Jan 24th,2012| Regina |
Condo Conversion, Regina’s condominium conversion policy is being changed, so apartments can’t be converted into condominiums until the rental vacancy rate climbs above 2 %.
“Due to economic boom in Saskatchewan, the demand for skill labor has sky rocked†says Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada.  In addition, he says, “the value of Real Estate in Regina is also expanding as the economy is on fireâ€.
Regina City Council approved the change, amid protests from some renter advocacy groups that say it’s a bad idea.
Under the old policy, the apartment vacancy rate had to rise above 3% for conversions to be allowed. Even at 2%, it may be some time before the threshold vacancy rate is hit.
Currently, Regina has the lowest vacancy rate in Canada: 0.6%. The city hasn’t seen a 2% vacancy rate since 2006.
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