Is this just the beginning?
There could be a huge surge in investment as news gets out about rising rents in the city.
A report by the CMHC (Canada Mortgage and Housing Corporation) shows that rents for a typical 2-bedroom rental rose from around $600 per month in 2006 to over $1000 per month now.
This type of rent increase surely upsets local tenants.
On the other hand, it will certainly lure investors in other areas where rents are flat, such as what Manitoba landlords face.
House Prices Are Also Rising
It’s not just rents that are rising.
In a survey by Royal-LePage average prices have risen:
1. 2 story house
A typical 2 story house has risen in price to $393,500 which is a 2.5% increase already this year.
A standard condo is up by almost 1.5% so far in 2014. The average price is now $265,000.
Investors From All Over Canada Have Their Eyes on Saskatoon
Most Canada landlords are facing very high prices to enter the rental property market or buy more properties.
Relatively low prices, rising rents, and rising prices means there could be some big changes in our rental market in 2014.