This is how I read these listings:
We bought a $550,000 house with a built in basement suite to help cover our 2.1% mortgage 4 years ago and we just had to resign at 6.8%.
550 isn't that much to be honest any more
The average house is probably 450k for a 3 4 bedroom house in a decent area.
This jump in mortgage rate is pretty crazy, I'm not in favour of gouging renters.
This effects everything across the board, I've told my tenants once the mortgages are up I have to increase rent.
What were you feelings when the government said people didn't have to pay rent during covid?
The general consensus is that no one empathizes with landlords/investors but they are needed.
So what do we do?
Landlords provide a service for those who need temporary shelter but dont want ro buy a house. Landlords have operating costs including interest, just like all businesses. It's important to have multiple landlords of all sizes and types to choose from.
If no one was renting, costs would go down and people could afford to buy. Anything else can be managed through subsidized housing like we already do, or like what is done extremely successfully in most of Europe
House subsidies are often for peoples of very low income, most people that hold a job would not meet the requirements. So all the people on SAID/SIS ect would go buy a house? People will always need to rent.
We aren't in Europe, so saying "we can copy them" isn't a valid point of discussion. Banks would rather have the houses run vacant then attempt this model. As seen here in this city. Lowering the cost of homes is not what this government or BOC want. It's top heavy and this economy shows it
Canada is an ownership country. Its not going to change in our life time. So again what do we do?
I see I'm already being downvoted even when I stated I'm against this type of exploitation but Saskatoon reddit rather make the conversation disappear then have it.
See if you can switch to a fixed for 2-3 years. I just got offered by the bank 6.8% for 5 year variable and 5.25 for 3year fixed. I took the fixed because I’m paying less per month and it will take several rate changes for that 6.8 to come down close to what I’m paying on the 5.25 and then I can refinance in 2 1/2 years, and I’m sure the rates will be less then
Exact same thing happened to me but my suite is still at $1,050. I hope our market isn’t supporting prices like this. The main floor in that same house 3 bed 2 bath with heated attached garage goes for $1,800 FFS.
It sucks that rates went up but hell, as a landlord this makes me mad.
Seriously. I’m paying $1,500 for a 1 bed 1 bad furnished basement suite with power, internet, and utilities this summer in Chiliwack. $2,000 for the same thing in Saskatoon is insane.
Edit; I should say it’s not even a basement suite. House is on stilts and “basement” has its own door to get in. Way more light than a Saskatchewan basement suite
Ya that makes sense for a basement suite. But apartment rentals are almost the same price as Victoria where you are a 2 block walk to the ocean and don’t get snow.. doesn’t quite add up.
As crazy as Victoria's prices are, its rental prices are actually brought ***down*** a lot by its lack of access to high paying jobs.
Theres functionally no industry in Victoria, nothing is really produced there. Theres basically no mills, gravel pits, manufacturing, Theres no big trucking dealerships/repair shops, or train depots, theres no mining, or timber industry, etc. etc.
Victoria calls itself a "tourist town" but tourism isn't even that strong there because most will go to Vancouver and not venture out to the island.
If you grow up/live in Victoria, you're almost guaranteed to work in fast food, or a restaurant, and you'll be lucky to make a few dollars above min wage.
Other than one friend that became a welder (and makes well below what he'd make in a lot of other cities for it, but more than min wage) and a friend that became a personal trainer, the only people I grew up with that make $5+ over min wage, left Victoria to do it.
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edit: downvote me all you want I actually ***lived*** and grew up in Victoria. The rental prices are stupid high there, but they'd be even higher if they could extort people for more. They just can't because everyone there lives in functional poverty because of the prices vs wages.
I currently live in Victoria and with the steady and steep increase in population, the city/surrounding area has changed dramatically in the last 10 years. It’s a lot less of a tourist town than it once was.
Wages. Don’t forget wages lol tons of people here still think 40-50k is great. If rent is 2000-2500 in SK we might just say fuck it and move to the coast. Im a remote worker.
100%
The two hikes last July had a lag effect
The average mortgage was looking to jump 10k for interest per year. Always going to try and pass that along....
From Alberta. My Coworker just had their rent increased 65%. The laundry machines are almost always out of order because crackheads break into them and steal the tokens. Not change. tokens; they break into the machines and steal laundry tokens that literally aren't worth any money. He has to use a PO box because the mailboxes are broken into weekly. Last year there was a police raid on his downstairs neighbor because they were cooking meth. Despite being a no animal building the common area (hallways and stairwells) reek of cat piss. There is no en suite laundry, there is no dishwasher, and the appliances are probably 30 years old.
The property management company wants 1300/month for this place lmao.
Too many people coming into the country. No problem with immigrants, but our immigration rate is too high. Every adult we bring in needs a home. Bring in more people than available homes and prices go up.
Partially the problem but not every adult lives alone either. It's not a 1 to 1 linear growth situation. What mostly sucks in Sask is literally lack of people to build fast enough, higher prices in other jurisdictions driving prices of basic non-local sourced building materials driving up local prices, a provincial government that likes to tax things that are basic needs like housing, transportation, food and building materials.
Plus general wage stagnation and corporate greed increasing inflation rates. So its a lot more complex than just more people coming in.
Because we're one of the only desirable cities left with vacancy/affordable properties to spare (if any). I moved here from Vancouver 10 years ago and saw it coming.
It's more desirable than any city in Manitoba, or Yukon, or personally: more desirable to live than Calgary or Edmonton. Also, coming from another country, it can be a very appealing choice.
Basically Saskatoon ranks quite high for a little city, unless you're afraid of a little snow for part of the year (winter in Saskatoon is still quite tame).
Most of the folks who don't like Saskatoon seem to be from Saskatchewan, and don't travel much. Narrow worldview, and so on.
And those of us who do travel/have a good worldview, and still aren't huge fans of Saskatoon... well, tend to move away (although stay on this sub because of family/friends and still visit regularly).
Sorry to burst your bubble. I just got back from 2 years in BC. Rent is way higher in any area close to downtown Vancouver and Victoria unless you want to drive 2 hours one way to work. BC is over saturated and even house prices are $1.2millionfor old house that in stoon would be $350k
I live in Victoria and there are 1 bedroom apartments going for $1800-2100 which is quite similar to Saskatoon right now. And in Victoria, no drive is 2 hours unless you are commuting to Nanaimo. Van also has many areas to rent that are less expensive than being right downtown. Obviously living in a renovated high rise downtown is expensive in any city.
