The City of Saskatoon recently approved new regulations for the operation of short term rental properties in the city of Saskatoon. Prior to these changes, it was pretty much a free for all. If you had a property that you wanted to rent, you could put it up on Airbnb or some other vacation rental service and you could rent it out however you wanted.
The new regulations bring several requirements upon owners of these properties. And first of all, let's talk about short term rentals and what they are. According to the city's definition, it's any property that you might rent out for a period of 30 days or less and rent in its entirety. So this doesn't apply to "homestays" where you rent out a bedroom or two, but specifically the properties that you're renting out in their entirety for that period of time.
The new regulations require that you make a host declaration to the City of Saskatoon. So it's a prepared form that you're gonna answer some questions about the property itself and what your intentions are.
The owner must declare their agreement to have the property rented out on a short term basis. So this might eliminate those people who were grabbing up properties on a lease, and then renting them back to the market via Airbnb. Now you need the owner's permission to operate that type of rental.
Thirdly, you need a commercial business license. So like any other business, hotel, bed and breakfast, you're gonna need that license. The most onerous part of the new regulations is the necessity for a discretionary use application.
If you are operating a short term rental in a low or medium density area, like an R1 or an R2, you're gonna have to make a discretionary use application in the City of Saskatoon, to get their approval to operate there. That is a bigger hoop to jump through. It's a $2,500 charge to make a discretionary use application, whether you're successful or not. As part of that process, the city will send a notice out to neighbours that are within 75 meters of the property and invite them to register their objection against the operation of such a business in their area, if in fact, they have that type of objection.
From there it goes to the city council for their final approval. And once it's approved you're able to operate that short term rental on an annual basis, just renewing your commercial business license.
So that's basically what's involved in a short term rental these days. If you're considering such a thing, make sure that you consult with the City of Saskatoon, that you're absolutely certain of all the new regulations and how they might apply, to the particular property that you own, in the location that you own it.
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Update: And buy they did. Through a brief exchange with Dan Zakreski at CBC News, I learned that Dan had spoken with John Nasser this morning (November 21) and Mr. Nasser confirmed that a buyer had stepped forward for each of the 105 units they plan to build. Mind. Blown.
Nearly a decade after Remai Ventures put the brakes on plans to build a hotel on Parcel Y in Saskatoon, the No.1 River Landing sales centre opened last week to enthusiastic crowds eager to get a first peek at the project which finally seems poised for take off.
The sales and marketing effort began on Thursday, November 17 with a “Friends and Family Night” where a favoured few were given the first crack at reserving a unit in the 16 storey condominium complex that will, if all goes according to plan, be greeting its first occupants by May of 2019.
This initial launch was followed up with a REALTOR® and Client opening on Friday. By the time we arrived around 3:30 the place was packed wall to wall and the attending agents were suggesting that as many as 50 units were already spoken for, including the two penthouse suites each valued at more than $1-million dollars, and all of the largest corner units at the south side of the building. Meanwhile, dozens of prospective buyers held a place in line to see if their chosen plan was still available, and what the final price might be.
The project will consist of 105 condominiums, the majority between 476 and 1152 square feet in size. The sales centre opened to the public on Saturday and Sunday for “by appointment only” presentations. According to a representative of the project, more than 600 people had registered for these early opportunities.
It seems that the long wait for action on this site has finally come to an end and that No.1 River Landing shall soon be gracing the river’s edge, most likely fully occupied. In fact, the chatter on twitter suggests they've already sold out. Good news at River Landing: as of 15 minutes ago, all 105 units of the first condo tower are sold out. They are gobsmacked.
I mean, what took so long?
I’m always happy to answer your Saskatoon real estate questions. All of my contact info ishere. Please feel free to call or email.
This morning, in conjunction with the release of Royal LePage's House Price Survey for the second quarter of 2016, I had an opportunity to sit down with Lisa Dutton from GlobalNews and provide a deeper overview of what's happening in the Saskatoon real estate market. It's clear that sales are down and that some segments of the market favour buyers, while others favour sellers. It's good to know what the market is doing as it concerns you and your purchase or sale.
Find out in this video.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info ishere. Please feel free to call or email.
It’s been more than ten years since Saskatoon city council approved Remai Ventures proposed plan to build a 200 room hotel and spa at Parcel Y. At that time, the projected cost to develop the improvements was estimated to be $40 million dollars.
That parcel of land, a jewel on the banks of Saskatoon’s River Landing, would change hands twice and suffer numerous setbacks and delays.
This past Wednesday, a groundbreaking ceremony got underway and the current landowner, Victory Majors Development Corp. announced that the first phase of the development which will include a 15-storey Alt Hotel and a 20-storey office tower will get underway in three to four weeks, as soon as regulatory approval is received. It’s expected to be complete within 14-20 months .
Subsequent phases include two additional office towers and will commence when sufficient demand warrants their construction. The total cost of the project is now estimated to be $300 million.
Here's an interesting story about Riversdale that ran in today's Globe and Mail.
