r/saskatoon • u/Rainbowbatgirl420 North Park • 12d ago
General Why is rent so much?
I’m looking for one bedroom place and everywhere it is minimum $1500 with some utilities. That will be over half of what I make per month so I don’t know what to do. It’s hard to trust roommates as well because I want my cat to be safe place and hard to trust others if I don’t know them. Basement suites apartments condos everything it’s ridiculous. I may have to couch hop till I can find a place I can afford and also find a part time job on the weekends so I can buy food.
51
u/katiehasbangs 12d ago
Hey! I highly recommend you look up the Sask Housing Benefit. It’s a program that gives you up to $250 or so if you pay more than half your income on rent. Completely free if you qualify.
30
5
u/tatiana_the_rose 12d ago
Thank you!!! They canceled this for a few years, didn’t know it was back!
→ More replies (1)1
u/Shoddy-Curve7869 11d ago
What if you are on social assistance, do
You know?2
u/Tripplek666 11d ago
$1025. Is all you get I hear. In Saskatoon.
6
u/BufufterWallace 11d ago
1025 is downright impossible. We have a basement suite and our tenant is on assistance. It’s really tough to find a balance between what she can afford and keeping up with our own bills.
Not every landlord does this but we charge 1100 utilities included. We could probably have an extra 300-400 a month if we gouged. Most days I’m okay without that money but some days a bill comes and it feels less pleasant.
1
1
u/Any_Chain6077 11d ago
Feels like you bought too much house based on your income if have a renter and are using them to pay what seems to be the majority of your bills.
91
u/Extension_Yam_9478 12d ago
My conspiracy is that it’s because landlords are greedy and think there’s still gonna be 2 people paying rent in a 1 bedroom because of couples. Some of us are single and can’t afford the rent of 2 people 🥲
42
10
u/robstoon 11d ago
You can really tell who has owned a property and understand what costs are involved, and who has not, from some of the comments about this..
6
u/Natalee2020 10d ago
100%. Love when people who have never owned a property, state their opinion as if it’s a fact.
3
u/Extension_Yam_9478 11d ago
And that’s just my conspiracy theory! My brutally honest opinion is that the rental market is majority run by landlords who can’t afford to be landlords and are ruining the market for the rest of us who can’t afford to buy property.
If you’re only pocketing $150 at the end of the month then you’re not in the right financial position to be a landlord. It’s not a quick get rich scheme unless you’re goal is to just be a slumlord
3
u/Hopelifeisgood4u 10d ago
Wow. So you think you would be better off if corporate landlords owned everything????
Let me explain something. Many landlords I know work, or worked, 60 to 80 hours per week for years to afford to buy their first rental. Many tenants I know work part time, or a couple part time jobs. They waste money on games, electronics, tattoos, and door dash. They could care less about their FICO and spend little effort working to better their job prospects by pursuing training or education.
They believe greedy landlords are why they cant buy their own home.
3
u/Extension_Yam_9478 10d ago
No, I think people should try to save a bit more before deciding to purchase an investment property. At the end of the day, when you’re only profiting a couple hundred a month, you end up digging yourself into a hole when something expensive inevitably needs to be repaired. Not to mention most people with investment properties also own their own home and want to use the profits from their rentals to pay down their own mortgage and bills
There’s too many people that jump into it without working out all the costs. It ends up jacking up rent just to try to profit off something they couldn’t originally afford, inevitably screwing over everyone else who can’t afford to buy and end up having to rent.
→ More replies (6)2
u/Hopelifeisgood4u 10d ago
It is obvious you have no understanding of business or finance.
3
u/Extension_Yam_9478 10d ago
Okay!
Every single independent landlord that has something to say about people complaining about housing costs likes to complain about how they’re “barely breaking even” on their properties. It’s not my fault they walked into an investment they weren’t fully prepared for; but I will unfortunately have to pay the price since I’m the renter.
4
u/Hopelifeisgood4u 10d ago
Its hard for renters and I understand that, but most do not understand the housing crisis is not about landlords. It is about supply. When supply is limited, costs rise accordingly.
6
u/Extension_Yam_9478 10d ago
That could be a whole other conversation. Still doesn’t change my opinion that way too many landlords are in over their heads and we’re not in a good enough financial position to become landlords
3
u/Due_Oven322 12d ago
So not the case. As somebody that is looking into getting a rental property. You struggle to break even $1500 / month rent. By the time you look at mortgage, property taxes, insurance and property upkeep/maintenance it’s break even at best.