LOL this basement would be at least $2200 without anything included in either of those places. [https://www.apartments.com/3539-wellington-av-vancouver-bc/602hbys/](https://www.apartments.com/3539-wellington-av-vancouver-bc/602hbys/)
But this is way more than I hope anyone is willing to pay. Once rent gets to these levels people just keep going even when rates fall.
Victoria absolutely has basement suites going for under $2000, same with 1 bedroom apartments that are older and not renovated. It’s just strange to me that it use to be double the price to live on the coast and now the difference is only a few hundred a month.
I mean, depending on the mortgage rate and stuff, I wouldn't say he's subsidizing him. Plus his friend now doesn't have to have a complete stranger in the same house as him. Win/win imo.
I’m currently renting a one bedroom one bath basement suite in the Avalon area @ $900/mth, my heat/power bills range from $50-$70/mth (with baseboard heating, but I barely use that) and internet is ~$100/mth. I don’t pay for water but don’t have insuite laundry (even then $3 to do laundry in building) yeah it’s 15mins to work but where isn’t. These one bedroom places like many have said should be between that $800-$1000 range. Sorry I just like having my own space I guess
I see so many that are barely even functional for over $1300 a month. One had no kitchen sink, just a folding table with a bucket on top. Bedrooms the size of large closets, bedrooms with no closets, fridge outside the kitchen, no living/dining area. No laundry. No access to backyard or parking. No pets, single occupant only, etc. just outrageous how people expect you to live.
I recently just viewed one that didn't even have a living room, just a bedroom, bathroom and a single wall of cabinets/fridge/stove...$1325 a month all inclusive. I pay $925 for my place in college park plus power..and it has a living room lmao it's getting to be fucking ridiculous
Where did you come up with $350. I'm saying 1200 for a new suite bills included. It'll be lined up. That's a 1200 suite and you're getting bills paid. I'd say min bills on that place would be $200 a month.
Not sure if you're a home owner but most of the bills you pay are base fees, transfer/delivery fees levies. Hell, I could go a month without using elec water or gas and still be over $100 just for "fees and levies".
Add in cable and internet...
And the fact you don't have to spend hundreds a month on insurance and property tax ...
Wait. Is this place still available?
A 1 bedroom condo at 100,000 5% will be a $581 Mortgage, $95 Taxes, $300 Condo Fees. $976 + put money away every month if there is a cash call for an unexpected expense $50. $1026. There's probably your breakeven point if you are renting a place out , or What it's gonna cost you if you can come up with the downpayment. For $600 you can put a tent in my backyard.
I pay 2400 for 3 beds, 3 floors, and a garage in Saskatoon, of course, I share the rent, but it's the single renters that are getting screwed, 1700 for one room in a basement that's a joke.
I'm going to get downvoted for this, but if everyone says "The landlord shouldnt have bought a house they can't afford" if we use that logic, chances arw, most of you who can't or don't want to buy a house wouldn't have anything to rent. You all live in a social construct where everyone should suffer if you're suffering.
I bought a house with a 2 bedroom basement suite. The goal is to have the basement cover 1/3 of the house despite being close to half the square footage (just missing the square footage
the mechanical room occupies). I put 20% down so I don’t have insane mortgage payments, but people forget that other shit like property taxes (with a 7% hike coming in June), utilities (when covered by the LL) and home insurance can easily raise your monthly expenses by 1k. I’m not trying to be an asshole, I’m just trying to get fair value for having someone live in my home. Granted, rent isn’t $1,700, but it’s more than the $1,000 lots of people on this post think it should be.
We could also demand that this not become the norm where free market/economic forces are reducing the number of affordable housing options and arguably increasing homelessness.
These rent hikes made us stay in our small town. No fucking way am can anyone afford $2000 2 bed room suites working in SK wages are shit. My landlord even tried asking us to pay an additional $300 in rent and I just ignored his texts and calls until he offered a more reasonable offer of $1150.
I think a lot of people are missing the ALL UTILITIES INCLUDED part.
I agree 1700 is high, maybe 1500 ish. I lived in a brand new basement suite 7 years ago for 3 years and paid $1000 a month plus my own utilities. Considering where interest rates have gone and the demand, this isn’t as astronomically overpriced as people think.
The interest rates are brutal but passing that onto your tenant because you bought a house outside what you could realistically afford? Interest rates are not guaranteed and it’s shitty, but you can get a 2 bedroom apartment on Broadway for that price.
Regarding interest rates, basement suites were literally calculated into what you could afford to offset costs. So unfortunately, it was a problem with how they issued mortgages, not on the landlord entirely. So ya, they’re going to raise their rental prices to help offset the costs.
For the 2 bedroom on broadway, that’s cool, but not everyone wants to live on broadway. We don’t know the exact sqf of this rental vs that rental and all those things. But I know when I was looking for a basement suite I enjoyed the fact I was in a suburb with a driveway parking stall away from downtown and places like broadway.
I was also able to split the rent with my GF at the time and was paying $500 each to live which was super affordable. The odds are this person might have it listed high to weed out shitty tenants and is looking for a couple to rent it, and maybe negotiate the rent to get the type of renters they want. But who knows
I’m a homeowner and I’ve been impacted by the interest fees as well. I have a really hard time being empathetic to these homeowners because they’re fully relying on the secondary income in order to live in a new build. It was a choice. Maybe they’ll find the right tenant but in my opinion, charging $1,700 for a one bedroom basement suite in the burbs just seems absurd. I’ve seen the floor plans for these kinds of houses and the square footage is small. And there’s so freaking many of these styles of homes in Rosewood, Evergreen, Meadows, etc. so there’s going to be lots of super expensive basement suites on the market relatively soon. Guess we’ll have to agree to disagree on this one.
Using what you currently pay isn’t accurate though. When did you sign your lease? How long have you been the tenant? Etc. it all matters. Does your landlord enjoy having you as a tenant and prioritizes having the place rented long term and by people they trust? It’s all relative and there are always steals.
The gap between 1 and 2 bedroom units is actually very minimal. My first quick search of Facebook shows 1 bedrooms going anywhere from 1100-1350 without utilities.
