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City to review downtown housing development incentives

2nd Avenue Lofts in downtown Saskatoon

Star Phoenix reporter Dave Hutton says that the City of Saskatoon is reviewing downtown housing incentives in hopes of finding better ways to attract new residents to the area.

Over nearly a decade, the city has provided $4.8 million worth of tax abatements to people buying homes in various condo projects. Dave reports that this program has led to over $80 million dollars worth of re-development in eleven projects including the 2nd Avenue Lofts, the King George and the Rumley Distinctive Lofts. Apparently, the program has produced weaker than expected results with the total downtown population growing to just 4,200, well short of the city’s goal of 10,000 residents.

City planners are now looking at incentives that would more directly benefit developers.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate