Residents can rent an apartment in Northwest Saskatchewan for hundreds of dollars less than larger markets. (File photo/battlefordsNOW Staff)

By battlefordsNOW Staff

affordable housing

Rent prices remain low in Lloydminster, Battlefords

May 20, 2021 | 1:21 PM

The price of rent has dropped throughout most of Canada during the pandemic and it’s remained low in areas of low economic activity, such as Northwest Saskatchewan.

Areas in the region are lower across the board compared to larger cities. On a chart released by rentals.ca, Lloydminster was listed at $786 for single bedroom listings, more than $100 less than the next city. Mayor Gerald Aalbers said the number is partially reflective of a down economy, something the city has had to deal with since the oil and and gas sector experienced difficulties several years ago.

“The work in that industry plays a huge role in this, but we’ve also prided ourselves for a long time on being a reasonably priced place to live,” he said.

When examining listings in the Battlefords, the price was very similar to Lloydminster, with most available one-bedroom apartments going for $780. Aalbers said the low cost of living compared to large centres is one of the reasons they can be appealing to potential renters.

“I have a son living in Toronto and he can rent a very beautiful place in Lloydminster for a lot less money,” Aalbers said.

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(rentals.ca)

Other reasons could factor for low rent. More choice provides people more negotiating room and the real estate boom that’s occurred over the past year could have trickle down effects. Aalbers said low interest rates have been attractive, which might leave more openings for rent. The real estate market has surged for several months, including a record setting April.

“People that might be renting have decided that this is the opportunity to jump into homes,” he said.

Aalbers said despite the Border City dragging a little bit behind cities like Red Deer and Grande Prairie, there should be an inch up as availability decreases.

“Right now we have some very affordable homes and people who’ve lived outside may be incentivized to move inside the city now, so that’s a positive.”

On average, apartment rent prices have declined in Canada month over month, despite increases in British Columbia, Alberta, Ontario and Quebec. April’s number of $1,675 showed a one per cent decrease since March, but a nine per cent decrease since last year. The drop in median rates was similar.

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cjnbnews@jpbg.ca

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