Something has sparked a heightened interest in the concept of owning a rental property.
It might be the popularity of home improvement shows on TV, self-help books like Rich Dad Poor Dad or simply rising residential real estate prices, but it’s evident.
It is especially true in big cities where skyrocketing property values have prompted many to add a rental suite alongside or below their primary residence. But is also becoming more common in more moderately-priced markets like Saskatchewan.
Income tax data collected by Statistics Canada shows roughly eight per cent of Saskatchewan families now have rental income listed as a revenue source. That’s third highest in the country behind BC and Quebec and right on the national average.
The percentage is higher in Saskatoon – more than eight per cent – than Regina where six per cent describe themselves as landlords.
The median net income or profit on this endeavor is $3600 a year in Saskatchewan. That’s second highest in the land behind only BC. It is smaller centres that are most profitable in this province as the median net income in both Regina and Saskatoon is well below the provincial median.
