In today’s Nov 29, 2016 Leader Post, it said 5.5% is our apartment vacancy rate which is considered high, but the rental condo vacancy has fallen sharply to 1% over the past year. This is according to CMHC. The national average rental vacancy rate in major centres across Canada is at 3.4%.
Causes – weaker labour market conditions and lower migration.
A total of 2300 jobs within the typical renter age group of 15 to 24 years were lost in Sept 2016.
Renters are supposedly buying places instead of renting because of low interest rates. Rental completions have risen substantially with rental apartment stock at 12,568 units in Oct 2016 up 389 units from Oct 2015.
The supply has increased faster than demand.
Average monthly rent for a 2 bedroom apartment in Regina is about $1109.
Larger increases in the vacancy rate took place in Alberta and Sask due to the economic slowdown in these provinces. So this is good news for renters – lots of choices.
The complete article is here.