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No end to good news for Saskatoon economy

It’s everywhere! You can hardly open a newspaper without encountering good news about Saskatoon’s growing economy. Some are even starting to use the boom word. Perhaps what’s most striking is that I’m hearing this news on a daily basis from people who reside outside of the province, would be investors who are obviously catching wind of all of the good things happening in Saskatchewan, and here in Saskatoon.


The latest bit of good news for Saskatoon is the recently released Statistics Canada Labour Force Survey which tells us that there were 9,800 more people working in Saskatoon at the end of 2006, as compared to the same time in 2005. Across the province of Saskatchewan, we see an increase in the workforce of 22,800 people.


So, where are the people coming from to fill these positions? Perhaps we’re finally getting our lazy people off of the couch and into the workforce, but probably not. These people are coming to Saskatoon from all regions of Canada. Saskatoon is on the grow and an abundance of jobs in construction, agriculture, science, trade and services, and the mining, oil and gas industries is bringing people back home to this province. Talk to any REALTOR® and they’ll tell you what I’m telling you; they have never been dealing with more out of province prospects than they are right now.

Managing this opportunity for growth will be just one of the bigger challenges that we face in Saskatchewan over the coming years. How do we continue to create opportunities which encourage interest in our province?Dwight Percy writes an excellent column titled, “It’s a Make or Break Year for Saskatchewan” which is certainly worth a read.

What about housing? Today, the MLS® system is showing only 258 active listings of houses and condos across all areas of Saskatoon and all price ranges. Based solely on my recent effort to arrange showings of “active listings” I’m going to guess that 30-40% of these properties are under contract, and technically, no longer available.

Part of the challenge that we face in capitalizing on this interest is having adequate housing to accommodate people. The city of Saskatoon needs to take a serious look at its land development policy and find a way to make more building lots available, and they need to do it fast.


Last week, I received a call from Alan Thomarat, executive director of the Saskatoon and Region Home Builders Association. Alan asked me to join him and Harry Janzen, executive director of the Saskatoon Region Association of REALTORS® at City Council this Monday evening to speak to council about the potential problems which could arise from our current situation. I’ve agreed to do so.


I don’t know much about land development and I’m not an expert in municipal growth management but I do have a pretty good handle on basic mathematics, the Saskatoon real estate market and the principle of supply and demand. It’s quite simple really; if we have more families moving to Saskatoon we need more homes to put them in. If we don’t meet that growing need, we can count on house prices to rise faster than incomes leaving many of our younger families and less affluent citizens out in the cold and that doesn’t sound like good news to me.


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.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

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