By paNOW Staff

Rental vacancies in PA more abundant

Jul 1, 2013 | 12:06 PM

paNOW Staff

Those hunting for a place to rent in Prince Albert have more options to choose from according to Canada Mortgage and Housing Corporation (CMHC)

CMHC’s rental survey said the average apartment vacancy rate in the city rose from 3.9 per cent in April 2012 to 6.5 per cent in April 2013. The tightest rental market was Estevan where there is virtually no available stock because of the strong oil sector fueling demand for rentals.

The year over year increase in Prince Albert was second only to Swift Current and followed the provincial trend which saw rental vacancies climb to three per cent from two point one per cent.

CMHC didn’t provide a specific reason for climbing vacancies in Prince Albert, but did note lower mortgage rates continued to attract people into homeownership.

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The vacancy rate increase in Prince Albert was across the board with the availability of bachelor and three bedroom units doubling.

While there were more places to rent in April, CMHC said rents still increased in all 10 of the provinces largest cities, however there was virtually no increase in Prince Albert. The average unit in April rented for $818 compared to $817 a year ago.

Bachelor, one bedroom and two bedrooms were up, while 3 bedroom rents dropped.

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