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 %.
â€œDue to economic boom in Saskatchewan, the demand for skill labor has sky rockedâ€ says Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada. Â In addition, he says, â€œthe 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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