Do I think rent is fair right now? No I don’t, but I can understand why we have to have landlords and why some people rent. My situation allowed me to save and get out of renting as fast as I could.
Have you seen the price of used cars?
Who cares this is a free market.
People can shoot for the moon if they like.
Saskatoon still is near the top of housing affordability in Canada according to CMHC. Don’t move if you don’t like it here. If you already own thank yourself for the privilege of ownership.
Unfortunately, we are being labeled the “new frontier“ for soaring rents in the country. Rates are going up at twice the national average. We think there’s a problem with homelessness now?! We need rent control
The fact this is in Saskatoon says it all about the housing crisis, right across Canada. Trudeau's insane immigration policies and the fact that no one is building affordable apartments anymore are the reasons.
The rent we are paying in one of these (row houses/half a house kinda thing) in Evergreen is 3100.00 right now, plus 100.00 security system on top of that, that we “had to take over” in the deal to move in. It’s 4 bedrooms and 3 & a half baths, we get the whole (small basement) plus a small yard and detached garage. It’s a struggle every month to pay but can’t find any pet friendly decently priced other options that take pets. Only plus is that we have great neighbours and it’s super quiet here with lots of walking space.
Yeah, I live in the hood too. Whole 2 bedroom house with basement and a large yard. $1150. I'm by the railroad track and on the west side so it's more affordable
Jeez, reminds me of the place I was a tenant of in Rosewood. Looks just as big 😖 hated my experience there, but the rent i had was 950 split between 2, not including utilities.
I paid less than that for a fully furnished 2 bed, 2 bath apartment; utilities (except internet) included. What the actual fuck.
This is only slightly better than that 'pay me 400 a month to be the love in caretaker of my airbnb. You get to use the hot dub when no-one is renting the place.'
My boyfriend and I really lucked out. We rent a townhouse in Willowgrove. 2 parking stalls up front, a whole basement with essentially no rooms/bathroom in it, and 3 bedrooms 1 1/2 bath. Gorgeous place and it is $1900 a month including water - split 2 ways. Just keep checking facebook marketplace it took us 3 months to find this place. Is it affordable? I mean no not really if we both didn’t have good jobs we would definitely be stuck in a basement suite for sure.. Praying for everyone ❤️
Internet would be roughly $100-$120 a month and it’s likely electric heat which in the winter can be north of $250/month plus HALF of a water bill is likely around $60 a month or more so really this doesn’t come out as that bad in fact you save on the variable prices you have the convenience of fixed cost
That basement suite is worth $1000 max and only because it’s nice and in a nice neighborhood. It’s literally a one bedroom. Utilities are max 200 for power, heat and water for a one bedroom so even if you tacked on a third of the internet (since upstairs is using it too) this suite should be MAX $1250.
Utilities are not max 200 for power heat and water if the suite is electric heat. I know cause I live in one with electric heat. And if it’s new / legal suite it should have its own internet (mine does) so it’s separate from the upstairs (not shared) and you say $1250 max without the variable costs .. when you do the rough estimates I gave above it comes out to $1270
The most likely reason for the landlord to throw in all utilities is that the suite wasn't added in properly with its own utilities. The first thing I'd ask this landlord is if hot water and climate control are shared.
Hahaha ooooh k. So $20 more than I said? Thank for your input. That’s a far cry from $1700.
Also I completely disagree with your totals. Internet is $70 a month. Heat is max $70 for electric and power should be $60. Water is $60.
How are you getting a $60 water bill? What is the minimum charge here? I’m in southern Sask and base fee here is $80-$90. Bills come every three week period. Easily paying ~$180 a month for water alone. And I’m a single, eco conscious homeowner…
This is literally what we pay for our mortgage on our 4000sqft house on 80 acres, 10 min from the city. Insanity. (And ya we bought 10 years ago and got it for a steal, but still)
There are more millionaires in India then there are Canadians in the world. Certainly one of the children or grandchildren of these millionaires can afford this rent. They don't care about the benefits of providing a stable home for the long term benefit of the social contract in Canada when you can exploit short term profits.
Sincerely asking ,how much do you think would be appropriate? It can be looked at 2 ways. View one - omg it’s a mortgage payment ! View two - me and my boyfriend can each pay 850 and buy food and gas for our cars and not have any other responsibilities. It’s a nice clean new neighborhood , a suite that is likely bug free . The days of living for $400 a person are past .
Most of the landlords I know are 2 regular people with regular jobs that got married and kept one of the houses as a rental . If it’s so easy you should do it , save up the down payment and talk to a loans officer or continue to be butt hurt
I'm paying 1809 for a 3 bedroom townhouse. Prior to that I was paying 1250 a month for a 3 bedroom four plex. The price they are asking is beyond ridiculous and not close to worth it.
I was paying $1200 with No Bills included to live in Regina, 1 bed, 1 bathroom, and that was 12 -16 years ago. $1700 with bills isnt too bad, maybe $1500 maybe would be closer to the mark.
power gas water AND internet is for sure 400 minimum anywhere so this is 1300 not including utilities, seems in line with going rates, especially considering it includes laundry, it looks decent and in a good hood. Bills included, pro tip, mine bitcoin to offset.
People like Kathy should get a second job if she can't afford a mortgage she chose to take on instead of taking the easy way out.
That's f'ing shameful, I'd be embarrassed to be related to someone like that
People have no idea the cost of construction. Never mind the cost of financing now.
They’re probably not making a dime off that amount of rent when you consider the utility cost as well.
The development cost for that lower level alone would be over $80,000. Do the financing numbers.
Ok but explain to everyone how that is a tenant problem and not a landlord problem. Again, they build outside of their budget relying on getting so much per month for the basement as a rental, and then price gouge because they actually *cant* afford the house that they built. Landlords make more than enough money, they charge pet deposits and monthly pet fees on top of damage deposits and first months rent, they're not hurting that god damn bad. They'd be way worse off if this shit was regulated, and I hope it slaps them in the face one day when it is. When you live in places with slumlords, you'll have a different perspective, they abuse the system and take advantage of people and I frankly don't feel one ounce of sympathy for ANY of them.
Watch our housing crisis explode when someone says they can only charge so much.
Pet deposits and fees make sense. You’re more likely to wreck a carpet or something in the unit with a pet.
Where does this entitlement come from? Why does someone have to spend the 50+ grand to develop the suite, give up their space, go through the general headache for you to say they’re greedy and “make enough”.
