Saskatoon leads nation for house price increases in Q2/2007: Royal LePage House Price Survey
RED HOT HOUSING MARKET SEARING IN SASKATCHEWAN; CONDITIONS FORECAST TO CONTINUE TO YEAR’S END
– Significant price appreciations and strong demand will characterize the market through 2007 –
SASKATCHEWAN, July 5, 2007 – Intense demand, driven by the swell of in-migration of Saskatchewanians returning from prosperous Alberta, fuelled average house prices and market activity in Saskatchewan during the second quarter; the housing market is anticipated to continue at a similar tempo throughout 2007, according to a report released today by Royal LePage Real Estate Services.
Saskatchewan’s housing market led the country in highest average price appreciations, surpassing the typically frenetic market conditions of oil-rich Alberta. During the second quarter droves of buyers flocked east to Regina and Saskatoon where average house prices are considerably less than in the western provinces. Many buyers have returned home with sizeable equity and are now favouring the simpler life that Saskatchewan offers. Despite the rapid spike in average house prices, market activity has begun to stabilize at the end of the second quarter and is expected to continue at a slightly more temperate pace, albeit still very strong, for the remainder of the year.
The average house price in Regina is forecast to increase by 13.8 per cent to $150,000 by the end of 2007. Unit sales are projected to increase by 18.5 per cent to 3,500 units sold in 2007.
Regina’s booming job market and diversified economy will also continue to attract buyers. Employment in the natural resources sector including the production of oil, potash, uranium and agriculture are poised for steady growth, further strengthening consumer confidence in the economy and housing market.
“We’ve had a tremendous year so far, and all signs indicate healthy and robust conditions for the next six months. Our population will continue to grow, mainly due to the fact that compared to the rest of the country, Regina offers buyers an affordable standard of living, ideal for those looking to escape the burden of large or long-term mortgages,” said Mike Duggleby, manager, Royal LePage Regina Realty.
New to Regina’s housing landscape is the rapid growth in the condominium market. Due to their affordable prices, condominiums have become the favoured choice of first-time buyers entering the market, and despite new construction, demand is outstripping inventory.
Based on the surveyed markets in Regina, the average price of a detached bungalow increased by 42.4 per cent to $204,000, while the average price of a standard condominium rose by 25.2 per cent to $118,300, year-over-year. The average price of a standard two-storey home rose by 19 per cent to $181,917, year-over-year.
Added Duggleby: “Proactive media campaigns in the western provinces promoting Regina as a great place to live appear to be successful based on the strong market activity during the second quarter.”
In Regina North, detached bungalows experienced the largest appreciation, with the average price rising by 42.9 per cent to $195,000, followed by the average price of a standard condominium, which rose by 31.3 per cent to $111,600, year-over-year. Standard two-storey homes increased by 20 per cent to $163,000, year-over-year.
In Regina South, detached bungalows showed significant gains, rising by 42 per cent to $213,000, year-over-year. The average price of a standard two-storey home rose by 18.1 per cent to $200,833 while the average price of standard condominiums in the area rose by 47.1 per cent to $125,000 over the same period last year.
With the same fundamental conditions in tact as in Regina, market activity in Saskatoon was frenetic during the second quarter; with even more significant price appreciations recorded. Very limited supply, coupled with fierce demand drove prices up in all housing categories, with huge appreciations in the condominium sector.
“While strong demand dramatically pressured prices upwards for much of the second quarter, the market has begun to temper. Moving into the third quarter and onwards, we expect to see slightly fewer buyers, as first time buyers retract due to the erosion of affordability,” said Norm Fisher, sales manager, Royal LePage Saskatoon Real Estate. “However, our strong employment rates and abundance of job opportunities in diverse sectors like small business, sciences and construction will continue to keep the market buoyant and operating at conditions unparalleled to what we have ever experienced in recent years.”
