Media Release – Economic Overview & New Housing Market Analysis for the Saskatoon Region - Saskatoon & Region Home Builders' Association

News & Publications


Media Release – Economic Overview & New Housing Market Analysis for the Saskatoon Region

View media release as a PDF here.
Find the full Economic Overview & New Housing Market Analysis here. 

MEDIA RELEASE
FOR IMMEDIATE RELEASE

Economic Overview & New Housing Market Analysis for the Saskatoon Region

Saskatoon, SK (October 29, 2018) –  The Saskatoon & Region Home Builders’ Association (SRHBA) has released its first ever Economic Overview & New Housing Market Analysis for the Saskatoon Region, for 2018’s third quarter encompassing July to September. The report provides a snapshot of the current economic conditions affecting the region, an analysis of current building permit numbers, insights into the factors affecting new home construction, and a forecast of future permit numbers based on these analyses.

“New home, renovation and repair accounted for 11,075 jobs in Saskatoon alone last year, making the residential construction industry vital to the health of the region’s economy overall,” said SRHBA CEO Chris Guérette. “As the report shows, permit numbers for 2018 are down significantly. Recently introduced factors like PST on construction, increases in interest rates and the mortgage stress test introduced by the federal government earlier this year are all contributing factors to these numbers.”

The current condition of the region’s housing market has attracted attention at a national level as well. Canadian Home Builders’ Association (CHBA) CEO Kevin Lee made note of the detrimental impacts to the industry, stating “well-functioning markets like the Saskatoon Region should be allowed to flourish. Yet declines in the order of 30 to 40 percent year over year indicate a disproportionate impact is occurring.”

The outlook isn’t all bleak though – as Saskatoon continues to experience healthy growth, both population levels and residential construction are forecasted to increase consistently starting next year.

CHBA National applauded the report, with Kevin Lee commenting “increased public awareness of housing market trends and of key factors driving housing affordability and choice is an essential ingredient to helping communities develop sound housing policy at all levels. Success in meeting the housing aspirations of everyone is a co-operative effort between the private and public sectors, and the community itself. Our Association works very actively with local, provincial and federal governments to best inform housing policy based on the best available evidence. The SRHBA plays a leadership role in providing this evidence at all of these levels, bolstered by this new publication.”

###

For more information, please contact:
Krystal Rudyk, Marketing & Communications Manager
Saskatoon & Region Home Builders’ Association
Office: 306-955-5188 Cell: 306-230-5917
Email: communications@saskatoonhomebuilders.com

The Saskatoon and Region Home Builders’ Association (SRHBA) is the expert voice of the residential construction industry in Saskatoon and area. The SRHBA works closely with municipal and provincial governments and with its members to improve affordability, quality and choice in the industry it represents.

Categories

Cover for Saskatoon & Region Home Builders' Association
1,205
Saskatoon & Region Home Builders' Association

Saskatoon & Region Home Builders' Association

The voice of the residential construction industry in Saskatoon and region.

Great news from the SRHBA! The Bank of Canada has finally lowered the key interest rate to 4.75%, a decrease of 25 basis points.High interest rates have been a significant barrier to increasing housing starts over the past couple of years. This rate cut is a positive move towards boosting much-needed new residential construction in Saskatoon and the surrounding areas. Today's decision is a step in the right direction, and we look forward to seeing more rate cuts in the months ahead!#home #residentialconstruction #homebuilding #interestrates #affordability #housing #homeownership #saskatoon #saskatchewan #yxe ... See MoreSee Less
View on Facebook
Renovate.✔️ With.✔️ Confidence.✔️Trust a RenoMark Renovator to bring your vision to life and rest assured knowing you've made the right choice.😎⁠Are you interested in learning more about becoming a RenoMark Renovator? Visit saskatoonhomebuilders.com/renomark-designation or send us a DM!⁠#renomark #Renovator #SRHBA #Chba #saskatoon #yxe #renovation #homerenovation #home #confidence ... See MoreSee Less
View on Facebook
Planning on renovating this spring? Make sure to hire a RenoMark Renovator!✔️The Renovators Mark of Excellence makes it easy for homeowners to identify participating professional renovators who have agreed to provide a superior level of service.👍️Find a RenoMark Renovator today by visiting members.saskatoonhomebuilders.com/directory#renovation #Renovator #yxe #saskatoon #saskatoonhomes #homebuilding #home #saskatchewan #renomark ... See MoreSee Less
View on Facebook
Instill confidence in your clients by becoming a RenoMark Renovator!✔️RenoMark Renovators are committed to superior service and client satisfaction. That’s why they voluntarily agree to the RenoMark Code of Conduct, which promises a standard of performance higher than common industry practice.👍️RenoMark Renovators must also complete the mandatory minimum education requirements and show a commitment to a strong safety culture within their organizations.🦺Learn more about how to become a RenoMark Renovator by visitingsaskatoonhomebuilders.com/renomark-designation or send us a DM!#RenoMark #Renovation #Saskatoon #YXE #Home #Homebuilding #HomeRenovation #JoinToday ... See MoreSee Less
View on Facebook

1 month ago

Saskatoon & Region Home Builders' Association
🎉Congratulations goes out to both Haven & Co and Mavrik Home Builders for winning awards tonight at the National Awards for Housing Excellence presented by CHBA National🌊Congratulations to Haven & Co for winning BEST INTERIOR DECORATING (MODEL/SHOW HOME) for “Lakehouse”🏡Congratulations to Mavrik Home Builders for winning BEST DETACHED CUSTOM HOME - UNDER 2,500 SQUARE FEET for “The Escher”🏆On behalf of both of these amazing companies, SRHBA CEO Nicole Burgess accepted these awards tonight in Saint John, NB. 👏We love to see our members making Saskatchewan proud!#CHBAHousingAwards #ResidentialConstruction #Housing #Awards #Homebuilding #SaintJohn #Canada ... See MoreSee Less
View on Facebook