A recent article in the Star Phoenix has stated that housing starts have jumped in Saskatoon from August to September according to CMHC. Demand for new houses in Saskatoon continues to be supported by full time job creation, rising wages, and positive net migration according to Lai Sing Louie, CMHC’s regional economist for the Prairies.
In September the housing starts for Saskatoon and area jumped to 5624 units from 3757 in August according to CMHC. The number of single-detached starts (so new houses in Saskatoon) totalled 231 units, up from 132 units the year before. After 9 months this year the amount of single family houses being built reached 1525 from 1239 during the same period last year. Multi-family starts, which includes semi-detached units, townhouses, and apartment/coach home condos totalled 254 last month which is an increase from 125 in September, 2011.
Regina has also seen large increases in construction. In August they were at 2908 units and in September they jumped to 3318 units. Single family houses in Regina jumped from 80 units last year to 172 units this year in September.
While across the country Canada’s housing market showed some signs of cooling it doesn’t give evidence of a correction large enough to alter the economy.
The Saskatoon real estate market continues to thrive and we are trying to adjust for the influx of people in our growing economy. New starts means new homes which means a growing economy so these are all positives. We don’t appear to have so many new starts that it will impact our resale market like we saw a few years ago, the growth appears to be appropriate and healthy.
If you are considering buying a house for sale in Saskatoon or are looking to sell your home in Saskatoon consider me first as your TRUSTED and experienced Saskatoon real estate agent.
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