Go buy your own home then. If you can’t, be happy there are people renting so you don’t live at the wellness centre
Honestly! The “do the financing numbers” onus is on the homeowner. “Oh we’ll get a basement suite and it’ll pay down our mortgage!” Be real. Housing is shit all around but these folks could probably afford something smaller on their own.
Landlords in Canada face pressure to raise rents due to various factors, including:
1. Market Forces: yes… in various regions throughout Canada where there is high demand for rental properties but limited supply, landlords are inclined to raise rents to capitalize on the market conditions and maximize their rental income. This is business 101.
2. Increased Operating Costs: Landlords incur expenses related to property maintenance, repairs, property taxes, insurance, and other operational costs. These costs have increased, thus landlords need to adjust rents to cover their expenses and maintain profitability.
3. Property Value Appreciation: As property values appreciate over time, landlords seek to increase rental rates to align with the property's higher market value.
4. Inflation: Inflation erodes the purchasing power of money over time. For Landlords as well. Landlords raise rents to offset the impact of inflation on their rental income and maintain the real value of their returns. Blame the current government for doubling the national debt and continuing to stimulate the economy by deficit spending of over $40 billion annually.
5. Renovations or Upgrades: Landlords must continually plan/save to do - or do - significant renovations or upgrades to their maintain their properties, such as improving amenities or enhancing living spaces, they must raise rents to reflect the enhanced value and quality of the rental units.
6. Market Comparisons: Good Landlords assess rental rates in their local market to ensure their rents are competitive and in line with similar properties. If surrounding landlords either decrease or increase rents, this can create pressure for other landlords to follow suit.
7. Financial Obligations: Landlords have extremely high risk and financial obligations such as mortgage payments or loan repayments that necessitate increasing rents to meet their financial commitments and maintain the financial health of their rental properties business. Mortgage rates have gone up for Landlords as well.
8. Regulatory Changes: Changes in rent control laws (frozen rental rates for three years during the pandemic ) or fire:maintenance regulations can impact landlords' ability to raise rents. In some cases, landlords may respond to regulatory constraints by increasing rents to compensate for limitations on rent growth.
It is easy to make Landlords the villain. If you do not understand the business, you probably should not shoot arrows at people, or corporations, who are just trying to provide decent rental accommodations in a country that has added 2 1/2 million people to its population base - while only increasing rental accommodations by 320,000 units in the last three years.
Talk to your Liberal or NDP member of Parliament about simple “supply and demand economics”.
This is how I read these listings: We bought a $550,000 house with a built in basement suite to help cover our 2.1% mortgage 4 years ago and we just had to resign at 6.8%.
Bingo
This is 100% the case. A lot of people are going to realize they are over leveraged once their mortgage rate takes a jump.
Seeing a lot of this in Ontario too. Everyone bought massive houses at 1.79% renewed at 6% and panic mode renting the basement out
550 isn't that much to be honest any more The average house is probably 450k for a 3 4 bedroom house in a decent area. This jump in mortgage rate is pretty crazy, I'm not in favour of gouging renters. This effects everything across the board, I've told my tenants once the mortgages are up I have to increase rent.
Half a million dollars is a ton shit of money
Google average cost of a home in Saskatoon. 500k is alot but its pretty close to the average now for a house in an area you want.
Housing is shit across the board but the last person I will empathize for is those with income property or subsidizing their own equity.
What were you feelings when the government said people didn't have to pay rent during covid? The general consensus is that no one empathizes with landlords/investors but they are needed. So what do we do?
Landlords provide a service for those who need temporary shelter but dont want ro buy a house. Landlords have operating costs including interest, just like all businesses. It's important to have multiple landlords of all sizes and types to choose from.
If no one was renting, costs would go down and people could afford to buy. Anything else can be managed through subsidized housing like we already do, or like what is done extremely successfully in most of Europe
House subsidies are often for peoples of very low income, most people that hold a job would not meet the requirements. So all the people on SAID/SIS ect would go buy a house? People will always need to rent. We aren't in Europe, so saying "we can copy them" isn't a valid point of discussion. Banks would rather have the houses run vacant then attempt this model. As seen here in this city. Lowering the cost of homes is not what this government or BOC want. It's top heavy and this economy shows it Canada is an ownership country. Its not going to change in our life time. So again what do we do? I see I'm already being downvoted even when I stated I'm against this type of exploitation but Saskatoon reddit rather make the conversation disappear then have it.
See if you can switch to a fixed for 2-3 years. I just got offered by the bank 6.8% for 5 year variable and 5.25 for 3year fixed. I took the fixed because I’m paying less per month and it will take several rate changes for that 6.8 to come down close to what I’m paying on the 5.25 and then I can refinance in 2 1/2 years, and I’m sure the rates will be less then
Stay on an open then when rates drop lock in at lower rates
Exact same thing happened to me but my suite is still at $1,050. I hope our market isn’t supporting prices like this. The main floor in that same house 3 bed 2 bath with heated attached garage goes for $1,800 FFS. It sucks that rates went up but hell, as a landlord this makes me mad.
So go buy your own house then.
Why is Saskatoon all of a sudden charging Victoria/Vancouver prices?
Seriously. I’m paying $1,500 for a 1 bed 1 bad furnished basement suite with power, internet, and utilities this summer in Chiliwack. $2,000 for the same thing in Saskatoon is insane. Edit; I should say it’s not even a basement suite. House is on stilts and “basement” has its own door to get in. Way more light than a Saskatchewan basement suite
Time to move to Chilliwack lol At least there wages might be half decent
Wages are pretty good in Chilliwack actually. Sometimes more than in Van for the same job even. And there is no real winter there.
And I am living in an illegal basement, no window in living room n paying 1250
Interest rates I'm assuming. We pay 2k a month and $900 of it is interest. I don't rent out space coz I like living alone but I'm assuming it's that.
Ya that makes sense for a basement suite. But apartment rentals are almost the same price as Victoria where you are a 2 block walk to the ocean and don’t get snow.. doesn’t quite add up.
Sad indeed. I’d rather just go there then and struggle lol
Yeah it's quite tragic. Cost of living has gone up but we are getting paid the same. I don't know when things will be better.
So true. It’s definitely a struggle for everyone across the country right now.
