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Rent in Canada is climbing, but Saskatoon and Regina are still among the cheapest cities for renters.
In the National Rent Report, released by Rentals.ca and the real estate research firm Urbannation, Saskatchewan’s two largest cities came in last and second-last among 35 Canadian cities. But in this case, finishing last is a good thing.
According to a statement from the two groups, Regina came in at No. 34 on the list of 35 cities. Rent in the Queen City averaged just $1,121 for a one-bedroom place in August, while a two-bedroom residence cost renters an average of $1,324.
Saskatoon ended up at No. 35 of 35 in the report, which indicated that rent for a single-bedroom unit averaged just $1,055 last month, while a two-bedroom cost an average of $1,241.
Across all of Saskatchewan, the average rent for a single-bedroom dwelling was $1,020, a figure largely unchanged since last year.
Year over year, the average monthly rent for a one-bedroom place in Regina jumped by 8.4 per cent, the report indicated, while in Saskatoon the increase was just 4.8 per cent.
But while rental prices are climbing in Saskatchewan’s major cities, the story across Canada is a bit more grim. Nationwide, the average rent for a one-bedroom unit was $1,879 in August, representing a year-over-year jump of 8.87 per cent.
“Unlike in the U.S., rent inflation in Canada has failed to cool down despite rental completions having reached their highest level in decades,” Shaun Hildebrand, president of Urbanation, said in a statement.
“This is illustrative of the severe rental housing shortage across the country and the magnitude of the impact on rental demand as the population expands by a record pace.”
The report showed that the least-affordable city to rent was Vancouver, where a single-bedroom unit cost an average of $2,988. That’s more than twice the average cost of renting a two-bedroom unit in Saskatoon or Regina.
Toronto was close behind at $2,620 for a single-bedroom rental, with Burnaby in third place at $2,555.
(Urbannation/Submitted)
