New Housing Market Report for 2020 >> What People Expect and Need is Changing
Saskatoon & Regina, SK (January 25, 2021) >> The New Housing Market Overview report for the province of Saskatchewan has been released, closing up 2020.
The number of overall homes currently under construction continues to increase and the inventory of completed but unsold new homes continues to decline. As the pandemic caused labour disruption and supply shortages (the lumber shortage to name the most prominent one), housing preferences started to shift as more people continued to work from home. More consumers began seeking lower-density single-family neighbourhoods, and a number of current renters sought to become homeowners.
“It’s clear that the pandemic had an impact on housing, not only in terms of activity but bringing a recent change in housing preferences,” comment Saskatoon & Region Home Builders’ Association CEO Chris Guérette. “What will be key in 2021, will be keeping a sharp eye on supply and on the possible erosion of affordability.”
“The normalization of work-from-home is expected to remain at least somewhat permanent, and that has far-reaching implications for housing, our growth plan and the economy,” comment Stu Niebergall, President & CEO of the Regina & Region Home Builders’ Association.
While the pandemic still creates a quickly shifting landscape, there is no indication that 2021 will see a slowing of the new housing and renovation markets. In fact it will be important for municipalities to plan accordingly in order to service a growing industry and avoid supply challenges that could erode affordability.
For more information and comments, please contact:
|Stu Niebergall, President & CEO
Regina & Region Home Builders’ Association
|Chris M. Guérette, CEO
Saskatoon & Region Home Builders’ Association