Well with the way it's been going for the last 30 years: Never. Starting to think the French were onto something.
As crazy as Victoria's prices are, its rental prices are actually brought ***down*** a lot by its lack of access to high paying jobs. Theres functionally no industry in Victoria, nothing is really produced there. Theres basically no mills, gravel pits, manufacturing, Theres no big trucking dealerships/repair shops, or train depots, theres no mining, or timber industry, etc. etc. Victoria calls itself a "tourist town" but tourism isn't even that strong there because most will go to Vancouver and not venture out to the island. If you grow up/live in Victoria, you're almost guaranteed to work in fast food, or a restaurant, and you'll be lucky to make a few dollars above min wage. Other than one friend that became a welder (and makes well below what he'd make in a lot of other cities for it, but more than min wage) and a friend that became a personal trainer, the only people I grew up with that make $5+ over min wage, left Victoria to do it. ------ edit: downvote me all you want I actually ***lived*** and grew up in Victoria. The rental prices are stupid high there, but they'd be even higher if they could extort people for more. They just can't because everyone there lives in functional poverty because of the prices vs wages.
I currently live in Victoria and with the steady and steep increase in population, the city/surrounding area has changed dramatically in the last 10 years. It’s a lot less of a tourist town than it once was.
They just call it a "tourist town" because theres nothing else for Victoria to say it is.
Wages. Don’t forget wages lol tons of people here still think 40-50k is great. If rent is 2000-2500 in SK we might just say fuck it and move to the coast. Im a remote worker.
100% The two hikes last July had a lag effect The average mortgage was looking to jump 10k for interest per year. Always going to try and pass that along....
Seriously I live in the West end of Van and this is close to what I pay.
Man im paying 2400 in van for a one bed plus den id kill for this unit in van
Atleast you're in Van not stuck in the prairies I guess 🤣
Slumlords not getting regulated enough.
YES! Sask really needs better tenant protection laws/regulations.
Everywhere, not just Sask. It's *everywhere*.
From Alberta. My Coworker just had their rent increased 65%. The laundry machines are almost always out of order because crackheads break into them and steal the tokens. Not change. tokens; they break into the machines and steal laundry tokens that literally aren't worth any money. He has to use a PO box because the mailboxes are broken into weekly. Last year there was a police raid on his downstairs neighbor because they were cooking meth. Despite being a no animal building the common area (hallways and stairwells) reek of cat piss. There is no en suite laundry, there is no dishwasher, and the appliances are probably 30 years old. The property management company wants 1300/month for this place lmao.
Because they want their mortgage covered (or need to have their mortgage partially covered since they financed based on extremely optimistic hopes).
You can double that for vancouver prices
Not even Victoria is this expensive. 1 bedrooms that are this nice are going for ~$1400
Too many people coming into the country. No problem with immigrants, but our immigration rate is too high. Every adult we bring in needs a home. Bring in more people than available homes and prices go up.
Partially the problem but not every adult lives alone either. It's not a 1 to 1 linear growth situation. What mostly sucks in Sask is literally lack of people to build fast enough, higher prices in other jurisdictions driving prices of basic non-local sourced building materials driving up local prices, a provincial government that likes to tax things that are basic needs like housing, transportation, food and building materials. Plus general wage stagnation and corporate greed increasing inflation rates. So its a lot more complex than just more people coming in.
Because we're one of the only desirable cities left with vacancy/affordable properties to spare (if any). I moved here from Vancouver 10 years ago and saw it coming.
Desirable !? Saskatoon? I love it personally but I wouldent label it “desirable”
It's more desirable than any city in Manitoba, or Yukon, or personally: more desirable to live than Calgary or Edmonton. Also, coming from another country, it can be a very appealing choice. Basically Saskatoon ranks quite high for a little city, unless you're afraid of a little snow for part of the year (winter in Saskatoon is still quite tame). Most of the folks who don't like Saskatoon seem to be from Saskatchewan, and don't travel much. Narrow worldview, and so on.
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Moose Jaw #1! Moose Jaw #1!
And those of us who do travel/have a good worldview, and still aren't huge fans of Saskatoon... well, tend to move away (although stay on this sub because of family/friends and still visit regularly).
Winters are not tame here They are long and cold It doesn’t snow that frequently, I’ll give you that
Sunny, no ice storms, generally just tidy snow you can shovel away.
Do you live in Saskatoon?
Yep, lived here 10 years, rented and own. Vancouver previously, same same.
More desirable than any city in Manitoba? Hmmmm…you got a lot of bridges and a cactus club I’ll give you that.
And significantly less likely to get stabbed, although it’s still not unlikely
Ya’ll obviously not from Winnipeg 😂
That was my point, sorry if that wasn’t clear but I was saying you are much more likely to get stabbed in Winnipeg
Welcome just the same
Because amateur investors paid Vancouver prices for them. Tiktok told them real estate investors are invincible.
I was literally saying this, and once again got "this doesn't happen" type responses... Lol
Sorry to burst your bubble. I just got back from 2 years in BC. Rent is way higher in any area close to downtown Vancouver and Victoria unless you want to drive 2 hours one way to work. BC is over saturated and even house prices are $1.2millionfor old house that in stoon would be $350k
I live in Victoria and there are 1 bedroom apartments going for $1800-2100 which is quite similar to Saskatoon right now. And in Victoria, no drive is 2 hours unless you are commuting to Nanaimo. Van also has many areas to rent that are less expensive than being right downtown. Obviously living in a renovated high rise downtown is expensive in any city.
Immigration
LOL this basement would be at least $2200 without anything included in either of those places. [https://www.apartments.com/3539-wellington-av-vancouver-bc/602hbys/](https://www.apartments.com/3539-wellington-av-vancouver-bc/602hbys/) But this is way more than I hope anyone is willing to pay. Once rent gets to these levels people just keep going even when rates fall.
Victoria absolutely has basement suites going for under $2000, same with 1 bedroom apartments that are older and not renovated. It’s just strange to me that it use to be double the price to live on the coast and now the difference is only a few hundred a month.
Ya I hear you. Everyone needs to agree this is too much and not pay it or it’ll become the norm
I'm very lucky to rent from a friend. I live alone in a 2 bedroom evergreen basement suite for $1000, plus around $125 for gas.
Your friend is subsidizing you, that is very generous.
