Issuu

provincial edition

SASKATCHEWAN

The provincial market perspective for the Saskatchewan rental housing industry

2025

Welcome to the 2025 Provincial editions of theANNUAL. Not unlike our National edition, theANNUAL, is a special industry specific periodical, delivering relevant, timely information and data with a single-minded approach; “What does the Apartment industry need to know!” With that as our goal, our research team reviewed extensive data from numerous sources to bring you the Provincial editions of theANNUAL. From CMHC, Stats Canada, association executives, Government sources and apartment owners, managers & REITs, we bring you the most complete and thorough industry guide that delivers region specific information and data. Produced by RHB Inc., creators of RHB Magazine, RHBTV, RHB Newsreel, Perpetual Media Group (PMG) and BoldTV, theANNUAL delivers a complete market perspective for the rental housing industries of Nova Scotia and Saskatchewan. Developing a standalone resource guide with vital and practical information is never an easy undertaking. There are reasons why in-depth, analysis and forecasting aren’t done in this form and on this scale for our industry! Time, resources and industry knowledge are required to deliver a comprehensive report respecting individual regional apartment owners and managers while allowing them to respond to market needs, size and competition. What you’ll find in this Provincial Edition of theANNUAL: The State of the Industry Report, an in-depth look at the individual provinces’ market conditions, based on CMHC and Stats Canada data.

Association Report, from our partners at RHPNS and RHSK, an overview of what we need to know about each province and association. Neighbourhood Trends, data provided by Rentals.ca on tenant searches and trends. The industry’s first vetted report of the Top Ten, Owners, Managers and REITs for each province. This has been a labour of love. As Canada’s national voice for the apartment industry, RHB Inc prides itself on always delivering the latest news and information that help our industry maintain a competitive advantage. Therefore, we’d like to acknowledge the following people for their help gathering the information and data which enabled us to deliver this comprehensive guide: Kevin Russell, Executive Director, Rental Housing Providers Nova Scotia (RHPNS); Landon Field, CEO, Rental Housing Saskatchewan (RHSK). RHB Inc accepts responsibility for accurately delivering relevant news to the rental housing industry. As well, we always want to hear from you, the people who make up the rental housing industry. Let us know your thoughts on what you’ve read and what you’d want to see next year in theANNUAL, both at the National and Provincial levels. All the best,

Publisher Debbie Dollar-Seldon Art Director Scott Clark National Director, Sales and Marketing Melissa Valentini Office Manager Geeta Lokhram Owner Marc Côté

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Opinions expressed in articles are those of the authors and do not necessarily reflect the views and opinions of the CFAA Board or management. CFAA and RHB Inc. accept no liability for information contained herein. All rights reserved. Contents may not be reproduced without the written permission from the publisher. P.O. Box 696, Maple, ON L6A 1S7 416-236-7473 Produced in Canada All contents copyright © RHB Inc. Canadian Publications Mail Product

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INC.

provincial edition

FOREWORD

Canadian Publication Mail Products Sales Agreement No. 42652516

TABLE OF CONTENTS

3 – FOREWORD

STATE OF THE INDUSTRY – 8

ASSOCIATION REPORT – 15

4 – theANNUAL Saskatchewan

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TABLE OF CONTENTS

21 – NEIGHBOURHOOD TRENDS

TOP 10 – 27

6 – theANNUAL Saskatchewan

We Market Your Listing Like It's Our Own Posting a rental listing is easy. Getting it seen? That’s where we come in. At Rentals.ca, we put your property in front of thousands of renters with powerful digital marketing tools — no guesswork, no waiting around. Get the attention your rental deserves.

2024 population

1,246,691 North Battlleford AVR: 3.6% 2BR: $1,077

Saskatoon

AVR: 2.0% 2BR: $1,471

Lloydminister

AVR: 1.6% 2BR: $1,190

3. Regina

AVR: 2.6%

2BR: $1,415

Moose Jaw AVR: 2.1% 2BR: $1,177

Saskatchewan Zone Statistics 1. Prince Albert: 2. Yorkton: 3. Swift Current: 4. Weyburn: 5. Estevan:

8 – theANNUAL Saskatchewan

AVR= Average Vacancy Rate in October 2024 2BR= Average Rent of 2 Bedroom Suite in October 2024

