Canada Mortgage and Housing Corporation (CHMC) is predicting that the price of resale homes in Saskatoon will continue to rise through 2008. Citing lower inventory levels, an increase in demand, and low mortgage rates CMHC expects to see the Saskatoon resale real estate market maintain a “brisk pace” through 2007 and 2008. According to the government housing agency, several factors will play a role in maintaining the growth trend which Saskatoon is experiencing.
- Low vacancy rates in rental properties
- Pressure on rents resulting from increased demand and low supply
- Employment and earnings gains will continue to attract people to the area
- Escalating prices in Alberta will discourage some from seeking opportunities there
- Large equity gains for Saskatoon home owners will encourage people to upgrade to more expensive homes
- Escalating construction costs for new homes will continue to make resale homes attractive
Yesterday, Scotiabank released its annual Canadian Real Estate Trends report. They note that “Saskatoon has the tightest housing conditions in Canada” and predict that while there will be some cooling off in many areas of Canada they “anticipate pockets of buoyancy in housing markets across the country in 2007, including Saskatoon…”
I’m always happy to answer your Saskatoon real estate questions.
Royal LePage Vidorra