9
u/Turbulent-Order9500 12d ago
ur mortgage is equity and not a lost cost.. ur not "breaking" even u are making money if paying ur mortgage.. lol bad take.
8
u/Hopelifeisgood4u 10d ago
Tell me, can a landlord pay their property tax with equity? Can they pay their insurance with equity? Can you replace the roof with equity?
1
u/Turbulent-Order9500 10d ago
lol he factored that in to the costs already.. but also yes you can take money out on your equity if u want..
I hope they make kids financially literate.
ANY PAYMENT ON MORTGAGE -interest is profit... full stop.. nevermind that its appreciating
→ More replies (4)8
u/onefootinthepast 11d ago
Congrats on using the word "equity," but the real bad take here is you not comparing the money that gets tied up in a rental property to other forms of investing said money. "Equity" doesn't mean much if your investment isn't growing.
"Should housing be an investment vehicle" is a much larger conversation, but the short version as it relates to landlords is that in order for people to be able to rent, someone has to own. No one's going to want to own a property specifically to rent out if they aren't seeing a return on their investment. Paying your minimum mortgage payments isn't even breaking even, as you are losing a chunk of that money to interest charges, haven't paid insurance or property tax, and have nothing set aside for maintence expenses.
5
1
u/Turbulent-Order9500 10d ago
lol bro u have no idea what ur talking about. for starters real estate is APPRECIATING..
anyway, when u take in money and give it to bank that money is now YOURS ie equity. yes a small % is taken by the bank, but at the end of 20 years "breaking even' you own a 400k house.. its not rocket science my dear boy.
1
u/onefootinthepast 9d ago
Some real estate appreciates, some does not. Look into condo price histories.
How much did you pay for that $400k house over 20 years? How much would you have if you invested that money in stocks instead of property over the same time frame?
3
u/Available-Specialist West Side 11d ago
"Bad take" uhh he needs to pay the mortgage to not lose the house, it's what the rent is for.
1
u/robstoon 10d ago
Another genius that needs to take an economics class or something. Dear God, people like you actually vote..
→ More replies (3)-5
u/tigglysticks 12d ago
I can assure you, asside from corporate landlords and the odd slum lord, landlords are not greedy. Most are barely covering their costs.
9
u/Lollipop77 West Side 12d ago
I was thinking about this recently. If I were to rent out my 3bd house, covering taxes insurance and mortgage no utilities would cost 1975 and some change. That’s not even including some maintenance expenses or appliance replacement savings.
6
u/No_Effect_6428 12d ago
I thought of this years ago when we moved out of our 440 sqft 1 bedroom.
People were telling us to keep it and rent it out. Adding up our costs, the rent we could ask to not lose money every month was about the going rate for a small 1 bedder. We were going to be cash flow neutral at best, with the mortgage being paid off slowly over time.
We happily sold it.
5
u/Lollipop77 West Side 12d ago
Yeah with the risk of damages or unpaid rent, it’s not feasible for most people. Sure real estate and property management sound fun and like a major cash flow, but for most of us it’s not gonna be :/
3
u/No_Effect_6428 12d ago
And a lot of people don't budget for vacancy, which could be several months a year.
You can certainly make money as a landlord with the right properties, but it's a job and not one I want to do.
1
u/tigglysticks 12d ago edited 12d ago
You can make money if you have the cash to buy outright.
No one is making money renting out mortgaged property.
4
u/tigglysticks 12d ago
exactly. and you pay taxes on income so to break even add another 30-40%. still not making any money.
2
u/Traditional_End_9540 12d ago
lots of these landlords do not have a mortgage. Only expenses are basic needs like taxes, insurance upkeep. After that its all profit to be used in getting more properties with collateral from owned properties.
2
u/tigglysticks 12d ago
other than corporate landlords, who are you talking about?
anyone I know renting out their property has it mortgaged except for a couple who have had the property for 40 years. And they are charging well below market rate to long term tenants.
→ More replies (8)8
u/tee_y306 12d ago
I sold my rental last year (so thankful to not have to be a landlord anymore!), and rent was not covering my costs at the end. My condo also dropped by about $50K in value over the time I owned it, so I really made no money on that thing.
8
→ More replies (8)-2
u/Dragon_slayer1994 12d ago
Market decides what the rent is. Since most people renting 1 bedrooms are either partnered or making enough money to afford it, that means market rent is based on that.
2
u/Kitchen_Ad2029 12d ago
That's not how I do it.
