by KELLY FRIESEN
Journal editor
Saskatchewan is receiving mainstream attention for extremely high rent prices in various communities.
It would be fair to assume the two largest cities in the province, Saskatoon and Regina, topped the list for highest rent prices, but that isn't the case.
Estevan, a city of roughly 13,000 people, is the most expensive community to live in; the Canada Mortgage and Housing Corporation's (CMHC) April 2014 report pegged Estevan at $1,275 per month for a two-bedroom apartment. The estimated amount is up $132 per month from last year.
Estevan didn't just top Saskatoon, which sat at $1,075 for a two-bedroom apartment, and Regina, which sat at $1,053. The southern Saskatchewan city surpassed Vancouver ($1,274), Calgary ($1,267) and Toronto ($1,241). CMHC pegs Estevan as the most expensive city to rent a two-bedroom apartment in all of Canada.
It goes without saying that Estevan's rent prices are so high because of oilrigs and mines that surround the community. There is clearly money to be had down there and apartment owners want a piece of the pie.
The Sask. average came in at $1,036. The amount sits behind Estevan, Lloydminister ($1,171), Saskatoon and Regina, but ahead of Weyburn ($942), Moose Jaw ($859), Prince Albert ($853), Yorkton ($850), North Battleford ($828) and Swift Current ($781).
Humboldt wasn't listed in the report, but it seems the community's average rent prices sit a slight step behind Swift Current.
In the previous issue of the Journal, there were four different apartments listed: a pair of two-bed room apartments at $750 per month, a one-bedroom at $695 and a bachelor suite at $650.
It appears the reason Humboldt's prices are in the same ballpark as a city over twice its size is because of the lack of availability. Apartment companies can list its available spots at competitive prices because of the lack of competition.
"It has been historically fairly strong for rent prices," said Allan Olynuk, a local real estate agent. "There's not much available, so that plays into that. The limited market really plays into the renters' hands."
The City is fully aware of the shortage of apartments.
"We're aware there is a shortage in apartment availability right now," said Mayor Malcolm Eaton. "We don't have firm numbers, but we're aware that the apartment and housing availability is really tight. There is not as much available as people would like."
There is a plan in the works to widen the variety of options for Humboldt apartment rentals.
"We're working with developers at adding more (apartments)," said Eaton. "There are provincial incentives and we're working with the province for funding for this."
Fortunately for renters, there hasn't been a major boom in rent prices over the last five or so years. The market value has increased a little bit at a time for the most part.
"Rent prices have rose here over the years, but not like in Saskatoon," said Olynuk. "It has moved up a little bit at a time. It has went up here and there over the years."
As for a drop in prices, don't count on it.
"I can't see the market taking a significant drop anytime in the next couple of years," said Olynuk. "With companies like BHP (Billiton) around here and not that much available, I can't see it dropping. The prices should stay strong and even could increase."
