Regina vacancy rate less than 1%, worse than a year ago: market survey
Regina's tight rental market has not eased up, dipping to a meagre 0.7 per cent in April, according to the latest analysis by the Canada Mortgage and Housing Corporation.
The agency said the rate in Regina in April 2008 was 1.4 per cent.
The CMHC cited "a strong labour market" as the reason for increased demand for rental housing in Regina.
The CMHC analysis, released on Wednesday, noted that rents were also on the rise. The average rent for a one-bedroom apartment in a privately owned building was $659 per month in Regina. The same unit, a year earlier, was priced at $593 per month.
Saskatoon saw similar price jumps, according to the CMHC. In that city, a one-bedroom apartment was $702 per month in April 2009 compared to $608 per month a year ago.
The CMHC said Saskatoon's vacancy rate had eased somewhat, rising from 0.9 per cent in April 2008 to 1.9 per cent a year later.
The agency said that rent increases had an effect on the vacancy rate, noting that "increases in rent have encouraged some renters to double up to reduce costs." That freed up some apartments and improved the vacancy rate.
Other vacancy rates in Saskatchewan, as of April 2009:
- Estevan: 3.3 per cent
- Lloydminster (including Alberta side): 6.6 per cent
- Moose Jaw: 0.9 per cent
- North Battleford: 0.9 per cent
- Prince Albert: 2.2 per cent
- Swift Current: 1.1 per cent
- Yorkton: 2.4 per cent