Saskatchewan’s Number of Primary Apartment Units Bachelor

1,722

1 Bedroom

13,947

2 Bedroom

21,690

3 Bedroom + 2,074 Total

39,433

Primary Apartment Vacancy Rates Bachelor

3.3%

1 Bedroom

3.1%

2 Bedroom

2.2%

3 Bedroom + 3.0% Total

2.6%

Primary Apartment Average Rents Bachelor

$878

1 Bedroom

$1,143

2 Bedroom

$1,380

3 Bedroom + $1,601 Total

$1,288

theANNUAL Saskatchewan – 9

State of the Industry Saskatchewan

Saskatchewan’s primary and secondary rental market universe totals Primary

39,433

Secondary

87,770 Total: 127,203

31%

69%

*Secondary figure estimate based on growth rate

Saskatchewan’s Private Apartment Turnover Rates by Bedroom Type Bachelor

1 Bedroom

2 Bedroom

3 Bedroom +

Total

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

52.0%

38.3%

35.1%

31.0%

31.2%

27.7%

33.8%

29.5%

** Data suppressed

theANNUAL Saskatchewan – 11

Important things to know about Saskatchewan’s primary market:

Number of Private Apartment Units

Oct 2021

Oct 2022

Oct 2023

Oct 2024

Bachelor

1,619

1,618

1,637

1,722

1 Bedroom

13,345

13,332

13,811

13,947

2 Bedroom

20,192

20,577

21,155

21,690

3 Bedroom +

1,618

1,672

1,816

2,074

Total

36,774

37,199

38,419

39,433

Private Apartment Average Rents

Oct 2021

Oct 2022

Oct 2023

Oct 2024

Bachelor

$714

$747

$791

$878

1 Bedroom

$928

$968

$1,048

$1,143

2 Bedroom

$1,117

$1,162

$1,276

$1,380

3 Bedroom +

$1,236

$1,279

$1,396

$1,601

Total

$1,037

$1,080

$1,182

$1,288

Private Apartment Vacancy Rates

Oct 2021

Oct 2022

Oct 2023

Oct 2024

Bachelor

7.1%

7.2%

4.0%

3.3%

1 Bedroom

6.9%

4.5%

3.0%

3.1%

2 Bedroom

5.8%

3.6%

1.8%

2.2%

3 Bedroom +

5.1%

4.2%

2.1%

3.0%

Total

6.2%

4.1%

2.4%

2.6%

12 – theANNUAL Saskatchewan

** Data suppressed

Info Estevan

1 Bedroom

2 Bedroom

3 Bedroom +

Survey Date

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Vacancy Rate

14.1%

4.0%

16.6%

4.7%

6.8%

15.2%

4.4%

Average Rent

$581

$735

$880

$858

$1,078

$1,003

$1,149

$1,444

$997

$950

Info Lloydminister

1 Bedroom

2 Bedroom

3 Bedroom +

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Vacancy Rate

0.0%

5.8%

3.6%

2.9%

0.9%

2.7%

1.7%

3.6%

1.6%

Average Rent

$768

$744

$986

$1,023

$1,083

$1,190

$1,399

$1,511

$1,068

$1,161

Survey Date

** Data suppressed

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

4.6%

3.9%

1.5%

0.6%

0.0%

2.8%

2.1%

$867

$945

$1,148

$1,177

$1,026

$1,013

$1,058

Survey Date

Bachelor Oct 23

1 Bedroom

2 Bedroom

3 Bedroom +

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Total

Vacancy Rate

6.9%

6.4%

1.6%

2.0%

3.6%

Average Rent

$666

$617

$794

$879

$950

$1,077

$1,127

$887

$990

1 Bedroom

2 Bedroom

3 Bedroom +

Survey Date

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Vacancy Rate

9.0%

6.4%

3.2%

4.1%

2.9%

5.5%

5.1%

5.3%

Average Rent

$678

$731

$911

$977

$1,026

$1,116

$1,114

$1,213

$987

$1,072

Bachelor

1 Bedroom

2 Bedroom

3 Bedroom +

Total

Survey Date

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Vacancy Rate

3.9%

2.4%

1.6%

3.2%

1.1%

2.1%

0.9%

3.9%

1.4%

2.6%

Average Rent

$788

$879

$1,081

$1,185

$1,301

$1,415

$1,510

$1,782

$1,200

$1,315

Bachelor Oct 24

1 Bedroom

2 Bedroom

3 Bedroom +

Oct 23

Vacancy Rate

2.3%

1.8%

2.7%

2.3%

1.5%

1.9%

1.6%

2.0%

Average Rent

$829

$938

$1,090

$1,195

$1,360

$1,471

$1,458

$1,655

$1,256

$1,371

Bachelor

Oct 24

Total

Survey Date

Oct 23

Oct 24

1 Bedroom

2 Bedroom

3 Bedroom +

Survey Date

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Vacancy Rate

2.6%

4.0%

6.6%

Average Rent

$728

$732

$835

$827

$982

$990

$1,332

$1,432

$930

$945