Based on the surveyed markets in Saskatoon, the average price of a standard condominium rose by a dramatic 84.7 per cent to $205,000, followed by detached bungalows, which increased by 56 per cent to $281,250, year-over-year. The average price of a standard two-storey home rose by 55.2 per cent to $305,000, year-over-year.
The brisk activity and rising prices have also had a ripple effect into neighbouring areas. The typically slower market in Swift Currant has been invigorated by a spill over of buyers from Saskatoon.
Added Fisher: “During the second quarter increased demand drove listing periods down to mere days and stimulated aggressive multiple offer situations, conditions that are not typical of this market. In fact, in recent weeks, as many as 80 per cent of properties reported sold went above the asking price – by an average of $26,000.”
In Saskatoon North, the average price of a standard two-storey home rose by 48.8 per cent to $305,000, year-over-year. Detached bungalows rose by 50.5 per cent to $280,000, while the price of a standard condominium saw a huge price appreciation rising by 101.9 per cent to $210,000 – the highest price appreciation recorded in all housing types in Saskatoon in the second quarter.
In Saskatoon West, the average price of a standard two-storey home rose by 61.7 per cent to $270,000, while the average value of a detached bungalow also increased, rising by 58.1 per cent to $245,000, year-over-year.
In the East End, the average price of a detached bungalow rose by 59.8 per cent to $310,000, year-over-year. The average price for standard two-storey homes increased by 51.4 per cent to $330,000, from the same period last year.
In East Central, the price of a standard two-storey home rose by 60.7 per cent to $315,000 compared to last year, while the average price of a detached bungalow rose by 55.9 per cent to $290,000. Standard condominiums rose significantly by 80.2 per cent to $200,000.
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.
Follow our daily updates on Twitter @SaskatoonHomes.
Norm Fisher
Royal LePage Saskatoon Real Estate
25 comments so far. We'd love to hear your thoughts.
April 7th, 2009 at 1:47 PM
I don’t actually see anything validating the claim “CONDITIONS FORECAST TO CONTINUE TO YEAR’S END” other than “strong employment rates” which, if we compare sask to Alberta and BC, we still come out well above Alberta and slightly above BC in unemployment percentage. I don’t even need to begin referencing GDP comparisons.
I would’ve loved to have seen more market prediction based on analysis and less market prediction based on buzz words like “boom”, “consumer confidence”, etc. It’s an old Rupert Murdoch trick to create issue hype and sway popular behavior
J.
April 7th, 2009 at 1:48 PM
Johny, have you ever spoken with a reporter or a media specialist? A 30 minute conversation normally gets reduced to a couple of short statements. I am buried so deep right now that I don’t always have time to re-analyze the entire market in every post. Sorry.
Real estate markets are always “speculative” and you know as well as I do that the “facts” present themselves after, not before. I think I have a pretty good record of putting them forward as they become available and I don’t just publish “hype.” You get every bit of negative news which comes my way as well and I can promise you that I will continue to follow and report on this market if and when it starts to move in the other direction. Besides, I don’t really see “Saskatoon leads nation for house price increases in Q2” as good news so I don’t understand why you feel the need to characterize it as hype, and some beating of a drum. Phone me up and ask me if I think it’s a good time to “invest” in Saskatoon real estate.
This report is more about analyzing the past than it is about predicting the future. Having said that, it’s hard to ignore the obvious. At this point, there seems to be a tremendous momentum driving this market. We have well under a month’s supply of inventory and we continue to see large numbers of out of province buyers seeking homes here.
We have to remember that Saskatoon is a small city. In a typical year, we see around 4,000 resale homes change hands. If we end up with a net gain of 500 families as a result of migration it’s going to upset the market. Think about the thousands of young people who have moved away from here over the years seeking opportunities elsewhere. They left families behind, and like you, many have a love for Saskatoon. As their parents are aging, and they find themselves in a position of high equity, Saskatoon looks attractive to them. I have little to go on and I’ll admit that it is only my gut and what I see before my own eyes that tells me so, but I think we continue to see more of these people coming home.
