The Canada Mortgage and Housing Corporation has released its annual rental market survey, and it shows the number of rental units in Estevan is up this year, and the overall vacancy rate and average rental rate have declined.
The information was tabulated in October and released on Wednesday.
The average rent in the city stood at $889 per month, down $17 a month from $906 in 2017. The city ranked fourth among the 10 Saskatchewan cities surveyed for average rent.
The average bachelor suite stood at $469 per month, down from $530 a month the previous year. One-bedroom units were at $763 a month, virtually identical to the $767 in 2017.
Two bedroom units were at $969 per month, a decline from the $1,001 seen the previous year. And three-bedroom sites were at $1,041 a month. (Data from 2017 wasn鈥檛 available).
Estevan鈥檚 vacancy rate stood at 21.8 per cent, down from 25.3 per cent a year earlier, but it was still the highest among the 10 Saskatchewan cities surveyed. The vacancy rate is a far cry from a few years ago, when it was often zero.
Bachelor suites vacancy rates actually saw a substantial increase, growing from 13.4 to 35.7 per cent. One-bedroom units stood at 18.3 per cent, down from 21.9 per cent. Two bedroom units also saw a drop from 28.3 to 24.3 percent.
As for three-bedroom suites, they were at 9.7 per cent vacant. (Data for 2017 again wasn鈥檛 available).
The total number of available units to rent stood at 639, a slight increase from 630 the previous year. Bachelor suites were at 14, down two from the 16 in 2017.
The number of one-bedroom units grew from 218 to 224, the number of two-bedroom homes increased from 366 to 370, and the number of three-bedroom units inched up from 30 to 31.
Among the 10 cities surveyed by CMHC for the report, Estevan was last for the number of rental units available in the city.
On a provincial basis, the vacancy rate stood at 8.7 per cent, down from 9.3 per cent, and the average rent was at $993 per month for a two-bedroom apartment.
鈥淔ive out of the 10 centres in Saskatchewan reported a decline, including the largest centre the Saskatoon Census Metropolitan Area (CMA) where the vacancy rate decreased by 1.3 percentage points to 8.3 per cent between 2018 and 2017,鈥� the report states.
鈥淭he other five centres showed increases in vacancy rates, with the Regina CMA reporting a 0.7 percentage point increase to 7.7 per cent.鈥�
Lloydminster鈥檚 vacancy rate experienced the largest decline but its vacancy rate of 11.5 per cent was described by CMHC as 鈥渆levated.鈥�
Bachelor suites in Saskatchewan were 9.8 per cent vacant and had an average rent of $680 per month; one-bedroom apartments were at 8.9 per cent vacant and had an average rent of $890 per month; two-bedroom apartments stood at 8.7 per cent with an average monthly rent of $1,070; and three-bedroom units were 5.8 per cent vacant with an average rent of $1,177 per month.
Private apartment units in Saskatchewan increased by 636 units in October this year, similar to the 683 units increase in the same month last year. However, among the 10 urban centres, where almost all centers had a net increase in their apartment rental options last year, five centers experienced a decrease in their apartment units this year.
CMHC also pointed out that international migration has historically been the leading component of population growth in Saskatchewan, and has continued to offset the net outflow of interprovincial migration in 2018. International immigrants are a major contributing factor to the demand side of the rental market, as migrants moving to a new region typically rent for a period of time before making a decision to buy a home.
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