Here's how much rent will cost the average tenant in Regina
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.”
Rogers Communications Inc's $26-billion takeover of Shaw Communications Inc. cleared the last regulatory hurdle Friday, more than two years after the deal was first announced.
The six people who were recovered from the St. Lawrence River Thursday consisted of two families from Romania and India who were likely trying to enter the U.S. illegally, police said Friday. A child under three is still missing.
Donald Trump has been indicted by a Manhattan grand jury, prosecutors and defense lawyers said Thursday, making him the first former U.S. president to face a criminal charge and jolting his bid to retake the White House next year.
Canadian Industry Minister François-Philippe Champagne has approved Rogers Communications Inc.'s $20-billion takeover of rival telecom Shaw Communications Inc., but there are conditions attached and penalties of up to $1 billion if the companies violate them.
The numbers of babies born with syphilis in Canada are rising at a far faster rate than recorded in the United States or Europe, an increase public health experts said is driven by increased methamphetamine use and lack of access to the public health system for Indigenous people.
Disgraced South African Paralympic sprinter Oscar Pistorius has been denied parole, the lawyer for Reeva Steenkamp's parents said after the parole hearing.
A Toronto man, whose neighbours vanished eight years ago and left their home completely abandoned, said he's fed up living next door to a property that is in complete disarray.
Former Conservative leader Erin O'Toole says he will not seek re-election and plans to resign his seat this spring. The Ontario MP led the Conservatives and served as official Opposition leader from August 2020 until February 2022, when a majority of his caucus voted to remove him from the post.
The vote of a Manhattan grand jury to indict the Republican former president on charges related to hush money payments made on his behalf during his 2016 presidential campaign catapults the now-candidate Donald Trump into a new era of legal risk and complicates his attempts to return to the White House.
The Regina Anti-Poverty Ministry filed a charter challenge against the provincial government for stipulations in its disability program that require seniors to take their Canada Pension Plan (CPP) money out early.
Donald Trump has been indicted by a Manhattan grand jury, prosecutors and defense lawyers said Thursday, making him the first former U.S. president to face a criminal charge and jolting his bid to retake the White House next year.
The federal government now expects far more Canadians with long-overdue dental needs to sign up for its insurance plan, and the health minister says that's why the estimated cost has risen by $7 billion.
A 10-year-old boy is dead following a chain-reaction crash on the QEW. The highway was closed for several hours as police worked to piece together exactly what happened.
The six people who were recovered from the St. Lawrence River Thursday consisted of two families from Romania and India who were likely trying to enter the U.S. illegally, police said Friday. A child under three is still missing.
At Academy Farms in Langley, they raise bison and water buffalo, but this is more than a farm. It's a place that's helping people from across the country find their way out of addiction.
Donald Trump has been indicted by a Manhattan grand jury, prosecutors and defense lawyers said Thursday, making him the first former U.S. president to face a criminal charge and jolting his bid to retake the White House next year.
The redevelopment planning process was quietly halted earlier this year, and now the Kwikwetlem First Nation is speaking up about what they’d like to see happen on the land where the Riverview Hospital operated for a century.
The six people who were recovered from the St. Lawrence River Thursday consisted of two families from Romania and India who were likely trying to enter the U.S. illegally, police said Friday. A child under three is still missing.
Hydro-Québec annual indexation of its electricity rates will take effect this Saturday, capped at 3 per cent. The Crown corporation says that for residential customers, the monthly impact of the 3 per cent increase would be $2.28 for a five-and-a-half dwelling, $4.27 for a 111-square-metre home, $5.65 for a 158-square-metre home and $6.97 for a 207-square-metre home.
The Quebec government's crackdown on Airbnb has upended Montreal's short-term rental market, leading some to welcome the changes and others scurrying to evade the new rules.
A large-scale Canadian Coast Guard exercise was held near Victoria on Thursday, with members training to respond to an emergency aboard a whale-watching vessel.
The father of a Vancouver Island man who was shot twice in the head by police during a dramatic incident in Duncan, B.C., on Tuesday evening is questioning why such lethal action had to be taken by police.
Prime Minister Justin Trudeau offered a brief initial response to the final report from the Mass Casualty Commission (MCC) into Canada's worst mass shooting, which claimed the lives of 22 people in Nova Scotia in 2020. Vowing changes will come, here's what Trudeau said in Truro, N.S.
The bodies of six people, including one child, were found in the St. Lawrence River Thursday afternoon after an air search involving the Canadian Coast Guard, the Akwesasne Mohawk Police said.
A northern Ontario man has been banned from licenced hunting and fined $5,000 after pleading guilty to having more than six times the legal limit of grouse and obstructing conservation officers.
As the dust continues to settle around Wednesday's verdict in the Renee Sweeney murder trial attention is now turning to what's next for the case. CTV News spoke to a legal expert and here is what he had to say.
The bodies of six people, including one child, were found in the St. Lawrence River Thursday afternoon after an air search involving the Canadian Coast Guard, the Akwesasne Mohawk Police said.
A rental inquiry sign is pictured in this file photo. (David Prisciak/CTV News)