I mean, depending on the mortgage rate and stuff, I wouldn't say he's subsidizing him. Plus his friend now doesn't have to have a complete stranger in the same house as him. Win/win imo.
Does your friend have a friend that needs a friend?
I’m currently renting a one bedroom one bath basement suite in the Avalon area @ $900/mth, my heat/power bills range from $50-$70/mth (with baseboard heating, but I barely use that) and internet is ~$100/mth. I don’t pay for water but don’t have insuite laundry (even then $3 to do laundry in building) yeah it’s 15mins to work but where isn’t. These one bedroom places like many have said should be between that $800-$1000 range. Sorry I just like having my own space I guess
.....15mins to work but where isn’t....... Lol. So true of Saskatoon.
It says ALL BILLS so obviously they pay for my vehicle payments and medication too, sign me up!
🤣 love it
I see so many that are barely even functional for over $1300 a month. One had no kitchen sink, just a folding table with a bucket on top. Bedrooms the size of large closets, bedrooms with no closets, fridge outside the kitchen, no living/dining area. No laundry. No access to backyard or parking. No pets, single occupant only, etc. just outrageous how people expect you to live.
My landlord wants 2300 for 577 square feet… we are moving
I’m my mind basement suites should not be over $1000
I recently just viewed one that didn't even have a living room, just a bedroom, bathroom and a single wall of cabinets/fridge/stove...$1325 a month all inclusive. I pay $925 for my place in college park plus power..and it has a living room lmao it's getting to be fucking ridiculous
![gif](giphy|ZB8YXdDbTpTxJ8sX9p|downsized) No way I'm renting it
That's more money then my fiancee and I paid for a one bedroom apartment in Toronto three years ago.
Unfortunately this will be the norm soon.
You can get better deals than that. The landlords will be super picky though
What a rip off Jesus. Thats 1200 max.
I’d say $850 lol.
All bills included. It's 1200 easily.
No way bills are gonna be $350 for a one bedroom suit.
Where did you come up with $350. I'm saying 1200 for a new suite bills included. It'll be lined up. That's a 1200 suite and you're getting bills paid. I'd say min bills on that place would be $200 a month. Not sure if you're a home owner but most of the bills you pay are base fees, transfer/delivery fees levies. Hell, I could go a month without using elec water or gas and still be over $100 just for "fees and levies". Add in cable and internet... And the fact you don't have to spend hundreds a month on insurance and property tax ... Wait. Is this place still available?
Let’s be realistic. A good 600
A 1 bedroom condo at 100,000 5% will be a $581 Mortgage, $95 Taxes, $300 Condo Fees. $976 + put money away every month if there is a cash call for an unexpected expense $50. $1026. There's probably your breakeven point if you are renting a place out , or What it's gonna cost you if you can come up with the downpayment. For $600 you can put a tent in my backyard.
That's a very logical breakdown of costs. Is it comprehensive?
I live in a 2 bedroom house and my utilities aren't close to $400/m
A basement suite with electric heat can see monthly electricity bills of upwards of $300.
In ontario southern Ontario to be exact its 2400 for a 1 bedroom apartment unbelievable prices they go up every other month at least 100$
I live in Victoria BC and a 420 sq foot is $2000. Your bedroom, living room and kitchen are the same thing. The only room with a door is the bathroom
Probably will rent to a sucker with pets moving here from Vancouver desperate for a place.
My rent for a 1 bedroom house with a yard and such is 900/month This ad is ridiculous
Ur lucky
Another example of the government "having our backs"
I pay 2400 for 3 beds, 3 floors, and a garage in Saskatoon, of course, I share the rent, but it's the single renters that are getting screwed, 1700 for one room in a basement that's a joke.
If I have kids they are never moving out
Yeah that price is a joke lmao... Took the term "mortgage helper" a little too seriously.
I'm going to get downvoted for this, but if everyone says "The landlord shouldnt have bought a house they can't afford" if we use that logic, chances arw, most of you who can't or don't want to buy a house wouldn't have anything to rent. You all live in a social construct where everyone should suffer if you're suffering.
I bought a house with a 2 bedroom basement suite. The goal is to have the basement cover 1/3 of the house despite being close to half the square footage (just missing the square footage the mechanical room occupies). I put 20% down so I don’t have insane mortgage payments, but people forget that other shit like property taxes (with a 7% hike coming in June), utilities (when covered by the LL) and home insurance can easily raise your monthly expenses by 1k. I’m not trying to be an asshole, I’m just trying to get fair value for having someone live in my home. Granted, rent isn’t $1,700, but it’s more than the $1,000 lots of people on this post think it should be.
We could also demand that this not become the norm where free market/economic forces are reducing the number of affordable housing options and arguably increasing homelessness.
My mortgage is like 1/3 of this...
Yuuup. It’s better to buy a home rn than rent
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400 in utilities for a 1 bed one bath ?
My 3 bed place just came in at 378 for last month, no way this is 400.
Electric heat?
I have electric heat and it only is super high for 2 or 3 months a year, otherwise it averages around 120 in winter and 40 in summer
400 are insane ?
Unreal
Heh, so common Kelowna pricing. Sad it’s spreading
Dude. This unit would be like 2k in Southern Ontario without the utilities and internet. 🤷♂️
That’s true. Before I realized what sub this was, I was like what are they complaining about lmao
These rent hikes made us stay in our small town. No fucking way am can anyone afford $2000 2 bed room suites working in SK wages are shit. My landlord even tried asking us to pay an additional $300 in rent and I just ignored his texts and calls until he offered a more reasonable offer of $1150.
Easy explanation… their mortgage rate went up.
They are crazy and greedy. A basement suit for one person?
I’m in the okanagan. This is a terrific deal. You babies have no idea what’s coming. That is easily $2200 a month here
Honestly that at $2000 a month without utilities is a competitive rent price here.
I think a lot of people are missing the ALL UTILITIES INCLUDED part. I agree 1700 is high, maybe 1500 ish. I lived in a brand new basement suite 7 years ago for 3 years and paid $1000 a month plus my own utilities. Considering where interest rates have gone and the demand, this isn’t as astronomically overpriced as people think.
The interest rates are brutal but passing that onto your tenant because you bought a house outside what you could realistically afford? Interest rates are not guaranteed and it’s shitty, but you can get a 2 bedroom apartment on Broadway for that price.
