I think we all have heard about the condo conversions taking hold of our city, but the annual survey by the CMHC (Canada Housing and Mortgage Corp) has proven that our Saskatoon vacancy rate has fallen to an all time low with a 1.2% apartment vacancy rate. But, despite all that you hear about the rental increases, the average monthly rent for a 2 bedroom apartment in Saskatoon is just under $700; up only $85 per month since last year. The north end of Saskatoon as well as Nutana are both almost at 0% vacancy.
One of the reasons behind this is the booming housing market in Saskatoon we have been experiencing. Unfortunately it is harder for first time home buyers to get started in the Saskatoon Real Estate market now that prices have gone up, but there are still many options to get people started in the market. Just talk to a Saskatoon Realtor ® about how you can get started (and feel free to contact me!). Real estate in Saskatoon is still attainable for many people if you talk to the right professionals about how.
One of the ways of combating this low vacancy rate and increased housing costs in Saskatoon has been to build suites in homes to help pay the mortgage. This benefits both the home owners as well as the thousands affected by the rental shortage.
We hope that the new government will address the issue as if they do not, we will see a huge problem in Saskatchewan very quickly.
Any opinions out there? Please give me your points of view on this topic and how it can be addressed. As a real estate agent in Saskatoon I see every side of the topic and it is nice to get opinions from real people out there. Thanks!
Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.
www.karicalder.com