"Riversdale’s 20th Street West has been the area’s commercial corridor for more than a century. Despite its early decades as a thriving community, Riversdale started to slide into a period of property neglect, poverty, crime and substance abuse during the 1960s. So notorious had the area become that, in the early 1990s, the Saskatoon StarPhoenix accompanied its newspaper reports with a specially designed “Violence on 20th” logo bordered by two switchblades."
Saskatoon will join Vancouver, Calgary, Montreal, Ottawa, the Fraser Valley and Regina in contributing data to Canada’s MLS House Price Index (MLS® HPI) making its first contribution on May 15.
The index was created to provide more accurate and in-depth analysis of real estate prices and trends than average prices, which are more typically reported. Taking more of an “apples to apples” approach, the MLS® HPI will more closely examine price changes to the same quality of home in the same neighbourhood, over time.
Similar to the Consumer Price Index, the baseline price will be represented as 100 going back to January, 2005. So a housing type having a MLS® HPI value of 150 has risen in value by 50 percent since January, 2005.
The index will also examine price changes by property type so you can expect to see more reliable data on:
Single family homes
One storey single family homes
Two storey single family homes
Townhouse and row units
Apartment style condos
A composite of all types weighted by sales
You can count on us to report on future MLS® HPI. Of course, we’ll continue to provide our regular weekly and monthly updates that use more traditional measures. I’m certainly interested to see how they compare of the long run.
Interested in the value of your Saskatoon home? Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here now, or call me at 306-241-6676 for a complimentary evaluation of your home.
For three consecutive years, the Saskatoon census metropolitan area has been Canada’s fastest growing area showing steady growth and adding about 26,000 people to our numbers during that time. A new projection released by Saskatoon city officials this week predicts population in this area will expand to reach 460,333 by 2032 while the population within city boundaries spikes to 387,742. Most recent estimates place it at roughly 239,000 as of December 31, 2012.
The projections assume that growth in the area will continue at the same pace over that period of time. It’s speculative, at best, but we’re certainly on a roll with some good momentum behind us. Short term prospects look good for a continued expansion of our population base.
Accommodating that growth will require development of 15 new neighbourhoods and 60,000 households, according to comments attributed to Allan Wallace, Saskatoon’s manager of planning and development in a recent Star Phoenix story.
We’ve got lots to think about and discuss as a community in the years ahead. Managing growth isn’t a problem that we have a lot of experience at in Saskatchewan. While there will be growing pains and challenges to overcome it’s kind of nice to be planning for growth rather than decline.
Go Saskatoon!
Read “Saskatoon’s population expected to boom” from the Star Phoenix.
Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here now.
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.
Numbers recently released by Statistics Canada show the Saskatoon central market area being the nation's population growth leader for the third consecutive year.
Here's a detailed overview of average house and condo prices for each Saskatoon neighbourhood based on 2012 MLS® activity. The list is organized with the lowest priced neighbourhood (using the "All Residential" category) at the top of the page and progressing to the highest priced area at the bottom. You can view a full profile of each neighbourhood by clicking the neighbourhood name.
Who says the media only reports bad news? Here's a collection of Saskatchewan new stories from the last week.
I was born and raised in this province and cannot remember a time when there was so much optimism about Saskatchewan. It really is amazing how far we've come in the past six or seven years.
If only we could do something about the weather. :)
Saskatoon's business leaders continue to have high expectations for the future growth of our city, according this article from the Saskatoon Star Phoenix that ran on the weekend.
Addressing a recent KMPG report that indicated Saskatoon is the "most tax-competitive city in the country," Tim LeClair, president and CEO of the Saskatoon Regional Economic Development Authority told the Star Phoenix that his office dealt with 443 companies who requested information on doing business in the city last year.
More from this story. Kent Smith-Windsor, executive director of the Greater Saskatoon Chamber of Commerce, says this current growth trend for Saskatoon could be comparable to the historic boom in the city from 1903 to 1913. He admits the city may have underestimated its capacity to grow. He points to the city's unemployment rate remaining steady at below five per cent in 2012 despite adding 12,000 new jobs during the same time period.
Overall Smith-Windsor's forecast for 2013 is a little more cloudy than he expected for 2012, but only because 2012 "met and almost exceeded our expectations." He added, "Everything we're seeing the next five years will be as good as or better than the previous five years in terms of the future of Saskatchewan. This is robust. This is real."
HGTV Canada is looking for a couple of Saskatoon area home buyers who may be interested in participating in upcoming episodes of Urban Suburban that will be shot in Saskatoon later this year.
Produced by Force Four Entertainment Inc., Urban Suburban is hosted by real estate agents and siblings Sarah Daniels and Philip DuMoulin. In each half-hour episode, a family or couple that can’t agree between a home in the city or one in the suburbs turn to Sarah and Philip who go head-to-head to find the properties that they think their clients will love. Sarah takes on the suburbs while Philip champions the city, and after touring homes the buyers pick their urban or suburban favourites by factoring in price, space, convenience, and lifestyle. Eventually, they decide on the perfect home and neighbourhood for their needs – and either Sarah or Philip will come out a winner.
How intense! :)
Are you interested in being on the show? Start by sending an email to casting@forcefour.com with the following:
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