Regina apartment vacancy rate highest since 2006: 3%
The apartment vacancy rate in Regina has gone up — but rents are rising, too.
A report going to a City Hall committee Thursday says the most recent survey by the Canada Mortgage and Housing Corp. showed a 3 per cent vacancy rate in the fall of 2014, compared to 1.8 per cent a year earlier.
It's a far cry from several years ago, when the rate was close to zero. The city's housing strategy had established a goal several years ago to reach 3 per cent by 2017, but it turns out it's a few years early.
It's also the first time the rate has been 3 per cent since 2006.
The increase has been driven by new construction. The number of apartment units increased to 11,647 in October 2014, compared to 11,082 a year earlier.
However, rents are up, too.
The average monthly rent for a two-bedroom unit rose three per cent to $1,079 in October 2014, CMHC says.
Regina Mayor Michael Fougere said he's pleased about the city's growing vacancy rate, but he's a little surprised about rents rising.
"That's a bit of concern," Fougere said. "But the market should be able to stabilize that and fix it, we're hoping."
Vacancy rates should remain at 3 per cent or even go higher in the months ahead, the city report says.
It goes to a meeting of the mayor's housing commission Thursday afternoon.
