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CMHC Housing Outlook predicts further price gains for Saskatchewan homes

Attention bears! You may want to sit down for this.


Canada Mortgage and Housing Corporation (CMHC) released its first quarter Housing Market Outlook today, and Saskatchewan is featured in the “Provincial Spotlight.”


“During 2007, the Saskatchewan economy was quite buoyant, thanks to a strong natural resource sector, high labour force participation an improved migration picture. Saskatchewan has become an alternative to Alberta for economic prosperity and less expensive housing. Housing starts jumped from 3,715 units in 2006 to about 6,000 units in 2007, a 61.7 per cent gain, making 2007 the best performance in over 20 years. Modest declines in new home construction to 5,600 units are expected in 2008. The average MLS® price in Saskatchewan should rise by 31.7 per cent in 2007, 26.4% in 2008 and 8.2 per cent in 2009.”


CMHC estimates that Saskatchewan saw positive net migration to the tune of 14,325 people in 2007. They expect to we’ll see the province’s population grow by 10,200 in 2008, and a further 8,200 in 2009.


“Local Market Indicators” forecast the average selling price of a Saskatoon home rising 18% in 2008 from $232,755 to $275,000. This forecast seems inconceivable to those who have lived here for many years. They’ve watched the price of local homes double over the past five years and we’re all wondering how long it can go on. According to CMHC’s forecast, Saskatoon homes will increase a further 8% through 2009, to a whopping $297,500.


If CMHC is right, and they often aren’t, young Saskatonians will continue to occupy the sidelines in the Saskatoon real estate market as the gap between average incomes and average home prices continues to grow.


Read CMHC’s first Quarter Housing Market Outlook here


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 Vidorra

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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