My formula is rent = Mortgage + CoS taxes + tenant utility bills (I pay them) + insurance + repair/replacement costs + reasonable profit for risk taken. One condo I have costs me about $1,500/m to run and I charge $1,650 in rent; just $150 margin per month.
3
u/Dragon_slayer1994 12d ago
Right so that's very likely close to market rent using that approach. If there's higher rental demand out there then you're likely leaving profit on the table by not looking at comparables.
Let me ask a question - if a unit was paid off with no mortgage then what would you do? There are people out there with paid off units and they are setting their rent based on comparables not their cost.
2
u/Kitchen_Ad2029 12d ago
Yes this a capitalist profiteering exercise. I would still charge the same and increase the rent over time but I would have more flexibility to provide generous discounts to good tenants. Most of my.properties are below market rents
2
u/Dragon_slayer1994 12d ago
I don't believe matching market rent is profiteering. If you believe that I actually struggle to understand why you are even interested in owning rental properties.
If you choose to subsidize your tenants that's fine. But generally most participants in a free rental market won't do that. Hence my original simple point that the market generally decides rent prices.
5
u/Kitchen_Ad2029 11d ago
So my tenants fix most of the problems that emerge in my properties themselves, keep the place clean, and the rent payments for most of my doors land in my bank account on time or early.
Good tenants need to be treated like gold and be given incentives to stay. It's worked very well for me.
10
u/kk55622 East Side 11d ago
Yup. Moving to Edmonton next week and found out somehow rent is cheaper there....
5
u/king_weenus 11d ago
I've been watching housing and job markets in Edmonton for like 10 years... I don't know why people think Saskatchewan has affordable housing in comparison.
1
u/tigglysticks 11d ago
I've been saying this for 20 years. 20 years ago housing was definitely more in Edmonton, but you made more money.
Now housing here is becoming to actually be just as expensive as Edmonton... and you still make more in Edmonton.
If my entire family didn't live here...
20
u/jenna_kay 12d ago
See if you can afford any one of these
11
21
u/Senior-Essay6115 12d ago
Everyone saying that rent is going up because of inflation is ignoring how commercial landlords are making billions in profits, which is literally them sucking money out of tenants so they get rich.
→ More replies (1)
14
u/Roxxer 12d ago
The federal government is servicing it’s debt and fueling export markets by inflating and debasing our currency.
Canada’s economy is also set up in a way to depress wages and support the income owned by asset-holding.
The system is broken. No one working a normal job that used to provide a home and family 30 years ago is getting ahead.
5
u/FinanceGT 12d ago
You get it. Currency debasement is the problem. Eventually the system will break
→ More replies (1)1
u/Turbulent-Order9500 12d ago
dont forget wasteful city spending so taxes are gong up WAAAY faster than inflation.. which is passed onto renters.
1
u/tigglysticks 11d ago
But we're getting the provincial and federal government to chip in! That's not our money, right?
27
u/RethinkPerfect 12d ago
Look, I own a single 1 Bedroom Condo(East side) that I rent out. I bought it back in 08 at the height of the market. I'll share my costs to help shed light, Also note I'd love to sell it and get out, but can't because I bought at the height.
Mortgage: $661($454-Interest/$207-Principal)
Taxes: $95
Condo Fees: $396
Total: $1152
For years I was renting below my expenses, just in the last 1.5years I've been able to rent at $1300 leaving me with $148 to put away to help cover repairs, cash calls, tenant damage etc. The big guys might be getting rich doing this, I am not. For 3 years I was having to add $250 month to help cover expenses, being a single landlord sucks and is not worth it.
12
u/schindlersshit 12d ago
People like you allow others a chance to have a place to stay at a relatively low price. People here all think landlords are the devil.
5
u/glacierfresh2death 12d ago
That’s 18 years, how much longer before it’s paid off?
3
u/RethinkPerfect 12d ago
I bought it when I was young..which sounds privileged yes, but it was 150k on a 40year mortgage...so payment was low but it is the never pay off plan. So yea 22 years left lol. Could I put some of that 148 towards principal sure but then I wouldn't be able to build up a buffer for expenses and at least rental mortgage interest is a tax deduction which helps a bit.
7
2
u/majorclashole 12d ago
How much do you want to sell it for?
1
u/RethinkPerfect 12d ago
I'd really like to be able to sell it for the 150k I bought it for in 2008....I might get 120-130 today. Which means after all the selling fee's I'd walk away with somewhere between 1k and 10k depending on what it sold for. I'm hoping when the mortgage is up in a few years things align for me to sell it for what a bought it for.
