Saskatchewan’s vacancy rate climbed slightly to 2.7 per cent in 2024

Saskatchewan’s rental market saw a shift in 2024, with vacancy rates in cities with over 10,000 people rising to 2.7 per cent, up from 2.4 per cent in 2023, according to The Canada Mortgage and Housing Corporation.

Cameron Choquette, CEO of Rental Housing Saskatchewan said there’s a bit of reprieve for rental housing providers and tenants who now have a little more selection.

While Saskatchewan is still the most affordable province in the country to rent a home, Choquette said 2.7 per cent still indicates a very tight market, and could be unsustainable in the long term.

“Tight vacancy rates like this really mean that you can’t hop on an internet listing site or go on Kijiji or Facebook marketplace and find a rental unit in a matter of days,” he said.

He explained that it can take up to months for renters to find a place, with competition between them leading to bidding wars, increasing rental costs across the board.

“There isn’t enough of a diverse selection of rental housing for new Saskatchewan residents to choose from when they want to move here, for first time renters, or  families looking to rent later in life,” he said.

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Choquette said a healthy vacancy rate is typically around 3.5 to 4.5 per cent, and noted in the past the province has seen a climb up to six per cent providing more options for tenants and more buying power.

However, Choquette said the largest driver of rent increases is the rising costs of insurance, property taxes, utilities and levies for new developments.

Currently, Choquette said there is ample opportunity for housing providers across the province to continue growing and building the industry.

“If population growth continues to come to Saskatchewan, there is an abundance of renters that are looking for good quality rental homes,” he said. “It’s a great time to build new or reinvest in existing stocks so that tenants have a lot of opportunity and a lot of choice when they want to move to Saskatchewan.”

A big step forward Choquette explained would be the removal of PST on rental construction, which has been implemented in provinces like Alberta.

“That’s how we can keep our affordability advantage here in Saskatchewan, is by making sure that government fees and charges don’t continue to rise and make developments unfeasible.”

Last September, a blueprint was put forward by the Saskatchewan Housing Continuum Network with housing recommendations that included reducing PST and keeping rebates.