Housing starts are rocking the charts once again and you can’t go anywhere in this town without running into some massive non-residential construction project. They’re everywhere.
According to the City of Saskatoon’s most recent population estimate, roughly 223,200 people were calling Saskatoon home as of June 30, an increase of approximately 5,000 from a year ago. That “estimate” is pretty consistent with Statistics Canada’s most recent numbers for Saskatchewanthat indicate our provincial population grew by more than 16,000 in the past year to reach its highest point ever.
One can only assume that our ability to continue expanding employmentis a driving force in that growth.
New entrants need not fear a sudden adjustment on the lifestyle scale. We know how to have a good time. We know how to blow the dough. A new study (via JenCT), published in the Sask Trends Monitor for June says household spending between 2006 and 2008 grew at three times the national average in Saskatchewan. We found a way to increase spending by an average of 7.3 percent during each of those years as the value of our homes skyrocketed. Credit was cheap and easy to come by. It still is, really.
Now before you start wagging your finger and talking your neighbours down for their financial recklessness, you should know that another new study (via Larry) says that the household net worth of those living in Saskatoon saw a huge increase over the past year, that our household debt is well below the national average and that we’re looking pretty good when it comes to our investment portfolios.
On the surface, this appears to be one recession the people of Saskatchewan won’t soon forget.
Generally speaking, would you say your family is better off or worse off than it was five years ago? I would love to hear your thoughts.
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