All that said, I have to say that I truly appreciate the contribution that people like you and Alex bring to this blog. I’m not looking to create a one-sided propaganda tool to hood wink the public. I hope that you know that you are always welcome to bring your “analysis” to the party and I count on readers to ensure that all sides are brought forward for discussion. I’m not afraid of the truth. What will be will be and I can accept that. I’m not confident that I understand the future but I don’t have much trouble looking ahead a few months and saying, “this is not over yet.” Every single bit of me hopes that this market begins to move toward more balanced conditions. That’s just not very realistic as long as it takes a year to move into a new home. Perhaps we’ll experience our “suddenly” but I seriously doubt you can expect it anytime soon.
April 7th, 2009 at 1:49 PM
My e mail: keshvani@telus.net
I like to invest as passively in the Saskatoon market. Please advise.
April 7th, 2009 at 1:49 PM
Whoa whoa, don’t lump me in with Alex; I own a home, and I’m comfortable. Also I know the importance of being realistic about what it’s worth vs what I’m told it’s worth… I’m not going out to buy my new porche on equity just yet.
I agree with you. It’s clear that the real estate market is experiencing an enormous boom. That much can be quantified in the numbers you provide on a weekly basis. I would never argue that up is down
I truly take exception, however, to those who claim that our economy is “booming” and “thriving” and “firing on all cylinders” without reference. And honestly, I don’t have the facts either. I think you have to read the report from the average investor’s perspective. All of this sounds like very good news to them. And when there’s positive spin on a very speculative market, you’ll continue to see investors. That’s the problem that I’ve argued from my very first post (the percy roast). People are hungry for market analysis and they’ve been assimilating misinformation.
I read your analysis for what it is Norm, market statistics. The information you provide is probably the most important piece to figuring out what the pie looks like and I thank you for that! The other pieces have to come from statscan.
Unlike Alex, I don’t need a cheap house. But I’m very concerned, as we all should be, about what’s going to happen to saskatoon when the circus leaves town. All those who actually want to live in saskatoon will be caught holding broken pieces of the monorail we just bought into (see simpson’s episode, Marge vs the monorail).
J.
April 7th, 2009 at 1:50 PM
Saskatoon is not even close to the potential of what it will be. It worries me that there are those in our community that are just bracing for the “crash”….I do not believe for one minute that there will be one. It also worries me that there is this attitude in Saskatoon (Saskatchewan) of negativity and disbelief that we can and will actually WIN. Our community is booming, but we haven’t even come close to what will happen, or even the growth that was experienced in the early 80′s. With all the new uranium development, potash development, diamond development, oil and gas development….the list goes on, we haven’t even seen “busy” yet. When this all comes to fruition (and continues to grow amongst many other spin off successes), what will Saskatoon look like then? Will we still be bracing for the “crash”? We have to continue to stay positive and get excited about the possibility of GREAT. We are well on our way. I do feel bad that there are those that are seemingly out of the “house market” and can’t afford homes, however, I can’t help but also think that some of these same people could have bought last year or the years before as well but continued to make excuses or “wait”, I personally know many of these stories. We were undervalued for way too long, I’m quite excited that our “net worth” as a community is climbing.
April 7th, 2009 at 1:51 PM
Johny,
I paired you with Alex as a bear and a citizen who is very concerned for his community, not as a poor guy.
I think Alex may be in the same line of work as you. Why don’t you buy him a coffee and give him some pointers on how to make money in the business?
Kurban,
Sorry, I am not in a position to assist any investors with purchases right now.
Optimistic,
I am not at all surprised that people want to live here either and I don’t doubt the potential Saskatoon has to grow and prosper. I think it’s natural though that some are concerned about young people who are paying 50-80% more for a house this year as compared to last. This has always been a slower steady market. Once a city moves into the “booming” league the potential for bust exists. Will the bottom fall out? I seriously doubt it, but even a 10% drop can be a “crash” for a young couple who purchased with 5% down and suddenly needs to sell.
