Saskatoon’s apartment vacancy rate, along with rent prices, rose in April 2011 according to a new report released Thursday by the Canada Mortgage and Housing Corporation (CMHC).
The average vacancy rate in the city rose to 3.4 per cent from the same period last year when it was 2.1 per cent. This is the first time since 2006 that the vacancy rate has been above three per cent.
One reason for the increase in vacancies may be attributed to the number of multi-family units being built in Saskatoon. On Wednesday, CMHC released a report showing a steep increase in the number of units being built in the city.
Overall, 430 units were available for rent in April 2011 out of the 12,577 total rental units in Saskatoon.
Despite the increase in vacancies, CMHC says rent also rose, with the average rent for a 2-bedroom apartment increasing by $13 to $936 per month from a year ago.
Across the province, Swift Current has the highest vacancy rate at 9.6 per cent while Regina had the lowest at 0.7 per cent. Regina’s vacancy rate was tied with Winnipeg for the lowest rate in the country.
The highest rental rate for a two-bedroom apartment was in Estevan at $956 per month. CMHC says drilling activity in the Bakken shale oil formation supported demand for rental units in that area.
Swift Current had the lowest rental rate at $668 per month.
Saskatoon by the numbers:
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