The 10.3 per cent which was set in Saskatoon last year number has been breached, with the vacancy rate at approximately 13,500 apartments in the region based on the numbers gotten from the Canada Mortgage and Housing Corp. This showed an exception increase of 6.5 per cent from 2015 of the same month.
Report from Saskatoon StarPhoenix has it that the said numbers are placed far beyond the CMHC’s five per cent deal. Managing director of Colliers International, Tom McClocklin debated that the definite vacancy rate has gone up higher to nearly about 16 to 18 per cent since last year October. McClocklin mentioned; “If our economy kept running at the same rate, it probably would have been fine, (but now) you’ve got decreasing demand and a significant increase in supply.”
The positive side effect of these improvements is the prospering of several inducements for potential tenants as landlords and homeowners are usually not willing to have rates lowered. There are chances of greater risks to be faced by Saskatoon developers ass McClocklin anticipated in reply to the obvious continuous growth in the city, which would cause the vacancy rate to see a substantial fall in the coming years. PadMapper analysis discovered that at this point in time rental of a two-bedroom apartment in Saskatoon goes for $990, which is far lower than the price level of $1,100 during June last year.