Bachelor

1 Bedroom

2 Bedroom

3 Bedroom +

Total

Srvy Date

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Avg Vac

8.0%

3.6%

4.1%

3.3%

24.2%

18.0%

6.4%

4.3%

Avg Rent

$620

$683

$691

$917

$956

$914

$908

$843

$871

Info Yorkton

Oct 23

Info Weyburn

Oct 24

Total

$690

Info Swift Current

3 Bedroom +

Info Saskatoon

2 Bedroom

$660

Info Regina

Oct 23

1 Bedroom

Average Rent

Info Prince Albert

Bachelor

Total

Vacancy Rate

Info North Battleford

Bachelor

Total

Survey Date

Info Moose Jaw

Bachelor

1 Bedroom

2 Bedroom

3 Bedroom +

Total

Survey Date

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Vacancy Rate

13.2%

6.7%

1.6%

4.1%

1.2%

1.9%

1.5%

2.4%

3.1%

Average Rent

$828

$872

$995

$1,034

$1,060

$1,158

$1,219

$1,416

$1,033

$1,109

theANNUAL Saskatchewan – 13

Association Report

theANNUAL Saskatchewan – 15

Association Report About Us As the voice of rental housing providers in Saskatchewan, Rental Housing Saskatchewan is the association that represents our province’s rental housing industry. Led by a volunteer Board of industry professionals and driven forward by a skilled staff team, we work to ensure Saskatchewan’s rental housing industry meets the needs of renters, owners, and managers.

Public Awareness We have a strong public presence across social media and our team has regular appearances across various media outlets. We are a regular commentator and presenter on industry issues, such as rental rates, rental scams, and homelessness.

Community Leadership Our Team In recent years, we’ve transformed the Association into a small and mighty team dedicated full-time to the success of our industry. In 2024 the association was staffed by former CEO Cameron Choquette, current CEO Landon Field, Member Services Coordinator Emily Young, Special Project Coordinator Tinu Ettu, and contract legal student Ravleen Saini.

Rental housing providers play an integral role in Saskatchewan’s economy, so we participate in a number of community groups and decision making tables to ensure that our industry is apart of the solutions for systemic housing issues. Some of these groups include the Saskatoon Poverty Reduction Partnership, Coordinated Access Saskatoon and Regina, and Saskatoon Housing Initiatives Partnership.

Landon Field, CEO

Government & Industry Relations

Landon has been with the association since 2021 and stepped into the CEO role in 2025. Landon leads the Association’s operations throughout the province and works with the Board of Directors to move the Association forward.

Municipal Bylaws and Programs

Board of Directors

Municipal Bylaws and Programs Together with our industry partners, we’re regularly appearing before City Councils across Saskatchewan. In the past year we’ve advocated for prioritizing purpose-built rentals through the Housing Accelerator Fund, fought against landlord registries in Yorkton and North Battleford, and stood up for landlord rights on utility billing in Biggar. Landon Field, CEO

The association is led by a volunteer board of directors. RHSK has a new Chair Amanda Bolan, new Vice Chair Chris Lee, Past Chair Sheena Keslick, Treasurer Lorie Houle, and Directors Donna Singbeil, Jeff Trapp, Jamie McDougald, Laura Mc Nern, Brent Sjoberg, Tim Thompson, Matt Roberts, and Brett Ackerman. 1000 Member Milestone! Rental Housing Saskatchewan successfully rebranded from the Saskatchewan Landlord Association at our 30th Anniversary celebration in October 2024. Our association is proud to officially surpass 1,000 individual members across the province. This accomplishment is testament to a hardworking and dedicated team devoted to delivering results for housing providers and property managers.

16 – theANNUAL Saskatchewan

Office of Residential Tenancies & Ministry of Justice We meet with the ORT on a quarterly basis to provide feedback and constructive criticism on policy, process, and legal matters. This is done with a view to improve access to justice, increase consistency in decisions, and increase fairness during hearings. A number of issues were of concern at the ORT and Ministry of Justice this past year – most notably a lack of hearing officers, delays on decisions being issued, and insufficient resources for the ORT to schedule hearings efficiently so that our members aren’t losing so much rent for non-payers. The association has regular contact with multiple provincial ministries including Justice, Social Services, and Finance.

Secure Homes, Strong Future Saskatchewan’s Housing Leaders released Secure Homes, Strong Future: A Housing Policy Blueprint for Saskatchewan ahead of the 2024 provincial election. The blueprint was built on grassroots consultations and expert research within the housing industry, providing insights and recommendations to support Saskatchewan’s housing continuum. Saskatchewan’s residential housing industry, including construction, rental, and real estate, faced a significant gap in housing inventory needed to accommodate future population growth. Secure Homes, Strong Future focused on policy amendments and funding investments designed to support the province’s residential housing industry and provide homes for Saskatchewan’s growing population. “Saskatchewan continued to attract, house, and employ people at record levels — a growing province meant more housing units were needed to ensure the Saskatchewan advantage remained intact,” stated Saskatchewan’s Housing Leaders. “Our plan proposed common- sense ideas to build more affordable homes faster by improving affordability, unlocking development, lowering construction costs, and setting the stage for the future.” Through this advocacy, the Government of Saskatchewan increased the First Time Home Buyer’s Tax Credit by 50%, re-introduced the Home Renovation Tax Credit, made the PST Rebate on new home construction permanent, and maintained the secondary suite incentive.

Member Services New Wesbite Rental Housing Saskatchewan is proud to announce the official launch of our newly redesigned website — built to better serve our members with a clean, user-friendly design and a strong focus on usability, convenience, and member needs. While the look is fresh and the navigation is streamlined, you’ll still find all the essential tools and services you depend on — plus a few new features designed to make your experience even smoother. Here’s what you’ll find on the new site: • A full library of up-to-date forms from the Office of Residential Tenancies (ORT) • Access to RHSK-written warnings and notices tailored specifically for Saskatchewan rental housing providers • Custom reminders, templates, and other helpful tools for managing your rental business with confidence • A robust collection of educational resources, including guides, tip sheets, and best practices to support you in staying informed, compliant, and successful • Access to our Service Members and their offerings Whether you’re a new landlord or a seasoned housing provider, our new platform is designed to save you time, keep you informed, and strengthen your connection to the rental housing community in Saskatchewan. Visit RentalHousingSK.ca to check it out!

theANNUAL Saskatchewan – 17

Association Report Coming Soon – Online Education Course for Landlords! Being a landlord doesn’t come with an instruction manual... until now! Introducing LEAP – Legal Education Assistance Program from Rental Housing Saskatchewan. LEAP, or, our Legal Education Assistance Program, is designed to bring even more value to our members through targeted landlord learning courses and practical resources. Whether you’re looking to build new skills, better understand Saskatchewan’s landlord/tenant laws, or gain deeper insights into the rental housing landscape in the province, LEAP will offer something for everyone. We’re so excited about what’s ahead and can’t wait to learn and grow with you in this next chapter. We’re feeling inspired, energized, and more connected than ever. Learn your legal rights, Study at your own pace, Earn your certification Take the landlord LEAP and invest in your education today!

these conversations are all confidential, we anonymize the information collected and publish regular resources that help our members with common issues by sharing best practices between members. Member support is a free service provided to all members.

Customized Training & Speaking Our team has begun offering customized training for rental housing providers and real estate brokerages who want to learn more about residential tenancy law, best practices in rental housing, and much more. These affordable sessions give our members an opportunity to educate their staff in a customized format that meets their needs.

2024 Association at a Glance Our team is focused on delivering industry-leading programs and services for members. In 2024 we expanded our reach as follows: • 36% increase in digital presence • 152,211 social media impressions • 2,164 social media follows

Lunch N’ Learns

•

To ensure our members are receiving top-notch education and information throughout the year, we’ve instituted a regular schedule of events from September to June of each year that alternates between Saskatoon and Regina. Topics presented in the past year include ORT applications, CMHC rental market, death, drugs, and drama, and numerous sessions at our annual conference presented by Home Depot. Our regular events reached close to 500 participants in the past year.

