It was announced yesterday by Statistics Canada that Saskatchewan had the highest percentage increase for residential property values in Canada between 2005-2011.
The rise was reported to be 139.8% or a total value of $87.7 billion. Not surprisingly, Saskatoon led all the metropolitan areas in the country for price increases. Property values increased a total of 163.6 per cent between those same years.
What does that translate to? The average house price in Saskatoon in 2006 was just under $150,000 and in 2011 it rose to just over $272,000.
The big question is why. Experts agree that the Saskatchewan housing market had been depressed for many decades until 2007-2008 where we saw bidding wars and the sharp increase in prices. However looking at the picture as a whole; the Saskatoon 2011 average price of $272,000 was still 33% less than Alberta’s and 23% below the national average.
As long as the province’s economy continues to thrive, and we experience a positive net migration into the province, house prices in Saskatoon are expected to increase.
Saskatoon real estate agent
Century 21 Fusion