By Brent Bosker

Rents remain virtually unchanged: CMHC

Dec 13, 2010 | 5:13 AM

The price of renting an apartment in Prince Albert remained virtually unchanged in the latest rental survey by Canada Mortgage and Housing Corporation.

The average rent in October was $714, a mere one dollar difference from the April report issued by the agency. However, the cost of rent is four per cent higher when looking at the year-over-year October figures. For example, the monthly rate for a two bedroom apartment is almost $35 dollars more than it was a year ago.

Michael Fabiyi, senior market analyst for CMHC, said rents are simply adjusting to years of high vacancy rates.

“For several years we had a climate in which we had over six, seven per cent vacancy rates across major centers in Saskatchewan – so a lot of the increases we’re seeing right now is just rental rates catching up.”

Prince Albert’s average vacancy rate in October was above the provincial average at 3.8 per cent, but below the April rate, and more than a per cent ahead of the October figure in 2009.

International Spotlight

P.A.'s Howe one of 4 Sask. born players named to Canada's World Junior roster

10h ago

National

Ottawa to remove 30% investment cap for Canadian pension funds

13h ago

Budget woes

Golf and curling centre faces grim season without financial boost

17h ago

Fabiyi said there are a number of factors for higher vacancy, one being low interest rates.

“We’re seeing renters take advantage of these really low rates to perhaps make a purchase of a condominium or other type home. They’re moving into home ownership;” said Fabiyi.

In addition, vacancy rates are being affected by renters doubling up to reduce costs, he said.

bbosker@panow.com