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Research

Saskatoon Multifamily Market Report 2017

Saskatoon Multifamily Market Report 2017

Saskatoon Multifamily Market Report 2017

Multifamily Trends

  • As Colliers expected in 2013, the addition of purpose-built multifamily inventory has applied pressure to existing apartment buildings as the market demand has decreased due to reductions in employment growth and immigration.
  • Through the fourth quarter of 2016, purpose-built apartment buildings achieved a high of 18% vacancy as the city struggled to adjust to current market conditions. This was also the first time in 27 years that Saskatoon experienced a decrease in average monthly rental rates.
  • Owners of dated multifamily properties have more cause than ever to reinvest in their properties to compete with the influx of new, higher-quality units and the smaller pool of tenants, or consider selling.

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