Guys like Johny are simply concerned that housing has moved much quicker than the rest of the economy, but I guess that why they call it “speculation.”
I appreciate hearing your comments.
April 7th, 2009 at 1:51 PM
Optimistic,
“…the list goes on…”
Goes on to what? To its end. That’s too vague and is too much like what has been said so far. Just a lot of gesturing towards nothing.
Service & construction growth? Oh no, Saskatoon is en-route to being another Winnipeg! I don’t see very good business growth in Saskatoon – in fact I think some businesses here would be hard pressed to compete on a national or international scale. This city has very low standards.
If the city is going to sustain this growth, it needs businesses that don’t resemble a giant rake. Those are the jobs people stick at and develop in, rather than burn out. Again, I’m not seeing them.
Johny! “Lump”, such a cruel term
But yeah, at least I’m not dumb enough to buy in right now. I do anticipate a crash of some sort as well.
There’s so many things to consider at this point – I just had two jump into my head.
o People who have bought houses 100% cash may be moored by a sudden decline in value. Which means we’re stuck with people who are coming here and have no way of getting out.
o Employers haven’t raised salaries yet – why? Do they see an end to all this? They can raise how much they pay, but going back down is much more difficult, so they likely don’t want to be in the position of paying people too much during a crash.
Although I have to side with Norm on the prediction, the sheer velocity of the current situation requires at least a year before even going to start to “crash”… That’s just from the momentum alone.
Now, is Saskatoon generating interest over and beyond the attrition of interest generated already?
I’m starting to think that the compounding effect might be leveling off. But that’s my street-level opinion.
What I’d like to talk about is how hard and fast the crash will be when it hits! Right now, I’m seeing it hit like a ton of bricks. You will not see that badboy coming, that’s for sure.
April 7th, 2009 at 1:51 PM
My wife and I were lucky enough to have something to sell in order to buy our house back in April. We were fortunate enough to get into the market a couple years ago when, IMO, homes were insanely cheap. I moved to Canada roughly 5 years ago from Tucson, AZ.
(Braces himself for the inevitable “Now why in the heck did you do that?!”)
Anyway, when I left Tucson, and for a few years after, the market was booming. Sorta like Saskatoon is right now. It was a similar situation, we had many investors from California snapping up all the homes in Tucson and prices went through the roof. Long story short, the bottom fell out of their market and the prices were practically cut in half.
My wife and I were very reluctant to involve ourselves in that type of situation simply because we didn’t want to be paying down a $230,000 mortgage on a home that might be worth much less in the near future. On the other hand, I didn’t want to be waiting around forever for something that just may not happen. The difference between Saskatoon and Tucson is that Saskatoon has much more potential in the resource sector, as was previously mentioned.
Anyway, we took a chance and bought our house. We’ll just have to wait and what the market does.
April 7th, 2009 at 1:52 PM
Alex agrees with Norm? This may warrant a post of its own. Alex, I really feel we’re starting to bond.
Batman, thanks for the comment. I’m curious to know if you’ve followed the Tuscon market since “the bottom fell out.” Can you tell us how much they increased during the boom? Any idea where they’re at no since the low point?
April 7th, 2009 at 1:52 PM
During the boom, and even before the boom, they were building like there was no tomorrow; we’re talkin’ new subdivisions as far as the eye could see. Now the market down there is flooded with lots of homes and not a whole bunch of people to live in them.
Sorry Norm, I wasn’t shopping for a home then so I don’t have any solid numbers or stats to provide. You could try googling it, I’m sure it must’ve made the news at some point in time.
April 7th, 2009 at 1:52 PM
Batman,
Thanks, I did try that but there was a little too much to wade through. Just wondered if you might know. I did notice that the average selling price appears to be up about $15,000 over the past two years but it seems there is still a lot of property on the market.