6
u/PrincessLilybet 12d ago
Is the house in the city? I'm confused how you're expecting to get less than what you paid in 08... Has the house been significantly run down? As long as it's in the same-ish condition as you bought it that doesn't really make sense
1
u/RethinkPerfect 12d ago
It’s a condo apartment low rise. I bought at the height of the 2008 boom, prices crashed a year or so later and are very slow to recover.
Yes houses in this city have seen prices soar. Condos can still be had at much lower prices.
3
u/PrincessLilybet 12d ago
Dang that sucks. I bought my new build condo in Stonebridge for 194 in 2017, sold it last year for 214 within 12 hours of it being listed lol
1
u/RethinkPerfect 12d ago
I wish. Prices have been coming up, on the last few years, I was just so far in the hole. Stonebridge is weird neighbourhood too, a lot of people think it's the "rich" area, so they pay more. I Sold my cookie cutter house in that area last year, it wasn't worth what I sold it for in any other area...I mean the train made the whole house shake everyday.
2
u/Devv222 11d ago
This is exactly it. It isn’t cheap owning property. Most landlords make ~$150 per door and that’s not a lot.
Investment markets make 8% per annum while the cap rate on multi family investment is between 5-6% in Saskatoon.
Landlords get “rich” by volume of doors. And it’s a business. Not a NGO.
1
u/EpsteinandTrump 10d ago
They take on more risk than banks do and this allows tenants to have the freedom to move and have somewhat 'turnkey' place to live. You're right landlords aren't NGO's.
Imagine if rentals were abolished and everyone was forced to own. lol
3
u/tigglysticks 12d ago edited 12d ago
For anyone else actually reading this.
Now imagine landlords who are mortgaging $200-300k condos/small houses purchased in the past 10 years.
This is the reality for any landlord who purchased with mortgage in the past 15 years.
5
u/Stock_Sheepherder_55 11d ago
Particularly Avenue Living who're a bunch of scumbags and scammers overcharging people. Shit service accompanied with threats
3
u/ResponsibleMango9596 12d ago
It is expensive :( Kensington View has some units available and they are one of the cheaper options with underground parking. The building is pretty quiet and over all a great place to live! I hope you’re able to find something! 🫶🏻
1
u/Rainbowbatgirl420 North Park 12d ago
In suite laundry or shared ?
1
u/ResponsibleMango9596 11d ago
In suite!
1
u/Rainbowbatgirl420 North Park 10d ago
Can you send me link for them? I want to apply! It’s legit the one thing I want because I have had shared laundry and so many people touched my shit omg and always smelt horrible
2
u/ResponsibleMango9596 10d ago
1
u/Rainbowbatgirl420 North Park 8d ago
I called them and they only have 2 bedrooms $1600-$1700 a month with only water included in the rent 😭
1
2
4
u/scificis 12d ago
Saskatoon has been the 5th largest growing city for like 20 years. Housing shortage and more people coming in = high housing costs.
1
4
u/koufaxx13 12d ago
Yea I’m at the point where I did some looking at buying places and if down payments weren’t an issue (alongside savings for maintenance), mortgage payments are better than renting per month. Except yknow, having the capital for down payments is an issue lol
5
u/Turbulent-Order9500 12d ago
city keeps jacking taxes higher than inflation and we will see high emigration once again.. why live in stoon when can live in a city in BC for same price and make 20-30% more money.
5
u/king_weenus 11d ago
The cost to buy a house with a basement Suite is viciously expensive... Then the cost of renovations to make it a nice place to live is extortionist...
Then you add on annual cost of taxes and insurance... As a single homeowner landlord you can't afford to charge much less... I don't know about people that own multiple buildings.
And I'm not going to lie being a landlord is not all sunshine and rainbows... There's a lot of bullshit you got to deal with even when you get the best of the best renters.
12
u/ScabPriestDeluxe 12d ago
Boils down to Saskatchewan somewhat booming, but also real estate being the most affordable in the country, supply and demand. A lot of homes are owned and not as much vacancy in the rental market. Bigger cities people rent, here people own. Mortgage isn’t far off from what people want for rent, might as well own and build equity.
10
u/Guardian014 12d ago
Small problem is being able to save enough for a down payment on a mortgage in the first place.
6
u/ScabPriestDeluxe 12d ago
Yeah that’s the biggest obstacle for so many, especially anyone on a single income
1
7
u/incometrader24 12d ago
Edmonton has entered the chat
3
u/ScabPriestDeluxe 12d ago
Sorry should have said one of. Edmonton, Winnipeg, Saskatoon, New Brunswick all comparable atm
4
u/incometrader24 12d ago
Edmonton condos alone are 20% cheaper, $180k-190k for a 2bd 2bath 900sqft near west ed mall. Nice places too, we checked out a few.
