Current recorded the lowest average two-bedroom rent at $821 per month in April 2015.

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

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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Additional data is available upon request

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(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 2014 and April 2015 surveys provides a better indication of actual rent increases paid by tenants.

A table is available at the following address: http://media3.marketwire.com/docs/1012378_ENG.pdf

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