Saskatoon is growing-fast! For the third year in a row Saskatoon is the fastest-growing metropolitan area in Canada. This includes our bedroom communities of Warman, Martensville, Dundurn and Dalmeny and in the year long period ending in July we grew by 4.1% from 272, 771 to 284, 008 according to numbers released by Stats Canada last week.
The city of Saskatoon alone grew by about 3-3.5% to about 243,000 people. If this current growth rate in Saskatoon continues we will see a quarter of a million people living in Saskatoon by next year. I think many cities in the country would envy to have these numbers so we are in a great position. The city manager acknowledges that if the city continues to grow up to 4% a year that we have a plan in place for the next few years but that the city will have to adjust its long term plans.
Despite the trend they are still looking at an average of 2-2.5% growth rate in the years to come which will means they will not make any adjustments yet to their plans.
Saskatoon also boasts that we are one of the youngest CMAs with our median age now at 34.9 years old. Some of the factors keeping us young are the returning youth, immigrants and high birthrates. Lets not forget that there is always an increasing amount of elderly who will need different support so all demographics will need to be looked after.
As a REALTOR in Saskatoon I am always staying informed about our economy and our market but I was surprised about our median age. I am headed to the CMHC Housing Outlook for Canada this week and will be curious what they say about Saskatoon.
Real estate in Saskatoon continues to be busy and the market remains strong. I have heard of many houses for sale in Saskatoon selling at or slightly above list price right now as the demand grows and good product goes quickly.
I am also looking at real estate in Regina and quite surprised that their prices seem to be higher than Saskatoon despite Saskatoon being the fastest growing CMA in Canada. The inventory levels in Regina are about half of that of Saskatoon and demand is high so for now it would appear the real estate market in Regina is even stronger and more of a sellers market than a buyers market.
The Saskatoon real estate market is still, for the most part, a balanced market which means there are enough houses for sale in Saskatoon to prevent too much pressure and competition. If a house for sale in Saskatoon is priced appropriately it may sell relatively quickly in this current market if there is enough demand.
If you are considering buying a house for sale in Saskatoon or looking to sell your house I would be happy to meet with you to discuss your needs and the Saskatoon real estate market and how I, a trusted Saskatoon REALTOR, can help you achieve those goals.
Saskatoon Real Estate Agent
Century 21 Fusion