Here's how much rent will cost the average tenant in Regina
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
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
LeBlanc says he plans to run in next election, under Trudeau's leadership
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.
U.S. vetoes a widely supported UN resolution backing full membership for Palestine
The United States has vetoed a widely backed UN resolution that would have paved the way for full United Nations membership for the state of Palestine.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn’t over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball’s highest scorer Caitlin Clark’s first news conference as an Indiana Fever player.
Bayer recalls hydraSense baby product over 'potential contamination'
Bayer announced Thursday it is recalling two lots of its hydraSense Baby Nasal Care Easydose due to a potential contamination.
N.L. gardening store revives 19th century seed-packing machine
Technology from the 19th century has been brought out of retirement at a Newfoundland gardening store, as staff look for all the help they can get to fill orders during a busy season.
Cat found on Toronto Pearson airport runway 3 days after going missing
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Grandparent scam suspects had ties to Italian organized crime, police allege
A group of suspects that allegedly defrauded seniors across Ontario and other parts of Canada using a so-called emergency grandparent scam appear to have ties to 'Italian traditional organized crime,' according to an investigator involved in the OPP-led probe.