SASKATOON – Apartment vacancy rates in Saskatoon have remained unchanged from a year ago, according to a new report from Canada Mortgage and Housing Corporation.
However, strong demand for rental units has driven up rent prices.
CMHC reported the vacancy rate was 2.6 per cent in October, the same level as last year.
Rates varied in different parts of the city, ranging from zero per cent in the outlying areas to 6.7 per cent in the southwest.
Demand was greatest for two-bedroom apartments, with vacancy rates decreasing by one percentage point to 2.4 per cent, while vacancies increased for bachelor, one- and three-bedroom units.
CMHC said the stable rate was due to a combination of more people moving to the city along with an increase in the number of new rentals on the market.
The strong demand for apartments has led to rent increases, with an average monthly rent of $918 for all apartments.
Bachelor units had the largest increase, rising 4.4 per cent to $655, while the smallest increase was for two-bedroom apartments, up 2.4 per cent to $1,002.
Provincially, the vacancy rate was 2.2 per cent with Regina leading the nation with the lowest rate at 1.0 per cent.
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