Here's how much rent will cost the average tenant in Regina
A rental inquiry sign is pictured in this file photo. (David Prisciak/CTV News)
Rising rent costs and limited options are making it challenging for Regina renters to find the right place to settle into.
The average two-bedroom rent in Regina rose 3.3 per cent to $1,186 in 2022, according to a rental market report released by Canada Mortgage and Housing Corporation (CMHC).
Monthly rent for a two-bedroom condo apartment was even higher, rising 14.7 per cent to $1,467, CMHC said.
“Landlords often increase rent to current market levels when a tenant leaves a unit. Some landlords upgrade units between tenants so they can charge higher rents to new tenants,” CMHC said in the report.
“These higher rents increased affordability challenges for renters who are trying to enter the market or find new housing.”
Falling vacancy rates are also contributing to rent increases, according to CMHC.
Regina’s rental vacancy rate dropped to 3.2 per cent in 2022, which is down from the five-year average of seven per cent and the lowest rate since 2014.
The national average dipped to 1.9 per cent in 2022.
The downtown, university, Lakeview and Albert Park areas have the lowest vacancy rates in the city, according to the report.
CMHC said demand outpaced supply in 2022 as last year saw some of the highest levels of migration into Saskatchewan.
Migration coupled with the economy’s return to pre-pandemic levels and an increase of in-person activities contributed to the rising occupancy rate of rental apartments.
According to CMHC senior market analyst Anita Linares, high inflation rates are also forcing more people out of the housing market and into the rental market.
“Some people may not be able to afford down payments, not able to afford mortgage payments and they are being pushed into the rental market,” Linares said.
“It’s kind of like a balloon. You squeeze one area and it pushes into another.”
According to CMHC, there were 191 additions to Regina’s rental supply. However, due to the demolition and renovation of older rental stock, the increased supply was not enough to meet demand in the fourth quarter of 2022.
“We’ve seen a decrease in the rental market universe for the second year in a row,” Linares said.
“It’s highlighting the need and awareness that there is a supply issue within Regina.”
Linares said this should be a signal for all levels of government to intervene and address the supply issues.
She said these rental market trends are likely to continue into 2023. However, as interest rates are expected to decrease by the end of the year, she said renters will hopefully see “an easing in the market.”
CTVNews.ca Top Stories
How the 2023 federal budget impacts you
The federal government unveiled its spring budget Tuesday, with a clean economy as the centrepiece, and detailing targeted measures to help Canadians deal with still-high inflation.
Walmart and Costco in Canada not making food inflation worse, experts say
Experts say the Canadian presence of American retail giants such as Walmart and Costco isn't likely to blame for rising grocery prices. That's despite Canadian grocery chain executives having pushed for MPs to question those retailers as part of their study on food inflation.
These Canadian housing markets have home prices below the national average
Home prices have fallen below the national average in 14-out-of-20 regional housing markets, according to a report by Zoocasa. Saint John, N.B., took the top place for the most affordable region, with an average home price of $268,400.
Budget 2023 prioritizes pocketbook help and clean economy, deficit projected at $40.1B
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
Federal government capping excise tax on alcohol after outcry
The increase in excise duties on all alcoholic products is being temporarily capped at two per cent starting next month instead of a planned 6.3 per cent increase.
Hamilton family raising awareness about Strep A after sudden death of toddler
A Hamilton, Ont., family is hoping to raise awareness about Strep A after the tragic death of their two-year-old.
King Charles III makes world debut as tour starts late in Germany
King Charles III will make his debut on the world stage Wednesday, three days later and 550 miles (885 kilometres) northeast of where he had intended.
Gwyneth Paltrow's ski collision trial continues with defence
Gwyneth Paltrow's attorneys are expected to continue relying mostly on experts to mount their defence on Wednesday, the seventh day of the trial over her 2016 ski collision with a 76-year-old retired optometrist.
