In March 2024, the Saskatoon CMA recorded 139 new housing starts, marking a 25% increase from the previous year. Despite this growth, overall permit activity experienced a downturn, particularly in multi-family developments. The data for March 2024 shows a total of 214 permits issued: 8 for multi-family, 49 for single-family homes, and 157 for renovations. This represents a decline across all categories compared to March 2023.On a year-to-date basis, permits for single-family homes have seen a slight increase, while multi-family permits have significantly decreased by 90%. This substantial drop can largely be attributed to the planning cycles for multi-unit projects and the timing of several major apartment developments that were introduced early in 2023. Nicole Burgess, CEO of the Saskatoon & Region Home Builders’ Association, commented on the trends: "The uptick in new housing starts signals resilience in the Saskatoon area’s housing market. However, we are keeping a close eye on permit numbers, which are indicative of future construction activity. Going forward, we are hopeful that new initiatives at the federal, provincial, and municipal levels will boost both housing starts and permit numbers."#Saskatoon #Saskatchewan #YXE #HousingMarket #HousingStarts#BuildingPermits #ResidentialConstruction #HousingAffordability ... See MoreSee Less
The Saskatoon & Region Home Builders' Association (SRHBA) is ecstatic to hear that 30-year amortization periods for insured mortgages on new home construction will now be possible for Canadians coast to coast!🏠This was announced by the federal government this morning and was made in effort to assist first-time homebuyers. This measure will:✅ Allow more Canadian’s the opportunity to afford a home.✅ Assist builders with increasing housing supply.✅ Increase housing affordability nationwide.✅ Alleviate pressure on rental supply.This measure will take effect starting August 1, 2024 and will be transformative for Saskatoon and Region's housing market. To learn more about this exciting initiative, visit saskatoonhomebuilders.com/unlocking-the-door-to-home-ownership-announcement-of-30-year-amortizati...... See MoreSee Less
