The reports just keep coming in, reinforcing something people who are renting a place to live know all too well.It is hard to find a place to rent and when you do, it can be expensive.
The economics team at RBC Royal Bank has interpreted data contained in the latest CMHC rental report and determined that Canadians are facing the most challenging market in more than three decades.With vacancy rates sitting below two per cent in some major cities, the tight supply is pushing prices upward by as much as eight per cent a year which is higher than both inflation and wage growth.
Here in Saskatchewan, we are seeing a similar story play out. Saskatoon’s overall rental vacancy rate is two per cent but if you look only at condo-style rentals that falls to only 1.2 per cent. And rents across the board have risen by nine per cent.
Regina is slightly better on the price front as it remains the most affordable among major cities, but vacancies are under two per cent across the board.
One thing in our favour is that property values are still reasonable so it is actually possible for renters to become owners in this province.