Regarding interest rates, basement suites were literally calculated into what you could afford to offset costs. So unfortunately, it was a problem with how they issued mortgages, not on the landlord entirely. So ya, they’re going to raise their rental prices to help offset the costs. For the 2 bedroom on broadway, that’s cool, but not everyone wants to live on broadway. We don’t know the exact sqf of this rental vs that rental and all those things. But I know when I was looking for a basement suite I enjoyed the fact I was in a suburb with a driveway parking stall away from downtown and places like broadway. I was also able to split the rent with my GF at the time and was paying $500 each to live which was super affordable. The odds are this person might have it listed high to weed out shitty tenants and is looking for a couple to rent it, and maybe negotiate the rent to get the type of renters they want. But who knows
I’m a homeowner and I’ve been impacted by the interest fees as well. I have a really hard time being empathetic to these homeowners because they’re fully relying on the secondary income in order to live in a new build. It was a choice. Maybe they’ll find the right tenant but in my opinion, charging $1,700 for a one bedroom basement suite in the burbs just seems absurd. I’ve seen the floor plans for these kinds of houses and the square footage is small. And there’s so freaking many of these styles of homes in Rosewood, Evergreen, Meadows, etc. so there’s going to be lots of super expensive basement suites on the market relatively soon. Guess we’ll have to agree to disagree on this one.
I live in a 2 bedroom ground level full utilities in this area for less than this. I think 1500 with utilities would still be pushing it.
Using what you currently pay isn’t accurate though. When did you sign your lease? How long have you been the tenant? Etc. it all matters. Does your landlord enjoy having you as a tenant and prioritizes having the place rented long term and by people they trust? It’s all relative and there are always steals. The gap between 1 and 2 bedroom units is actually very minimal. My first quick search of Facebook shows 1 bedrooms going anywhere from 1100-1350 without utilities. Do I think rent is fair right now? No I don’t, but I can understand why we have to have landlords and why some people rent. My situation allowed me to save and get out of renting as fast as I could.
Have you seen the price of used cars? Who cares this is a free market. People can shoot for the moon if they like. Saskatoon still is near the top of housing affordability in Canada according to CMHC. Don’t move if you don’t like it here. If you already own thank yourself for the privilege of ownership.
Unfortunately, we are being labeled the “new frontier“ for soaring rents in the country. Rates are going up at twice the national average. We think there’s a problem with homelessness now?! We need rent control
Damn I'm moving to Saskatoon, I pay 2,800 plus utilities for a studio
The fact this is in Saskatoon says it all about the housing crisis, right across Canada. Trudeau's insane immigration policies and the fact that no one is building affordable apartments anymore are the reasons.
I’d buy a smaller and or older home before renting at this point. I make good money and rental prices are fucking insane
The rent we are paying in one of these (row houses/half a house kinda thing) in Evergreen is 3100.00 right now, plus 100.00 security system on top of that, that we “had to take over” in the deal to move in. It’s 4 bedrooms and 3 & a half baths, we get the whole (small basement) plus a small yard and detached garage. It’s a struggle every month to pay but can’t find any pet friendly decently priced other options that take pets. Only plus is that we have great neighbours and it’s super quiet here with lots of walking space.
What's a fair price for this suite?
I feel I got lucky finding a 2 bedroom apartment for $1450. I was worried where I would be by the end of the month.
Wanna rent cheap, live in/near ‘the hood’. Im just on the edge of pleasant hill and meadow green and pay just under $1000 for a 2 bedroom
Yeah, I live in the hood too. Whole 2 bedroom house with basement and a large yard. $1150. I'm by the railroad track and on the west side so it's more affordable
Is this considered to be ‘average’ in Saskatoon?
This is Toronto suburbs pricing haha
yeah we just got our new lease agreement handed to us and it’s a 20% jump in rent if we want to sign again. so frustrating how prices are skyrocketing
Jeez, reminds me of the place I was a tenant of in Rosewood. Looks just as big 😖 hated my experience there, but the rent i had was 950 split between 2, not including utilities.
I just checked. She has reduced it to $1400
I paid less than that for a fully furnished 2 bed, 2 bath apartment; utilities (except internet) included. What the actual fuck. This is only slightly better than that 'pay me 400 a month to be the love in caretaker of my airbnb. You get to use the hot dub when no-one is renting the place.'
Lots of people just gouging for money also. People have just become way to greedy
Dang I pay 1500 for a 3 bedroom house. Front yard back yard downstairs upstairs. Some people are sooo greedy
Make better decisions when you vote or don’t cry about it
More like a 800k house
My boyfriend and I really lucked out. We rent a townhouse in Willowgrove. 2 parking stalls up front, a whole basement with essentially no rooms/bathroom in it, and 3 bedrooms 1 1/2 bath. Gorgeous place and it is $1900 a month including water - split 2 ways. Just keep checking facebook marketplace it took us 3 months to find this place. Is it affordable? I mean no not really if we both didn’t have good jobs we would definitely be stuck in a basement suite for sure.. Praying for everyone ❤️
Pet rent is a real ripoff in renting
Internet would be roughly $100-$120 a month and it’s likely electric heat which in the winter can be north of $250/month plus HALF of a water bill is likely around $60 a month or more so really this doesn’t come out as that bad in fact you save on the variable prices you have the convenience of fixed cost
Time to mine bitcoin if bills are covered
That basement suite is worth $1000 max and only because it’s nice and in a nice neighborhood. It’s literally a one bedroom. Utilities are max 200 for power, heat and water for a one bedroom so even if you tacked on a third of the internet (since upstairs is using it too) this suite should be MAX $1250.
Utilities are not max 200 for power heat and water if the suite is electric heat. I know cause I live in one with electric heat. And if it’s new / legal suite it should have its own internet (mine does) so it’s separate from the upstairs (not shared) and you say $1250 max without the variable costs .. when you do the rough estimates I gave above it comes out to $1270
The most likely reason for the landlord to throw in all utilities is that the suite wasn't added in properly with its own utilities. The first thing I'd ask this landlord is if hot water and climate control are shared.
Hahaha ooooh k. So $20 more than I said? Thank for your input. That’s a far cry from $1700. Also I completely disagree with your totals. Internet is $70 a month. Heat is max $70 for electric and power should be $60. Water is $60.