April 7th, 2009 at 1:53 PM
This is my first time responding to the blog. I’m not an economist, real estate agent, or banker, but I’m a novice home owner who recently bought into the Saskatoon market. I also have an opinion, for what it’s worth, like everybody else. Is the market going to crash as the doomsday sayers have prophesized? Are housing prices going to return sharply to their pre-2007 level? Am I, as many others, going to be sadly holding a piece of broken monorail, a tragic remnant of a market that had once shown so much promise? I think that’s probably pretty unrealistic. But at the same time, I think it’s probably unrealistic to expect that the market is going to continue to rise at such a rapid and unprecedented rate with no end in sight. (I’d like to think I’m sitting on a pile of equity now, but I’m probably not.)
There’s a principle in statistics called regression to the mean. Put simply, it means that extreme trends tend to eventually return toward the average value. This principle would seem to indicate that such an extreme trend, like the Saskatoon housing market, would plateau and eventually decline. While this will probably be the case, it’s possible that the housing market prior to 2007 is a market of the past, and a new “arithmetic mean” or baseline standard has been created with the growth, expansion, and development in Saskatoon. While the market will probably plateau, stabilize, and likely experience some decline, any regression that takes place so to speak, would seem be with respect to a new average or mean (and arguably unlikely to crash – although I realize I’m just as guilty of speculation as anybody else.)
It seems to me that for many years, Saskatoon has been a hidden gem in the prairies, under rated, unrecognized, and not to mention, overshadowed by BC and oil rich Alberta. I think it is reasonable to argue that the housing market has previously been undervalued, not fully reflecting the worth and promise of the city and the province in general. Perhaps now the market is playing “catch up” (a trend that is probably a product of several things) and more accurately reflects the value and potential of the city.
April 7th, 2009 at 1:53 PM
I agree with Middle Ground. I read somewhere that the national avg house price is expected to double in the next 20 years. I highly doubt that will be the case and I think that whoever wrote that blurb is merely reflecting on growth in the previous 20 years to get that number but I do think that in 20 years, those who’ve purchased today will have seen appreciation on their investment, inflationary economics. If you’re buying a house today expect longterm growth. If you plan to hold the same mortgage for the next 25 years, buy a house today.
If, however, you’re uncertain about your future, financial position, living expenses, family headcount, etc… hold and wait.
And of course, if you’re a homeowner sitting on an equity egg based on the “market value” of your house, don’t yank it out to buy your new hummer just yet.
The government and financial analysts need to be more responsible in educating people on the risks of equity leveraging. They currently are not.
J.
April 7th, 2009 at 1:54 PM
Middle Ground,
Thanks for comment. You make some excellent points and like Johny, I think you’re probably pretty much bang on.
Johny, you think a doubling in 20 years in unrealistic? That’s less than 4% a year.
April 7th, 2009 at 1:54 PM
I do if I believe that a correction in sask real estate, a slowdown in Federal economics (due to US slowdown), and an inevitable Kyoto mandate is on the horizon (among so many other factors)… yes
Don’t call me a pessimist or even a fatalist, call me realistic.
J.
April 7th, 2009 at 1:54 PM
Lol!
You could well be right. I haven’t got much of a feel for where we’ll be at next year, let alone 20.
Thanks.
April 7th, 2009 at 1:55 PM
Norm and Johny: I think a doubling of home prices over the next twenty years is both unrealistic and unimpressive at the same time. Read the following article (at least the first page)
http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/WhyRentToGetRicher.aspx
You don’t have to agree with the article, I’m only pointing it out for the data within it. Since the end of the second world war, real housing prices (with inflation subtracted) have increased about 2% a year. The CIBC economist who made the doubling in twenty years prediction stated as much:
“We project that the average real house price in the coming 20 years will mirror the performance of the last 20 years,” he says. “And assuming a two per cent annual inflation rate, this means that house prices in Canada, instead of falling, will in fact double by 2026.” He says the increase will not be symmetrical, and large cities will see even larger increases in home valuations.”
And doubling in twenty years, compounded, works out to about 3.53% increase a year (don’t forget the power of compound interest, Norm). Subtract 2%ish inflation and you have a real return on housing of 1.53% a year. Hence why I call it unimpressive.
The only problem is the rapid appreciation of the past few years and what I’ve seen mentioned on these boards – the economic principle of “reversion to the mean”. What is the YoY inrease at now in Saskatoon, like 55% or something? That’s a lot of 2% years to give back… Hence why I call the CIBC prediction unrealistic.
April 7th, 2009 at 1:55 PM
I, unfortunately believe that there will be a drastic fall in house prices. I live in Vancouver and want to move to a more quiet city like Saskatoon. But the way the prices are now, I will wait. The problem with Saskatoon is that it is not a “desirable” city. Don’t get me wrong, I like the city, but whenever I mention it to anybody, there question is “why would you move there? it has nothing.” And yes, it really has nothing in terms of secure good paying jobs. I lived there while going to UofS many years ago, and I returned in June/07 to scout it out and to be honest, after 22 years it’s still the same. This so-called “boom” will be short lived because of the lack of good jobs and no advancement within the city.
April 7th, 2009 at 1:55 PM
Josh,
I totally agree with you.
After being back in Saskatoon for just over six months, the city just seems to be filling up with a lot of inconsiderate people, but no additional jobs. Nothing neat, nothing new, just more frantic.
The service industry is having a hard time getting people to work for their rock bottom wages. So the quality of service has gone down a fair bit as well. I couldn’t tell you the number of customer service nightmares I’ve had to endure since getting here. Prices for things are also going up constantly – it’s a total cash grab.
In a lot of ways, this “boom” is having a direct and immediate opposite effect as compared to the intended outcome. It might take a bit for house prices to reflect though.
Perhaps the saying “the more things change, the more things stay the same” will apply soon?
April 7th, 2009 at 1:56 PM
Alex,
Well said.
When I was there, I also had service issues. You are so right. One night I went out for dinner to a high end dining room and the service was the pits.
I guess we will have to wait and see.
One more thing. A friend of mine bought a house in Edmonton a few years back and paid $325,000.00 for it. Well prices appreciated quickly so he took out a home equity line on it. Long story short, when the prices dropped, (and at the time he had to take a transfer to Vancouver for his work), he sold his house and still ended up owing an additional $50,000.00. That almost put him in financial ruin.
April 7th, 2009 at 1:57 PM
Josh,
I don’t think people like us are welcome in Saskatoon. We aren’t old and we don’t sport the arrogant demure.
My fiancee and I have our plans and we’re going to be sticking to them.
Saskatoon had better pony more than an over 40 retirement party over the next 10 months if it wants us to stay.
As for service, it just keeps getting worse as the kinds of people who shouldn’t have jobs continue to get jobs. I hear about it every day of my life, businesses are held hostage right now by the most lazy and unreliable people I’ve ever seen.
It’s difficult to convince others of what has been happening to the city because it requires a certain degree of brutal honesty.
I do a kind of litmus test that I have run on places in Canada, to the United States, to Europe.
Right now, Saskatoon is in a state where there are lot of predatory businesses and individuals not only in real estate, but in service, retail, etc…
I can’t say the practice is unique for the province, but there is an ideology setting in which dictates that people should be entitled to less and that everything should cost more. Moreso than where I last lived.
I can’t really say much else without being called a communist. I find that funny as I have no clearly defined political leaning, yet one side will accuse me of being the other.
It’s a classic knee-jerk defense used by people who don’t want to prove the merit of their own argument, but instead trigger a paranoid discrimination in their favor.