• 357 new members

Member Support & Resources Each and every day our team answers phone calls and emails from members throughout Saskatchewan. Although

18 – theANNUAL Saskatchewan

76% member retention rate

Join Us It’s an exciting time to be a rental housing provider and an even better time to join your Association. If you’re interested in joining an Association dedicated to your success, you can read more about us on our website, www.RentalHousingSK.ca Our members are small, medium, and large. Whether you have a basement suite or 1000 units, you’re welcome at our table and will benefit from our education, support, and advocacy.

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Neighbourhood Trends Latest information on some of Saskatchewan’s many neighbourhoods

Saskatoon

Moose jaw

Regina

theANNUAL Saskatchewan – 21

Neighbourhood Trends RHB 2 Data provided by Rentals.ca

Age Distribution RHB 2 Age Distribution of Active Renters Saskatchewan 35%

30% 30%

25%

24%

20% 17% 15%

15%

10%

18-24

25-34

Average Rent / Sqft

22 – theANNUAL Saskatchewan

35-44

45-54

5/29

55-64

65+

Lead Submission of Prospective Tenants by Bed Count

t Nova Scotia

Lead Submission by Bed Count Saskatchewan

4+ Bed 3 Bed

14%

37%

4+ Bed

0 Bed

3 Bed

11%

13%

37%

36%

15%

36%

1 Bed 2 Bed

1 Bed

Average Asking Rent by Bed Count

Average Rent by Property Type

RHB 2 Average Rent by Bed Count Saskatchewan $2,750 $2,540 $2,500 $2,250 $2,000

$1,870

24/29

$1,750

$1,480

$1,500 $1,242

$1,250 $1,000

$974

$750 $500 $250 $0

0 Bed

1 Bed

2 Bed

3 Bed

4+ Bed

theANNUAL Saskatchewan – 23

Neighbourhood Trends Searches by Property Type RHB 2 Search by Property Type Saskatchewan

Houses

Search b

39%

42%

Apartments

20% Condos Apartments

Condos

Houses

Average Rent by B Average Asking RHB Rent by Property Type 2 Average Rent by Property Type Saskatchewan

Average Rent by Property Type Nova Scotia

$2,500

$3,500 $2,287

$2,328

$2,250 $3,000 $2,000 15/29

$2,500

$1,750

$2,253 $1,500

$2,000

$1,320 $1,250

$1,500

$1,000

$750

$1,000

$500 $500 $250

Apartment

24 – theANNUAL Saskatchewan

Condo

House

Apartment

YoY% Change in Lead Volume of Prospective Tenants

RHB 2 Amenity Searches Amenity Searches Saskatchewan 55% 51% 50% 45% 40% 35% 30% 25% 20% 15% 10%

10%

5% 0%

Pets

Water

Heat

Parking

Laundry Insuite

Electricity

Dishwaher

Balcony

1% Laundry Facility

theANNUAL Saskatchewan – 25 11/29

Top 10 Saskatchewan’s top ten private landlords by size

A W N E ’ H S C T T A O K P 10 S A S

theANNUAL Saskatchewan – 27

Top 10 Owners, Managers & REITs

Avenue Living

Category:

REIT

Number of suites

Website:

avenueliving.ca

4,006

Boardwalk REIT

28 – theANNUAL Saskatchewan

Category:

REIT

Number of suites

Website:

bwalk.com

3,504

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Top 10 Owners, Managers & REITs

Main Street Equity Corp Category:

Owner

Number of suites

Website:

mainst.biz

3,632

Weidner Investment Services

30 – theANNUAL Saskatchewan

Category:

Owner

Number of suites

Website:

weidner.com

2,162

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Top 10 Owners, Managers & REITs Broadstreet Properties Category:

Owner

Number of suites

Website:

broadstreet.ca

2,004

Deveraux Apartment Communities Category:

Owner

Number of suites

Website:

apartments.deveraux.ca

1,495

Hazelview Investments Category:

REIT

Number of suites

Website:

www.hazelview.com

1,261

32 – theANNUAL Saskatchewan

Top 10 Owners, Managers & REITs North Prairie Developments Number of suites

Category:

Owner

Website:

northprairiehomes.com

1,145

Centurion Asset Management Inc Category:

REIT

Number of suites

Website:

centurion.ca

697

Macro Properties

34 – theANNUAL Saskatchewan

Category:

Owner

Number of suites

Website:

macroproperties.com

462

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INC. Canada’s One-Stop Source for the Rental Housing Industry