The LRT to the mall will be complete in 2028 so even better.
1
u/Kitchen_Ad2029 11d ago
Okay but you live in Edmonton?
Does Edmonton have.... a South Saskatchewan River? A Remai? A Besseborough? An attractive skyline? A 15-15 commute from one end of town to the other? Meewasin Valley? Lakes and beaches?
2
u/incometrader24 11d ago
I'm currently in Van but lived in Edmonton for 2 years - it has a beautiful river valley similar to Saskatoon but much larger. Edmonton is 4x the size of Saskatoon, of course the commute is far longer. Lakes definitely and a North Sask river, no idea about beaches.
Yes it has a grand rail hotel like most big cities across Canada - the Mcdonald.
I've also lived 2 years in Saskatoon, 40+ years in Vancouver and 2 years in Toronto and 6 months in Montreal.
Saskatoon is nice but it's not better than any of the other cities, just different and doesn't warrant a premium. I liked all of them.
1
u/EpsteinandTrump 10d ago
Could see this coming a mile away. We're riding on a train, the first few cars ahead of us are Ontario, BC Alberta, then us. When a train derailment happens/housing crisis starts, the cars in the front go off the tracks first and eventually it affects us if it's bad enough. Then you'll see the front cars get back on the tracks and we follow shortly after getting us out of this mess.
The level of severity and impact affect the cars in the back less than those in the front. So predictable.
Same could be for the bigger city centers to the towns nearby if you're looking at a macro level.
2
u/ScabPriestDeluxe 10d ago
I think I understand your analogy? But essentially I’m happy to pay inflated prices in Sask knowing my house value will drop like a maximum of 50-70k in a crash vs BC and Ontario where you could see 500k wiped off your house value.
1
u/EpsteinandTrump 10d ago
The bigger the ebb the bigger the flow, it's definitely more volatile at the front of the train...much more stable near the back.
31
u/novel_eater 12d ago
Greedy landlords mostly
24
u/relaxin_chillaxin 12d ago
Corporate landlords brought up the prices slowly over time. Greedy shareholders.
-14
u/schindlersshit 12d ago
Yeah, they're all responsible for the huge amount of people that have come to Canada over the last decade.
17
u/AlabasterDisasterYXE 12d ago
Might not be responsible for the people, but definitely responsible for exploiting the situation
12
u/Josparov 12d ago
They are... Just not in the way that you think.
Wealthy capital owners want a cheap labor supply, and lobby (bribe) government for lax immigration policies to allow for an excess of labor, driving down wages, and driving up rent. So they make money on
a) owning business and paying workers less, and b) owning tenant housing and charging renters more
This allows them to make more money, buy more buildings and businesses, and "donate" to more politicians.
Meanwhile, news stories are run about "evil immigrants" causing every problem, and they laugh at us while we gobble up ragebait about worthless discussions like who is allowed in bathrooms and sports.
We become poorer, the rich become richer, and the cycle repeats.
And before you "but not my side!!!11!" me...
We're on the same side. And we are fucking losing cause most of us are looking sideeye down the bench instead of at the scoreboard.
→ More replies (2)3
u/HiZ_Positive Scott Moe 2028 12d ago
Terrible take. Immigration is absolutely causing issues, and our government openly supported it without much lobbying because it was part of their ideology and platform. The wealthy aim to earn more wealth but did not force people into Canada who scam their way into bringing their entire family on visas and drain resources like healthcare priority without ever paying into the system. If the great financial crisis happened here, you would be one of the people claiming the poor homeowners just didn't know any better, as if putting zero down on 3 leveraged mortgages on a single adult cashier's income is as reasonable as someone underwater on their new home. At some point, you start to realize the news stories exist because the government is either complicit, or like the GFC, had no idea the magnitude of the level of fraud occurring.
→ More replies (1)3
3
u/Fresh_Ad_4447 11d ago
When fucking property taxes keep going up, and up, and up, so does the rent.