I just call a spade a spade. At ground level, here in Saskatoon things are getting worse and the average qualities of people I encounter are getting more and more isolated & arrogant.
April 7th, 2009 at 1:58 PM
Alex,
That’s another one of my beefs, the arrogance there.
Sad to say, but even with some of my “ex” friends I had there.
After their homes appreciated in this over-inflated market, they act as if they are Donald Trump.
Saskatoon has never been big about change, but this change which should be good and bring people back is going backwards.
I know I can’t fairly compare Saskatoon to Vancouver, but people here are not arrogant even though they are justifiably weathly. Also there is diversity, opportunity, not to mention the great weather and customer service. Bad things are the traffic, fast paced life and to a point expensive housing. But even with the housing market being high, you really never lose in this market. I had a realtor in Saskatoon tell me that Saskatoon will soon be par to Vancouver. I highly doubt it. With the high housing here, you get a good chunk of equity plus live in a city where there are good paying jobs in abundance. I made the mistake of suggesting to a friend to move to Saskatoon for a quieter life. He thought it would be a good city to start a family (he is newlywed). He has his BComm and after 8 months in Saskatoon he couldn’t find work. They were living in poverty. He ended up working part-time at H&R Block and as a waiter. His wife worked as a waitress and at a clothing store.
They have since moved back to Vancouver and they both gross over $80,000.00 each per year.
Like I said before, I like Saskatoon and might consider moving there, but not now. Not the way is has/is becoming. Also I wouldn’t want to hold a high mortgage when the market comes down, because it will.
The stupidity I am seeing in Saskatoon is people who had their homes paid off are selling them to up-grade into larger homes and aquiring a mortgage instead of just renovating their clear title home. When the market does go down, they will be stuck and will have to look for second jobs to keep up. Which in turn will hurt the whole city’s economy and small job market.
I read one of your earlier comments about Winnipeg. That’s another mess there.
April 7th, 2009 at 1:59 PM
Guys,
I have always had trouble with “service,” particularly anything home related, and it’s not new either. I can’t count the times we’ve had someone come to give us a quote on something and never hear back from them. We’re pretty pleasant people and I’m not a real grinder when it comes to paying a fair price for that kind of work. I’ve told my wife that we must look like we’re broke.
Alex, the “communist” comments are based strictly on your feedback which suggests people should be prevented from buying and selling property, from moving freely around the country and be subjected to a “re-distribution” of wealth. I’m sure that you can see the parallels if you really try.
Josh,
“I had a realtor in Saskatoon tell me that Saskatoon will soon be par to Vancouver.”
It must have been hard to keep a straight face. That’s the most bizarre real estate comment I’ve ever heard in my life.
April 7th, 2009 at 1:59 PM
Norm,
You bet it was hard to keep a straight face. She was so high on herself that it made it hard to take her seriously.
Anyways, like I said I will watch to see what happens before I commit to a relocation.
Thanks for having this blog for us to view our concerns.
April 7th, 2009 at 2:00 PM
I could go on 10x as much about Winnipeg as I do Saskatoon.
The amount of money flushed down the toilet in get rich quick business ventures and think-tank campaigns all centered around the downtown are ridiculous.
All business conducted in Winnipeg is centered around somehow moving money from the public to a private company. As is evidenced by a recent wifi contract “awarded” to MTS Allstream.
Surprise, it’s a pay-for service and guess who the first rate users are going to be? That’s right, MTS customers. It won’t even be free, which is the focus of many larger American cities. Sick sick sick.
MTS is the least competent company for the job and yet they still get chosen! Disgusting.
There is no fairness in business in Manitoba. You basically have to be accepted by those who plan and they’ll ensure that any requirements suit what you’ll end up offering.
If you’re trying to get a start in Winnipeg with a business, you’ll be blockaded somehow.
I could go on about the downtown, poorer areas, mass transit, crime, attitudes of locals and even IT related subjects.
We’re only at the tip of that iceberg. Ha ha.