Q1 2020 New Housing Market Analysis
Saskatoon, SK (April 29, 2020) – The Saskatoon & Region Home Builders’ Association has released the New Housing Market Analysis for the first quarter of 2020, starting a very unusual year. The report includes key figures and trends of building permit and housing inventory data, along with key economic indicators for Saskatoon and Region.
“The good news is we went into this COVID-19 period of disruption with positive momentum compared to the past two years” comments Chris Guérette, CEO of the Association.
New home sales increased by 5% this quarter compared to the same period last year. The demand for single family homes also surged 10% and this is the first Q1 with a year-over-year sales increase since 2014.
The stock of unabsorbed inventory continued to decline with a reduction of 32% from March 2019 to March 2020 and is currently at its lowest since 2013.
The number of new home and renovation permits increased 18% and 7% respectively compared to Q1 2019.
“These statistics will serve as an important reference for future recovery as they do not represent the full market impact of COVID-19. The data for the second and third quarter of 2020 will give us a better look at the implications on our housing market” noted Guérette. “We will be ready to come out the other side with a recovery, but being diligent with the recommendations and efforts of our province’s plan to re-open the economy will also be key. I have no doubt however, that as a province we can outperform expectations and get us back on track.”
Click here for a PDF of the full report.
The Saskatoon & Region Home Builders’ Association is the professional association that represents residential construction in Saskatoon & region. The Association serves businesses involved in the housing sector and provides the only professional certifications for home builders and renovators. It is the expert voice invested in bringing insight to public policy makers on matters that affect affordability, quality and choice of housing in our province, and works collaboratively with stakeholders and governments to get us there. For more information, visit our website at www.saskatoonhomebuilders.com.
For more information and comments, please contact:
Chris M. Guérette, CEO
Saskatoon & Region Home Builders’ Association