Regina Rental Market Improves! Ever... So... Slightly

The Leader Post is reporting on recently released CMHC numbers that indicate that Regina's April 2009 vacancy rate has shot up to an astonishing 0.7 percent! Granted, that's down from 1.4 per cent in April of last year. But it veritably towers over the 0.5 percent we had in October. That's a 0.2 percent climb in a mere six months. That means we could have as many as FOUR MORE vacant apartments in the city!

Now, during the latest round of condo conversion applications, it has been argued that conversions should be allowed to go forward because Regina's rental market is recovering. That argument has been based on a fall prediction by the CMHC that we'd reach a 1.2 per cent vacancy rate this year.

But, it would seem that if vacancies keep opening up at the rate these most recent numbers indicate, we'll probably fall short of that. In the office pool, the smart money's on a 1 per cent vacancy rate in CMHC's October report.

Regardless, there is no indication that Regina's vacancy rate will in the near future hit the magic 3 percent that city administration considers the minimum for a healthy rental market.

And yet, the condo conversions continue.

Meanwhile, claiming they have nothing to do with affordable housing, city council refuses to stauch the loss of rental units to condo conversion until a moratorium introduced late last year comes into effect.

Maybe they don't or shouldn't have anything to do with affordable housing. But judging by CMHC numbers, city council policy has a great deal to do with the affordability of housing: the average rent for a two-bedroom apartment has risen from $756 in October 2008 to $786 this April.