Saskatchewan Housing in 2026: Steady Rents, Higher Turnover and Why Operations Matter More Now

Saskatchewan housing in 2026: steady rents, higher turnover and why operations matter more now

By Peter Altobelli, VP and General Manager, Yardi Canada Ltd.

Canada’s multifamily market is entering 2026 in a different place than it was a year ago. Fundamentals weakened through 2025 and conditions are expected to stay fragile in 2026, with rent growth slowing amid affordability pressure and softer demand signals. At the same time, Canada’s overall housing shortage should keep occupancy relatively solid in most segments, even as performance diverges market to market.

This is where a Saskatchewan lens becomes useful. Provincial and local operators do not need a “Canada-wide” story as much as they need a “what’s changing here” story. Saskatchewan is showing a mix of moderate rent growth, elevated vacancy and some of the highest annual turnover and digital leasing performance in the country. That combination increases operational intensity and raises the importance of retention, leasing speed and cost control.

A market loosening, not collapsing

Across Canada, national averages show in-place rent growth continuing to decelerate. The average national in-place rent rose $9 quarter over quarter to $1,746 in Q4 2025, while the annual national in-place rent growth rate slowed to 3.2%.

New-lease rent growth, a key indicator of current supply-demand balance, also cooled sharply at the national level. Lease-over-lease growth on new leases averaged 0.7% nationally in Q4 2025, down from 2.4% in Q3 2025 and 6.4% in Q4 2024.

Vacancy also rose. Canada’s national average apartment vacancy rate reached 4.5% in Q4 2025, the highest level since tracking began in 2021. Alongside that, annual turnover increased to a national average of 25.5%, pointing to greater resident movement and more unit turns across the country.

Under the hood, macro conditions help explain why demand is cooling. Population growth moderated, with an estimated year-over-year growth of 0.2% in 2025 and a reduced 2026 target for admitting non-permanent residents. At the same time, Canadian GDP growth forecasts for 2026 sit in the 1.0% – 1.5% range and the labour market remains a headwind for apartment demand, particularly for younger renters.

The takeaway is not alarm, but operational precision. When rent growth is modest and vacancy is higher, performance depends more on execution: leasing speed, resident retention, operating efficiency and the ability to make decisions quickly using the right KPIs.

Saskatchewan’s edge: Saskatoon stands out on turnover and digital leasing signals

In the national data set, Saskatoon posts an in-place rent growth rate of 3.0% year over year in Q4 2025, close to the national average of 3.2%. But the story shifts when you look at vacancy, turnover and digital front-door performance.

Vacancy and turnover
Saskatoon’s vacancy rate is 5.2% in Q4 2025, placing it among the higher-vacancy CMAs tracked. More importantly, Saskatoon’s annual turnover rate is 41.5% in Q4 2025, far above the national average of 25.5%. This is one of the clearest signals that Saskatchewan operators are dealing with more unit turns, more make-ready activity and more leasing volume as part of normal operations.

That turnover reality also shows up in resident tenure. The average resident length of stay is 25 months in Saskatoon versus a national average of 39 months. Shorter stays can be manageable, but they shift the cost equation: every additional move-out drives incremental maintenance, cleaning, marketing and admin effort.

Rent growth on new leases
New-lease rent growth in Saskatoon is still positive, but modest. Lease-over-lease growth on new leases in Saskatoon is 0.8% in Q4 2025. That is close to the national average pace of 0.7% and well below recent years when rent growth was doing more of the financial heavy lifting.

Digital leasing signals
Saskatoon also stands out on digital performance. Digital prospect conversion is 14.0% in Saskatoon versus a national average of 8.7%, and digital prospects are 13 per 100 units per month versus 11 nationally. In a market with elevated turnover, stronger digital conversion directly reduces vacancy days between move-outs and new occupancy. The practical implication is that Saskatchewan operators have an opportunity to keep improving results by removing friction from the digital journey, from first inquiry through to move-in.

Operational insights: what higher churn means day to day

High turnover changes what good operations looks like. When more residents are moving in and out, the gap between average performance and best practice widens quickly.

In Saskatchewan, the combination of higher vacancy and very high annual turnover suggests a market where speed matters. The faster a unit moves from notice to ready-to-rent to leased, the more you protect revenue and reduce operational strain.

That is also where digital communication and self-service can do real work. When residents can complete key steps without back-and-forth, teams spend less time on repetitive questions and more time on high-value moments: renewal conversations, exception handling and resident experience improvements.

Even small process wins add up when you multiply them across a higher number of annual turns.

The cost equation: operating metrics to watch in 2026

When rent growth is modest, the most controllable lever is operating efficiency. Three new metrics in the Yardi Multifamily Report are worth tracking consistently:

1. Repairs and maintenance per unit
   This reflects the average monthly repairs and maintenance cost per unit, based on trailing 12-month annual expenses. It includes unit turnover work and third-party services. In a high-turnover market like Saskatoon, this metric becomes a leading indicator of margin pressure.
2. Controllable expenses per unit
   This reflects the average monthly controllable operating cost per unit, based on trailing 12-month annual expenses. It captures costs management can influence more directly, including administration, payroll, repairs and maintenance, utilities, marketing and management fees.
3. Total expenses per unit
   This reflects the average monthly total operating cost per unit, based on trailing 12-month annual expenses. It includes controllable expenses plus real estate taxes, insurance and other operating costs.

Nationally, total expenses averaged $8,004 annually, based on trailing 12-month annual operating expenses. Even if Saskatchewan operators have different baselines, the point remains: in a higher-churn environment, cost creep can arrive quickly if turn processes and vendor management are not tightly run.

What this means for Saskatchewan housing providers

Saskatchewan is not simply following Canada. It has its own operational signature right now:

• Rent growth is steady but not strong, so providers cannot rely on pricing alone to carry performance.
• Turnover is unusually high, which increases workload and amplifies the financial impact of make-ready speed and maintenance discipline.
• Digital conversion is comparatively strong, signalling a meaningful opportunity to keep reducing friction in the prospect-to-lease journey.
• Resident length of stay is shorter, which is a reminder to treat retention as a core operational KPI, not a nice to have.

Planning for 2026, Saskatchewan housing providers can benefit from building decision-making around a few practical KPIs: turnover rate, average length of stay, vacancy and digital prospect conversion. These measures connect directly to staffing plans, marketing budgets, vendor contracts and capital planning.

The market is loosening, but it is still competitive. Operators who pair disciplined operating metrics with a smooth leasing and resident experience will be best positioned to protect NOI and keep teams focused on what matters most.

Read the full report: yardi.com/cndmultifamilyreport