Rental vacancy in Sask. reaching ‘dangerously low’ levels
A rental housing unit is pictured in Saskatoon.
The rental market vacancy rate in Saskatchewan is getting ‘dangerously low’ according to the Saskatchewan Landlord Association (SLA).
The latest report from Canada Mortgage and Housing Corporation said the overall vacancy rate in Regina has fallen to 1.4 per cent - the lowest level since 2013.
Saskatoon’s vacancy rate has dropped to two per cent.
“Saskatchewan is experiencing significant population growth and our rental market can’t build units fast enough to keep up with demand”, said Association CEO Cameron Choquette.
“There are areas of our major cities with vacancy below one per cent, which effectively means there are no places left to rent.”
The SLA said the report from CMHC indicates the price of rents has jumped 8.2 per cent across the province between October 2022 and October of 2023.
SLA recommended the PST be removed from purpose-built rental construction, and that the province should invest in a program to support renovating existing rental stock.
CMHC said the national vacancy rate for Canada’s primary rental market dropped to 1.5 per cent in 2023 - the lowest recorded rate in 35 years.
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