Saskatchewan rental market update: what Yardi’s Fall 2026 report means for Saskatoon housing providers

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

Canada’s multifamily market is producing steady numbers, but the momentum behind them is fading. Yardi’s Fall 2026 Canadian National Multifamily Report, which covers 6,200 properties and more than 548,000 private rental units, shows modest changes in rents in the third quarter and a national vacancy rate that held at 4.7%. For Saskatchewan housing providers, the Saskatoon data adds a distinct twist. Rents are inching up and new lease rents are still positive, yet residents move more often here than in any other major market Yardi tracks.

A cooler national backdrop

Economic growth is positive but weak as Canada faces another round of U.S. tariffs and negotiates deals with trade partners on other continents. The ripple effects show up in changing consumer spending and in uncertainty that delays household formation and business decisions. Canada lost more than 100,000 jobs combined in August and September and has added only 95,000 in the 12 months ending September.

Population growth is also slowing. Estimates were recently revised up by 301,000, mostly because the non-permanent resident count rose by 240,000 as of Q2 2026, but growth this year is still on track to be much smaller than in recent years. Weak population growth translates into modest housing demand. The national average in-place rent rose $7 in Q3 to $1,790, and the 1.7% year-over-year increase is the smallest since Yardi began tracking rents in 2020.

Saskatoon rents: slow but positive

In-place rents in Saskatoon rose $13 over the past year, or 0.9%, which is well below the national pace and puts the city among the markets where rates have barely budged, alongside Kitchener–Cambridge–Waterloo, Vancouver and Edmonton. Among its Prairie peers, Winnipeg led with 4.1% growth, while Edmonton rose 0.8% and Calgary slipped 1.3%.

New lease rents are a brighter spot. Lease-over-lease growth, which compares a new lease with the previous lease on the same unit, was up 0.4% in Saskatoon, compared with -0.2% nationally. Saskatoon is one of only four of the 12 major markets with positive year-over-year new lease growth, along with Halifax (3.6%), Winnipeg (3.0%) and Ottawa–Gatineau (1.5%). The caveat is direction. Only Winnipeg and Calgary have higher new lease growth than they did a year ago, so Saskatoon’s rate has cooled. At the provincial level, Saskatchewan’s new lease growth also sits above the national rate.

Nationally, in-place growth continues to come mostly from renewals. Renewal growth was 2.1% in Q3 and has slowed for 10 straight quarters from a peak of 4.4% in Q1 2024.

Vacancy: above the national rate, below its neighbours

Saskatoon’s vacancy rate was 5.0% in Q3, above the national 4.7%, which was unchanged from the previous quarter. It is lower than Calgary (5.9%) and Edmonton (5.5%) but well above Winnipeg, which posted the lowest rate in the country at 2.6%. The national rate is stable because demand from population growth slowed while fewer tenants moved out into homeownership. Home sales fell 7.7% year over year through September according to the Canadian Real Estate Association, and the average mortgage rate rose about 40 basis points over the summer.

Turnover: the highest in the country

This is where Saskatoon stands apart. Annual turnover reached 39.5%, the highest of the 12 markets and far above the 26.4% national rate. Put simply, nearly four in 10 units turn over every year. Nationally, turnover has edged up from 25.0% a year ago and 26.2% last quarter, a sign of modest loosening in leasing conditions, but Saskatoon sits in a category of its own. By comparison, Toronto and Hamilton are both near 17%.

Length of stay tells the same story. Residents who moved out of Saskatoon apartments had stayed an average of 26 months, up from 24 in Q2 but still the shortest of any market. The national average is 37 months, Hamilton’s is 49 and Toronto’s is 50. For Saskatoon providers, leasing efficiency and retention are central to performance.

Unit size matters

Saskatoon’s bachelor units see the most churn, with annual turnover of 57.6%, the highest in the country, and a vacancy rate of 7.8%, compared with 7.3% nationally. In-place rent for bachelor’s is $1,061, the lowest of the 12 markets.

One-bedroom units have the strongest new lease performance. Lease-over-lease rents rose 1.3%, against -0.7% nationally, even though vacancy of 5.9% is above the 4.7% national rate and turnover of 42.3% is the highest in the country. In-place rent is $1,281, again the lowest of the 12 markets.

Two-bedroom units are the closest to the national picture. New lease rents slipped 0.1% against a 0.2% national gain, and vacancy of 4.4% matches the national rate. In-place rent is $1,547, the lowest of the 12 markets, and turnover is 38.4%, the highest.

Three-bedroom units rent for $1,910 on average. New lease rents rose 0.3%, trailing the 1.2% national rate, while vacancy was 5.2% against 4.1% nationally and turnover was 35.4%.

Strong digital demand

Interest in Saskatoon apartments is healthy. The market generated 21 digital prospects per 100 units per month, above the 18 national average. Those prospects converted to residents at 11.7%, the second highest rate in the country behind London and well above the national 8.0%.

What it means for housing providers

Retention. With nearly four in 10 units turning over each year and the shortest length of stay in the country, keeping good residents is the clearest lever in the market. It is worth weighing renewal pricing against the real cost of a vacant unit and the work of preparing it for a new resident.

Leasing. Strong prospect volume and conversion suggest the leasing process is working well at the top of the funnel, so speed and consistency in following up can make a measurable difference. Bachelor units, with the highest vacancy and turnover, are likely to need the closest pricing attention, while one-bedrooms are holding up better.

Operations. With rent growth slowing, owners are focusing on efficiency. National expenses averaged $8,244 per unit in Q3, down 4.3% from a year earlier.

Looking ahead

Saskatoon’s rental market is steady rather than strong. New lease rents are positive, demand signals are healthy and vacancy is manageable. But tariffs, a cooling job market and slower population growth will keep pressure on rent growth, so the advantage will go to providers who keep residents longer and price with precision.

To read the full Fall 2026 Canadian National Multifamily Report, including data on every major market, visit www.yardi.com/cndmultifamilyreport