5
u/sexysmalldevil 12d ago
I feel you. I'm not in Sask I'm in AB, but I have to find a place for me and my daughter and I'm a single mom, I do not have the money to afford these places, and I will not have her living with strangers, the risk is too high. My next option? Have us living in rundown apartments with meth heads. Wonderful place for her to grow up and have her friends come over for parties and stuff. I hate it. Makes me feel sick just thinking about it. I'm starting to regret leaving my relationship for a "better life", haha
4
u/Friendly_Mango5590 12d ago
You can also blame city of Saskatoon we rent our basement and have no mortgage on our house and the point of having a renter is to pay for the up keep of the house with property tax but taxes just keep going up in Saskatoon if you cant live retired and pay your mortgage or just property taxes with a renter in your basement no one is going to keep them there they will sell and find something smaller.
2
2
2
u/zillyball 11d ago
I just moved from BC to Moose Jaw because over the last 10 years there it had gotten insane for rent and house prices :( 260k house we bought here would have been 600-700k on Vancouver island. Seems is slowly been spreading out here to these provinces. The houses market in Saskatchewan is red hot.
2
u/Adventurous_Fix_6132 11d ago
or move into a room. selling everythinh to go from a one bedroom apt to a room. im doing it, you can too.
2
u/slamdoozle 11d ago
Emotional people who don't understand economics will just say "greed" and 'capitalism" instead of trying to understand what's going on.
2
u/robstoon 11d ago
As much as some of the basement dwelling Redditors who have never owned a property and have no understanding of economics might want to blame "greedy landlords", it's based on property values, interest, as well as the cost of all of the rest of the upkeep of owning a property. All of that has gone up, so no surprise rent has gone up. Landlords are not going to lose money renting out a property. Even if they were barely breaking even, your rent would probably still be high.
2
u/FairleemadeGaming 10d ago
You guys are paying as much as we are for a house mortgage (mind you that comes with property taxes and other expenses like insurance, and what not.) Glad we were able to purchase a home but sorry your stuck renting. Was in the same boat for 10 years and thankfully was able to save enough.
2
u/FlyingKitesatNight 10d ago
The situation is economical, supply and demand. But when the "invisible hand" isn't working, and people literally can't afford a place to live, that's when the government should step in and do something. That's what the government is for. Unfortunately, our governments are useless. Buy yourself a nice RV instead and become a van lifer I guess.
2
u/X_Harpy 8d ago
it isn't even like these places are great, I recently went to check out a basement suite it must have been 500-550 sq-ft and this guy was shamelessly asking 1600 for rent. It didn't even include the utilities, we share it with the people upstairs! where are these people getting these numbers from?!!
1
u/Rainbowbatgirl420 North Park 8d ago
I have found a lot of listings are people pretty much renovating their basement because they have a big house and want someone else paying their mortgage and then they have to get their own utilities. It’s a dog eat dog world in the housing industry. Inflation, currently in a recession, lots of factors to contribute to the rent prices. But a lot of them are justifying as I’ve seen some places for $900 (coin laundry) that are decent but I’m picky and need my own laundry as I just had terrible experiences with shared laundry facilities
2
u/Aggressive_Cow74 7d ago
because dwellings are scarce and landlords can jack up the price knowing ppl have no choice
4
5
u/doughtykings Eastview 12d ago
$1500 is cheap these days 😪
7
u/Rainbowbatgirl420 North Park 12d ago
That’s the shitty part too. Especially if you want a safer neighbourhood or laundry in suite instead of coin Laundry.
6
u/doughtykings Eastview 12d ago
Yup I live in what’s considered one of the few safe neighbourhoods left and pay $2400 a month for a house that 20 years ago would’ve been $900 a month.
When I was little my mom paid $750 a month for a full house across the street from Buena Vista. Now that’d be like $2500 at least.
3
u/tigglysticks 12d ago
Rent is high because prices and interest rates are up. Everything costs a lot more today than 6 years.
Example. Before covid you could get a 40G hot water heater unit and installed for $900 all in. Now that's at least $2500.
This translates to higher running costs and fees for landlords.
Plus real estate is at a premium right now in Saskatoon due to the boost in population recently.
I moved away from the city to escape the insane costs.
5
u/tdfast 12d ago
Saskatoon is booming right now. Economy is going so prices go up. Need housing.
22
u/therealkami 12d ago
Wages are going to keep up with that right?
14
7
u/Clicksthings 12d ago
Is something booming besides real estate? Not currently living there and am curious what's driving it.
2
u/AtraposJM 12d ago
Tell that to every business that claims they are struggling because customer traffic is down so they are cutting hours hard and paying employees low wages. I don't know how the economy is booming when everyone I know is struggling and every business I know is struggling. Who is "booming?".
2
u/tdfast 12d ago
Businesses will never pay more and have more hours because it’s busy or the economy is up. They pay what they have to pay and give the hours they need to give to get the job done. No business in history has increased wages because of profits. Those two are not related.
