With the recent news of four apartment buildings in the city of Moose Jaw being sold to a new landlord, who is going to raise rates considerable is bad news for many people.
As it stands, the speculation is that the rate hike is being done to urge the tenants to move elsewhere, so the building can be developed into condominiums and sold.
Keep in mind, this is only speculation, but it is good and bad news.
On one hand, we might be seeing new condominiums coming up in Moose Jaw, but on the other hand, the tenants of these four apartment building will have to find new places to live, that is more affordable.
A city of this size needs rentable space, however not everyone is in a position to purchase, nor are they in a stage of their life they wish to purchase.
It is getting to the point where one might have a mortgage as they will be forced to pay rent in the same price range.
Hopefully, we might see a solution come up for people who need affordable housing. The provincial government is showing an average of $800+ a week for Saskatchewan wages, however many people in Moose Jaw do not make anywhere to that for wages.
Employers used to be able to attract workers, because the lower cost of living allowed them to enjoy a better lifestyle on a lower wage. This is no longer the case, if employers expect to bring in more workers, wages will have to increase.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
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