5 things to know for Wednesday, March 29, 2023
The details of 2023’s federal budget includes a projected $40 billion deficit, cutting three per cent of spending for federal government departments, and new funding for the next phase of a national dental program. Here's what you need to know to start your day.
Saskatoon
-
Taste of Saskatchewan going on hiatus this year, organizer says
Taste of Saskatchewan is tasting a break this summer.
-
Five-year-old Saskatoon boy suffers head injury in dog attack
A Saskatoon couple says they felt ignored by police after their five-year-old foster son was attacked by a dog outside the Meadowgreen Confectionary on March 22.
-
Budget 2023 prioritizes pocketbook help and clean economy, deficit projected at $40.1B
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
Winnipeg
-
Winnipeg has not recorded a positive temperature since Valentine's Day. Here is how long the cold could last
Manitobans waiting for the temperature to warm up this spring will have to wait a little longer.
-
How the 2023 federal budget impacts you
The federal government unveiled its spring budget Tuesday, with a clean economy as the centrepiece, and detailing targeted measures to help Canadians deal with still-high inflation.
-
RCMP searching for car with Saskatchewan plate in Manitoba homicide investigation
RCMP in Manitoba are asking for help in identifying a vehicle they say is connected with the death of a Brandon man last year.
Calgary
-
Violence at Lions Park LRT station sends two women to hospital
Police were called to the Lions Park LRT station, near North Hill Centre, around 8 p.m. for reports of a large group of people fighting.
-
Police investigate suspicious death in downtown Calgary highrise
Police are investigating the circumstances of the death of a woman in a residential tower in downtown Calgary.
-
15-year-old girl shot to death in northeast Calgary
A 15-year-old girl was shot and killed in the northeast Calgary community of Martindale on Tuesday.
Edmonton
-
How the 2023 federal budget impacts you
The federal government unveiled its spring budget Tuesday, with a clean economy as the centrepiece, and detailing targeted measures to help Canadians deal with still-high inflation.
-
Edmonton man comes home to find snake native to U.S. in apartment
An Edmonton man says he hasn't slept well since finding a metre-long snake that's native to the eastern and southern American states behind his couch.
-
'Long road ahead of him': Employee shot at Edmonton Pizza Hut enters physiotherapy
The Pizza Hut employee who was shot at his workplace earlier this month is on the long road to recovery, his sister has confirmed Tuesday to CTV News Edmonton.
Toronto
-
Toronto council to meet for first time since Tory resigned, confirm mayor race dates
Toronto city council is set to meet today for the first time since former mayor John Tory resigned.
-
'Intense burst of snow' expected to hit Toronto area Wednesday
Spring may have arrived, but Toronto isn't quite done with winter weather yet.
-
Councillor Brad Bradford running for Toronto mayor
Brad Bradford has officially said he will run for mayor of Toronto.
Ottawa
-
Budget 2023 proposes across-the-board 3 per cent spending cut for government departments
The federal budget proposes an across-the-board three per cent spending cut for all departments and agencies, a belt-tightening move after years of massive growth in the federal public service.
-
NEW THIS MORNING
NEW THIS MORNING | 1000 Islands Wanderer Project a unique way to reignite tourism in Gananoque region
There's a different type of tourism push in Gananoque and 1000 Islands, called the Wanderer Project, promoting the region by boat, helicopter and right on main street.
-
Witness rescues woman from fatal house fire in Kanata
One person is dead after an early morning fire in Kanata, while another person is being treated for smoke inhalation after being rescued from the burning home by a bystander who spotted the fire while driving to the gym.
Vancouver
-
'How could this happen?' Mother of man killed in Vancouver stabbing looking for answers
A 37-year-old man who was fatally stabbed in Vancouver while stopping to get a coffee with his fiancé and daughter is being remembered by his grieving mother as " a beautiful soul."
