Last week, the CMHC released its annual Rental Market Report. The report, based on October 2019 data, has some good news for local landlords: a decrease in Saskatoon’s overall vacancy rate to 5.7%. That’s down from 8.3% last year, when Saskatoon had the highest vacancy rate of all major Canadian cities. The recent data brings Saskatoon’s vacancy rate below Regina’s for the first time since 2007 and below this year’s new high-vacancy capital: St. John’s, Newfoundland. Within that overall vacancy rate, condominium vacancy declined from 4.7% to 1.7%, even with a 4.4% increase in the number of condos. And townhouse vacancy, also 4.7% last year, dropped to 3.7% this year.
Average rents also increased 2%, bringing rents back to approximately what they were five years ago. Meanwhile, it’s worth noting, property taxes in Saskatoon have increased an average of 4.5% each year. Beyond those highlights, our full report looks at what’s happening in different areas of the city in detail. The full report adds some colour and more detail to the CMHC summary. Download the full report below (you must be a registered Anikio user):