Posts Tagged ‘Prince Albert’

Higher Rents Pose Some Challenges For Newcomers to Saskatchewan

Sunday, October 21st, 2012

October 21st, 2012

 Is the Rent Really “Too Damn High” in Prince Albert?

Todd Osborne and his family have lived in Hamilton, Ontario since 2006.

He held a job in a warehouse and wants to return to Prince Albert.  The problem is rents are high there.

Years before, he said he rented a place for only around $600 per month. Now rents rents are over $1600 per month!  He might even want rent control.

Hamilton, Ontario tenant Osborne things that wages have not increased compared to the high rents.

What Does the Government Say?

The chair of the P.A. Housing Authority is named Fred Payton.  Mr. Payton said the munipal housing committee was working on ideas to create more affordable housing.

Payton said the government has created a reasonable secondary suite policy for they city and has tried to put funds into social housing.

What Does the Mayor Say?

The Mayor is Jim Scarrow.

Mayor Scarrow explains that it’s not only his city which is struggling with affordable housing.  Thanks to Saskatchewan’s boom there is a lot of immigration to the province.

If Todd Osborne Things the Rent is Too High Here, Then Why Even Come Here?

That’s a good question.

.

In areas where there is an economic boom, housing prices also increase.  If Osborne wants low rental prices he should go back to economically depressed Hamilton.  No jobs, but lots of rotten places run by bad landlords, and cheap rent.

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Posted in Rental Property | 1 Comment »

Regina Vacancy Rate Lowest in Canada! Rate Falls to 0.6%

Saturday, July 7th, 2012

July 6th, 2012

What’s the Latest Regarding the Canadian Rental Situation?

The CMHC (Canada Mortgage and Housing Corporation) recently released their ‘Spring Rental Survey reporting on vacancy rates across Canada.

What’s the News for Saskatchewan Landlords?

The Spring Rental Survey reported the lowest vacancy rates in the nation are found in Regina.

Regina Has the Lowest Vacancy Rates?

Yes. the vacancy rate in the Regina Census Metropolitan Area was 0.6% in April, 2012.  This is down from 0.7% in April, 2011.

In Regina rents have also increased faster than the rate of inflation.

What’s the Reason for the Low Rates?

According to the CMCH, it’s due to powerful gains in employment, increasing wages and a very low rate of unemployment.  This has caused a lot of migration to the area.

Furthermore, new and real home prices have increased.  This has led some people to delay purchasing their own home and deciding to rent instead.

What about Saskatoon?

The vacancy rate in Saskatoon also decreased.  In April, 2012 it was 3.1%.  In April, 2011 it was 3.4%.

What about in other cities?

The vacancy rate declined dramatically in Swift Current.  It was only 2.8% in April, 2012 compared to 9.6% in April, 2012.  This is largely due to increased energy exploration and drilling and the strength of the agricultural industry.

Because of a strong economy vacancies fell in Estevan from 2.5% in April 2011 to only 1%.

Surprisingly, Estevan also had the highest per average rents in Saskatchewan.  An average 2 bedroom apartment rents for approximately $1000 per month.

The rate fell in Yorkton as well.  There was a large drop from 4.9% in 2011 to only 1.4% in 2012.

Which Cities Have the Highest Vacancy Rates?

The highest is North Battleford at 5.3%.  Its followed by Prince Albert at 3.9%

What About the Price of Rents?

Rents in Regina rose by 5.5% compared to 2011.  Rents in Saskatoon rose 2.9%.

According to the CMHC, in Regina the average 2 bedroom apartment rents for $948.  In Saskatoon, it would be $976.

In Regina, rents for all types of suites rose by 5.5 per cent over the last year, compared with 2.9 per cent in Saskatoon.

The largest increase in rent was at Yorkton.  Rents there are up 8.4%.

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Posted in Regina landlords | 2 Comments »