Trillian Reynoldson
Regina Leader-Post
While average rent prices across Canada hit a record high of $2,042 in June, renting in Saskatchewan’s largest cities is still considered affordable, according to a new report.
The latest national rent report from Rentals.ca and Urbanation said average rental prices have increased by 20 per cent, which is an average of $341 per month, over the past two years. Average rents were up 1.4 per cent from May to June, the largest month-over-month surge this year, and climbed 7.5 per cent annually.
Throughout the province, average monthly rent was up seven per cent year over year to $1,097 in June.
Year over year, average monthly rent in Regina for a one-bedroom was up 8.1 per cent and 13.4 per cent for a two-bedroom.
Head of communications for Rentals.ca, Giacomo Ladas said increases in rental costs didn’t fluctuate much between different areas of the city over the past month.
“We’re seeing that percentage of increase for a monthly basis between 1.5 and two per cent, regardless of the area in Regina.
He added vacancy rates in the Queen City have plummeted to around three per cent, compared with eight per cent in 2021.
Year-over-year, average monthly rent in Saskatoon for a one-bedroom was up 14.2 per cent and 9.6 per cent for a two-bedroom.
The report includes a national rent rankings list of 35 cities for the month of June with Grande Prairie, Alta. coming in last at $1,026 for a one-bedroom rental. Regina came in 34th place for average monthly rent of one-bedroom homes at $1,096 and 33rd for two-bedroom homes at $1,341. Saskatoon finished 33rd on the list for average monthly rent for a one-bedroom home at $1,110 and 34th for average monthly rent for a two-bedroom at $1,245.
With average rent up 9.5 per cent to $1,175 in June, Saskatoon was among 25 mid-sized markets with the largest year-over-year rent increases for purpose-built and condominium apartments. Average rent in Regina increased 6.8 per cent to $1,140 for purpose-built and condominium apartments in June.
Ladas said rental prices are expected to continue climbing throughout Canada and Saskatchewan.
“The real issue is our population is expanding, and our homebuyers are becoming a lot more cautious to get into the housing market with the interest rates increasing as it is. So, because of that we don’t really see signs of it reversing right now,” Ladas said.
“The real story is supply and demand. There’s just not enough supply for the demand we’re seeing. So, until we see that increase of building, we’re kind of expecting the same increases going forward.”
With prices expected to increase, Ladas recommends “jumping in now” if possible, and said finding roommates is a great way to cut down on costs.