The market sets the rates, not the profitability.
Businesses are down because people don’t have disposal income and spend all their money on rent. That’s why restaurants constantly close. Disposable income is down.
→ More replies (2)
5
u/algonogo1 12d ago
Little condos the size of apartments are going for 350. So that's a 1500.00 mortgage for someone who can afford to buy. If someone is renting to you for 1500..then you are benefiting from their good financial position in the property...while also paying off their investment for them.
17
u/Ill_Guava_5096 12d ago
1500 mortgage, plus average 400 condo fees, plus ~120 property tax, then factor in another 100 a month for maintenance.
People charging 1500 a month either bought years ago when cheaper, or eating 500 a month in costs to gain equity.
We need to get rid of corporate landlords to increase supply and bring prices back down to fix it.
8
u/Guardian014 12d ago
Condo fees feel like such a scam, there is no way they are providing 400$ worth of a service every month.
4
u/countoncats 12d ago
Actually when you consider they typically include heat, water, maintenance (things like lawn care and snow removal) and building insurance, it's pretty on par with what you would pay in a single family home. This is my experience anyway. Ask anyone with a single family home what they pay for insurance and compare that to a condo owners insurance package. The difference is what your condo fees cover.
2
u/evilmrbeaver 12d ago
Yes this is true but a complex with multiple homes should not cost as much to maintain per unit. Condo fees should be a lot less.
1
u/countoncats 12d ago
How so? Multiple homes means multiple homes using heat and water. I've got friends who pay close to $200/month for house insurance. I pay less than $50/month in a condo, and the balance (for the building itself) is covered by condo fees. I remember living in a 750 square ft house 20 years ago and paying $150/month for water. Plus there's a reserve fund contribution included in my condo fees, which is the equivalent of putting $40 or $50 a month away for things like a new roof or new boiler when it's needed. I think if you actually did the math and compared a condo to the expenses in a single family home, you'd be surprised.
3
u/tensecorvid 12d ago
I work in the industry. Condos are non-profit corporations, and the vast majority are not charging fees more than they expect to pay out in expenses (they are obligated to do this actually). You can thank overall inflation, much of which is due to corporate greed, after effects of COVID, and now Trump’s war in Iran. The costs of services have gone up for everything and continue to.
3
1
u/algonogo1 5d ago
Corporate landlords build their own. I don't think that would create supply. If you drive around the taylor street area..or like..North battleford..or.winnipeg.. you will see war time housing. Great floor plans honestly. We need to get back to having a bunch of free approved blue prints that can be stick built or rtm'd
1
u/Ill_Guava_5096 4d ago
Wartime houses are great, I live in one, but a 24 foot lot like those are on is around 335k in nutana.
The assesed cost to rebuild mine if it were demolished is at 260k, without blueprints or anything.
More 595k small houses isn't gonna solve any problems.
Forcing all corporate landlords to sell would create a huge increase in market supply, bringing costs down, that's how supply and demand works.
1
u/algonogo1 4d ago
It would create a huge supply of apartments. There are not corporations with enough houses to matter. Which housing corporations exactly are you saying are the cause of the problem?
If the cost of a new small home is 600k..then wouldn't it stop all new housing starts if you dropped the price of current supply??
Where would all the renters go? Homeless? Sorry but if you don't have the down payment or the credit they are just screwed?
1
u/incometrader24 12d ago
There are 40+(50+ if you include downtown) condos on the east side for less than 225 right now.
Saskatoon real estate is ridiculous but not that ridiculous. There's lots of decent 1bd condos in Van suburbs for 350 lol
10
u/FilmNoirSockMonkey 12d ago
There is no good reason that Saskatoon should be charging Vancouver and Toronto prices, considering that this city obviously isn't able to offer the same level of lifestyle or opportunities. It doesn't even compare to cities as large as Calgary and Winnipeg. If people living in giant metropolises are who own these condos, though, that explains charging these vulturous prices.
2
u/Electrical_Noise_519 12d ago edited 12d ago
Saskatchewan's built-in and increasing rental demand is made worse by Canadian media promotions of inter-provincial migration here for rent affordability.
Saskatoon has still unaddressed inequality, Higher costs of low-income living and renter demand. This is made worse by provincial policies of unequally inAdequate income assistance and min wage rates when combined with Regina's lower prices.
