Estevan’s rental vacancy rate fell this year, but it remains the highest in the province, according to the annual rental vacancy report released by the Canada Mortgage Housing Corporation on Nov. 28.
Estevan’s rental vacancy rate was at 25.3 per cent, as of October when the numbers were tabulated. A year earlier, the average vacancy rate stood at 27.6 per cent.
The next-highest vacancy rate in the province was in Weyburn, which stood at 18.8 per cent.
The biggest change for vacancy rates in Estevan was found in the bachelor suites. The vacancy rate was 13.4 per cent in October, compared with 25 per cent a year earlier.
One-bedroom apartments were 21.9 per cent vacant, a slight increase from the 21.6 per cent rate seen last year. As for two-bedroom apartments, the vacancy rate was 28.3 per cent, compared to 30.5 per cent a year earlier.
The vacancy rates for three bedroom units was not available, but last year they stood at 32.3 per cent.
The average rent in Estevan was at $906 per month, compared with $898 per month last year. The local rent was the fourth-highest in the province, trailing Regina ($1,026 per month), Saskatoon ($999 per month) and Lloydminster ($996 per month).
The average rent for a bachelor suite in Estevan rose from $507 per month in 2016 to $530 this year. One-bedroom apartments jumped from $723 a month in 2016 to $767 per month. Two-bedroom apartments remained at $1,001 per month.
The data for three-bedroom units was not available, but last year the average rent was $1,131 a month.
CMHC reported an increase in the number of rental properties available in the city, growing from 573 in 2016 to 630 this year. The number of bachelor suites remained the same at 16, but the number of one-bedroom apartments grew from 185 to 218, and the number of two-bedroom properties grew from 341 to 366.
The number of tree-bedroom units slid from 31 to 30.
CMHC also reported private apartment turnover rates. It stood at 37.2 per cent this year, compared with 35,3 per cent a year ago. The numbers for bachelor suites and three-bedroom units were not available, but last year the turnover rate for bachelor suites was at 93.8 per cent, and three-bedroom units stood at 35.5 per cent.
One-bedroom apartments dropped from 43.2 per cent to 38.1 per cent, and two-bedroom units jumped from 28.2 per cent to 37.1 per cent.
As for the provincial numbers, Saskatchewan’s overall vacancy rate stood at 9.3 per cent, compared with 9.4 per cent the previous year. The average rent was $975 a month, which was unchanged.
Bachelor suites were 8.8 per cent vacant, with an average rent of $676 per month. One-bedroom apartments were at 9.2 per cent, with an average rent of $883 per month. Two-bedroom apartments were 9.4 per cent vacant, and the average rent was $1,051 per month.
Three-bedroom units were at 8.7 per cent, and the average rent was $1,136 each month.
“Rising energy prices have helped with the economic recovery in Saskatchewan,” stated CMHC. “The province’s return to positive GDP growth has supported a modest expansion in some labour markets. While interprovincial migration has been negative, population growth has been supported by positive inflows of international migrants.
“As a result, the demand for rental housing has grown compared to the previous year.”
CMHC conducts the rental market survey every year in October to estimate the relative strengths in the rental market. The survey is conducted on a sample basis in all urban areas with populations of 10,000 and more.
The survey targets only privately initiated structures with at least three rental units, which have been on the market for at least three months. The survey collects market rent levels, availability (outside Quebec), turnover and vacancy unit data for all sampled structures.
The survey is conducted by a combination of telephone interviews and site visits, and information is obtained from the owner, manager, or building superintendent. The survey is conducted during the first two weeks of October, and the results reflect market conditions at that time.
