A recent article in the Star Phoenix shone a spotlight on affordability and the rental markets in Warman and Martensville. These two recent cities are expanding and growing but a number of concerned business owners are concerned.
Both Warman and Martensville were among the fastest growing cities in Canada as of the last census. They both more than doubled in size. However with all that growth, neither city saw the addition of a single apartment building.
With all the growth, residentially and commercially, the need has arisen for affordable housing to support the growing number of employees in these communities. If employees have to commute, why wouldn’t they just find somewhere to work closer to home?
Martensville has construction underway for a 8,500 sq ft strip mall while Warman has a 250,000 sq ft mall under construction. Even commercial developers have raised concerns about employees finding a place to live.
Homeowners have more recently taken advantage of the second suite program, turning their basements into rentable spaces. The demand is growing for rentals and yet not one apartment building exists in Martensville.
A new subdivision in Martensville called Lake Vista may see the addition of rentable units. It’s currently zoned to allow for condos but may also allow for apartment buildings. Construction hasn’t started in this area, so it likely will be years down the road.
There is one solution to the problem; the Chaparral Ridge development offers entry level housing at an affordable starting price of $199,900 + GST. Investors are also taking note and have been purchasing the condos solely to put back into the rental market. Even some local business owners have purchased a unit specifically to rent back to their employees.
Contact me for more information about the condos for sale at Chaparral Ridge and it’s affordability and rental potential in Martensville.
Saskatoon real estate agent
Century 21 Fusion