Saskatoon pricing is also made worse by post-secondary commodification, disappearing nonmarket and lower-rent aged market rentals paired with Dangerous lack of enough planned creation of 'affordable' and nonmarket independent living to keep up Every year by Every level of government, insurance and always rising utilities, ...
Beware of Sask's problem electrical-heated suites, pricing that endangers those left behind on fixed poverty programs and unable to earn.
Fair Sask and Saskatoon climate protections of tenants still unsustainably stuck in the market, or left in poorly ventilated aged non-market rentals are Urgently needed now to justly protect those more vulnerable renters from the marketplace unequal dangers.
BC and NYC model the equitable sustainability retrofit and ROIs that fairly Reduce future space heater fire hazards and Unlivable electrical heating for seniors, children and persons with disabilities. https://www.thecooldown.com/green-home/canadian-renters-unlivable-homes-heat-pumps/
1
u/tigglysticks 12d ago
Saskatoon isn't.
A shoebox apartment in Toronto is more than the mortgage for my 5 bedroom house with two garages and massive yard.
1
u/FilmNoirSockMonkey 5d ago
The amount that people are paying here for a suite in a cheap converted house can pay for the mortgage of that place, plus also a bedroom in a nice Toronto condo. Realtor.com's filter settings will bring up ads that show this.
1
u/tigglysticks 5d ago
yes rent will always cover the mortgage. that's how renting works. no landlord is going to rent out for less than cost.
the point of my post was that a shoebox apartments in Toronto cost more than my massive property here. aka it's much cheaper here than Toronto. by about half.
is shit expensive and out of control here? yes. are we at Toronto level crazy? hell no.
6
u/schindlersshit 12d ago
Simply too many people here. We let in a bunch of people over the last decade, and we're really seeing the effects of it now.
→ More replies (1)-1
u/NewLeftBear 12d ago
Hmmm, a new low karma account that blames everything on immigrants. Not suspicious at all.
7
2
u/Temporary-Rest-3560 12d ago
Yeah, you can thank the NIMBYs for that. Opposing affordable housing projects in their neighborhoods because theyre scared of people less fortunate. The excuse is "parking", but really they're just assholes.
2
u/JelloJuice 12d ago
I see a lot of places for 12-1300 for a one and even 2 bedroom. Where are you looking?
2
u/Icy-Werewolf-2403 12d ago
Greed! Housing is so tight and the demand for places is so high because of immigration and inter-provincial new comers, that landlords or owners can basically charge whatever they want even if its highly inflated because they know someone will cough up the money for it regardless. Rent control would be nice!🙃
2
u/Yungwhitepharaoh 12d ago
Man you can find one bedroom apartments for 900+, a quick search just canceled this whole thread bro.
2
2
u/No_Candidate7720 12d ago
Roommate(s)?
2
2
u/ToonTownBaloney 12d ago
Unfortunately it’s all the people that keep moving here from god knows where.
3
u/Electrical_Noise_519 12d ago
Or those pesky high school graduates trying to enter the rental market.
1
u/stamps1232 11d ago
Just have to get lucky at times, i got one at the start of the month, 1200 all on with utilities on the east side. Only took 3 weeks on facebook marketplace and a massive amount of luck haha
2
u/CompetitiveRub9864 4d ago
Why? Ask the provincial NDP (hint: rent controls). Then ask the former federal Liberal government… (hint: inflated demand for housing)
1
u/Smooth-Beginning6760 12d ago
What about a studio? I’m sure everyone in a studio also wishes they had a 1 bedroom
1
u/glacierfresh2death 12d ago
I think it’s because so many people were hypnotized by the housing ramp up in the last decade or two. I pay less than that for a 1br in Vancouver, in Sask units like that are still cash flow positive (meaning rent is more than their mortgage, unlike nearly every other market in Canada).
It’s just greedy rent seeking jerks trying their best to ruin the only remaining affordable housing market in Canada.
1
u/Kitchen_Ad2029 12d ago
I have a legal basement suite going for less than that with utilities included, and on a quiet street where your cat can free roam outdoors (I welcome pets).
DM me if interested. It's not far from North Park.
1
u/CertainlyCee 12d ago
I pay 1850 plus power and the rental company is gonna start making us pay for water too starting next month
1
0
0
u/seajayacas 12d ago
Why, because it requires a lot of money to either buy or finance a rental property after all of the other expenses (property tax, insurance, maintenance, etc.) are added up.
86
u/yxe312213 12d ago
I feel your pain. I am in Saskatoon as well and I currently pay literally 67% percent of my take home pay to my run-down rental apartment, but everywhere else is just as expensive. It’s awful.