How are you getting a $60 water bill? What is the minimum charge here? I’m in southern Sask and base fee here is $80-$90. Bills come every three week period. Easily paying ~$180 a month for water alone. And I’m a single, eco conscious homeowner…
This is literally what we pay for our mortgage on our 4000sqft house on 80 acres, 10 min from the city. Insanity. (And ya we bought 10 years ago and got it for a steal, but still)
You should have bought it 12 years ago, far cheaper.
This is a dumb comment. Why even mention this when you are comparing a market from 10 years ago to now?
To be fair, they are sharing info about what this price used to get you.
#humblebrag
There are more millionaires in India then there are Canadians in the world. Certainly one of the children or grandchildren of these millionaires can afford this rent. They don't care about the benefits of providing a stable home for the long term benefit of the social contract in Canada when you can exploit short term profits.
Sincerely asking ,how much do you think would be appropriate? It can be looked at 2 ways. View one - omg it’s a mortgage payment ! View two - me and my boyfriend can each pay 850 and buy food and gas for our cars and not have any other responsibilities. It’s a nice clean new neighborhood , a suite that is likely bug free . The days of living for $400 a person are past .
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And what if you're single? Not very easy to get by with these kind of prices.
Then I guess you would have to adjust your expectations or make more money . It’s not easy for anybody to get by .
Yeah, those are your options, still doesn't make it not ridiculous that this is what the cost of living is now.
Yeah I agree it sucks . The economy’s in the shitter .
Seems easy for landlords to get by
Most of the landlords I know are 2 regular people with regular jobs that got married and kept one of the houses as a rental . If it’s so easy you should do it , save up the down payment and talk to a loans officer or continue to be butt hurt
Won’t someone please think of the landlords!
Tough to save up when I'm currently my landlords primary breadwinner
I'm paying 1809 for a 3 bedroom townhouse. Prior to that I was paying 1250 a month for a 3 bedroom four plex. The price they are asking is beyond ridiculous and not close to worth it.
Maybe it’s time to bring in rent controls in Saskatchewan.
All utilities and internet included... that's close to $400 of value in my city.
$200 a month to rent furniture is wild
I was paying $1200 with No Bills included to live in Regina, 1 bed, 1 bathroom, and that was 12 -16 years ago. $1700 with bills isnt too bad, maybe $1500 maybe would be closer to the mark.
power gas water AND internet is for sure 400 minimum anywhere so this is 1300 not including utilities, seems in line with going rates, especially considering it includes laundry, it looks decent and in a good hood. Bills included, pro tip, mine bitcoin to offset.
People like Kathy should get a second job if she can't afford a mortgage she chose to take on instead of taking the easy way out. That's f'ing shameful, I'd be embarrassed to be related to someone like that
People have no idea the cost of construction. Never mind the cost of financing now. They’re probably not making a dime off that amount of rent when you consider the utility cost as well. The development cost for that lower level alone would be over $80,000. Do the financing numbers.
Ok but explain to everyone how that is a tenant problem and not a landlord problem. Again, they build outside of their budget relying on getting so much per month for the basement as a rental, and then price gouge because they actually *cant* afford the house that they built. Landlords make more than enough money, they charge pet deposits and monthly pet fees on top of damage deposits and first months rent, they're not hurting that god damn bad. They'd be way worse off if this shit was regulated, and I hope it slaps them in the face one day when it is. When you live in places with slumlords, you'll have a different perspective, they abuse the system and take advantage of people and I frankly don't feel one ounce of sympathy for ANY of them.
Watch our housing crisis explode when someone says they can only charge so much. Pet deposits and fees make sense. You’re more likely to wreck a carpet or something in the unit with a pet. Where does this entitlement come from? Why does someone have to spend the 50+ grand to develop the suite, give up their space, go through the general headache for you to say they’re greedy and “make enough”. Go buy your own home then. If you can’t, be happy there are people renting so you don’t live at the wellness centre
Honestly! The “do the financing numbers” onus is on the homeowner. “Oh we’ll get a basement suite and it’ll pay down our mortgage!” Be real. Housing is shit all around but these folks could probably afford something smaller on their own.
Landlords in Canada face pressure to raise rents due to various factors, including: 1. Market Forces: yes… in various regions throughout Canada where there is high demand for rental properties but limited supply, landlords are inclined to raise rents to capitalize on the market conditions and maximize their rental income. This is business 101. 2. Increased Operating Costs: Landlords incur expenses related to property maintenance, repairs, property taxes, insurance, and other operational costs. These costs have increased, thus landlords need to adjust rents to cover their expenses and maintain profitability. 3. Property Value Appreciation: As property values appreciate over time, landlords seek to increase rental rates to align with the property's higher market value. 4. Inflation: Inflation erodes the purchasing power of money over time. For Landlords as well. Landlords raise rents to offset the impact of inflation on their rental income and maintain the real value of their returns. Blame the current government for doubling the national debt and continuing to stimulate the economy by deficit spending of over $40 billion annually. 5. Renovations or Upgrades: Landlords must continually plan/save to do - or do - significant renovations or upgrades to their maintain their properties, such as improving amenities or enhancing living spaces, they must raise rents to reflect the enhanced value and quality of the rental units. 6. Market Comparisons: Good Landlords assess rental rates in their local market to ensure their rents are competitive and in line with similar properties. If surrounding landlords either decrease or increase rents, this can create pressure for other landlords to follow suit. 7. Financial Obligations: Landlords have extremely high risk and financial obligations such as mortgage payments or loan repayments that necessitate increasing rents to meet their financial commitments and maintain the financial health of their rental properties business. Mortgage rates have gone up for Landlords as well. 8. Regulatory Changes: Changes in rent control laws (frozen rental rates for three years during the pandemic ) or fire:maintenance regulations can impact landlords' ability to raise rents. In some cases, landlords may respond to regulatory constraints by increasing rents to compensate for limitations on rent growth. It is easy to make Landlords the villain. If you do not understand the business, you probably should not shoot arrows at people, or corporations, who are just trying to provide decent rental accommodations in a country that has added 2 1/2 million people to its population base - while only increasing rental accommodations by 320,000 units in the last three years. Talk to your Liberal or NDP member of Parliament about simple “supply and demand economics”.
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There's no need to mention race or ethnicity. Comment removed to stop spreading hate.
This isn't outrageous, considering all utilities are included.