Canada Housing and Mortgage Corporation(CMHC) released their third quarter update on the Saskatoon housing market late last week. It takes a look at third quarter and year-to-date activity in new homes as well as resale activity.
Here are some highlights from the report.
- Third quarter housing starts slipped lower to 735 units, down 4 percent from the same quarter in 2010.
- Year-to-date starts (to September 30) sit at 2,231 units, up 27 percent from 1,755 starts in the same period of 2010.
- Year-to-date gains are attributed to the production of multi-family dwellings.
- In the multi-family category, 565 apartment units were started during the first three quarters of this year.
- Low interest rates and a scarce supply of rental units helped support heightened demand in the resale market.
- Resale transactions increased by 21.5 percent over the third quarter of last year.
- Residential listings increased 2.9 percent over the previous year but the strong pace of sales negated increases to the supply.
- Balanced market conditions prevailed through the quarter with average prices gaining just 2.7 percent compared to the same period last year.
- The Saskatoon labour market softened during the third quarter with total employment declining 1.6 percent from the same time last year.
- Saskatoon’s seasonally adjusted unemployment rate climbed to 5.7 percent, up from 5.5 percent at the same time last year.
Read the entire report here.
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