-
Involuntary treatment, insufficient support: Riverview patterns continue post-closure
It's been more than a decade since the Riverview Hospital closed its doors for good and one thing is clear: The pattern of treatment, discharge, and insufficient post-hospitalization care continues throughout the province.
-
Watermain rupture displaces Burnaby residents, shuts down businesses
A watermain break is causing a massive headache for hundreds of residents living in two condo towers in Burnaby's Brentwood neighbourhood.
Montreal
-
Maureen Breau, Quebec police officer, stabbed and killed during arrest
A Quebec provincial police officer was fatally stabbed Monday night while performing an arrest in Louiseville, west of Trois-Rivieres, Que. The Surete du Quebec (SQ) has confirmed the identity of the officer, Sgt. Maureen Breau, who had been on the force for over 20 years. She was assigned to the post of the MRC de Maskinonge. Another officer was injured during the incident, but their life is not in danger.
-
Police identify last two victims of Old Montreal fire, both 18 years old
Montreal police say they have identified two more victims found in the rubble of a fire in Old Montreal 12 days ago. Charlie Lacroix and Walid Belkahla, both 18, are the sixth and seventh victims of the fire.
-
Montreal synagogue spray painted with swastikas
A synagogue in The Plateau has been defaced with anti-semitic graffiti. Swastikas were spray painted on Bagg Street Shul sometime over the weekend, said synagogue president Michael Kaplan on Tuesday.
Vancouver Island
-
Victoria landlord to pay tenant $30K for noise, asbestos exposure after judge strikes down challenge
A Victoria landlord and property management company must pay more than $30,000 in damages and rental reduction to a tenant who complained of exposure to asbestos and excessive noise while their apartment building was renovated.
-
'Hard to keep in stock': Non-alcoholic beer and cocktails creating buzz on Vancouver Island
They’ve been pulling plenty of pints of non-alcoholic beer at Oak Bay’s Penny Farthing pub since they started carrying it this past December.
-
Elephant seal rescued from side of Saanich highway
A wayward elephant seal that was spotted off the side of the Trans-Canada Highway in Saanich was safely relocated by police and Fisheries and Oceans Canada (DFO) on Monday.
Atlantic
-
N.S. mass shooting inquiry report must deliver 'clear commentary': family lawyer
A lawyer who represents Nova Scotia mass shooting victims' families said in an interview they are hoping "for clear commentary on what things went wrong and what things ought to have been done better or differently."
-
N.B. residents suffering from mystery brain disease call for fresh investigations
New Brunswickers suffering from a mystery neurological disorder are calling for an investigation into potential environmental causes of the health problems they've been living with for more than two years.
-
Moncton business owners want homelessness supports removed from downtown core within 30 days
The message at the forefront of Tuesday's meeting was united among the five panelists: supports for unhoused people aren’t welcome in Moncton's business district.
Northern Ontario
-
Hamilton family raising awareness about Strep A after sudden death of toddler
A Hamilton, Ont., family is hoping to raise awareness about Strep A after the tragic death of their two-year-old.
-
Meet the UW stats prof who claims he can’t stop beating Roll Up To Win
A statistics professor at the University of Waterloo discusses how he continues to beat the Roll Up To Win contest at Tim Hortons.
-
How the 2023 federal budget impacts you
The federal government unveiled its spring budget Tuesday, with a clean economy as the centrepiece, and detailing targeted measures to help Canadians deal with still-high inflation.
Kitchener
-
Meet the UW stats prof who claims he can’t stop beating Roll Up To Win
A statistics professor at the University of Waterloo discusses how he continues to beat the Roll Up To Win contest at Tim Hortons.
-
Hamilton family raising awareness about Strep A after sudden death of toddler
A Hamilton, Ont., family is hoping to raise awareness about Strep A after the tragic death of their two-year-old.
-
'They're struggling to stretch their own budget': Grocery prices impact local food budgets
A one-time grocery rebate for low income Canadians is coming at time where many residents in the region are struggling to keep up with their food bills.