Q2 2019 New Housing Market Analysis
FOR IMMEDIATE RELEASE
Saskatoon, SK (July 31, 2019) – The Saskatoon & Region Home Builders’ Association (SRHBA) has released the New Housing Market Analysis for the second quarter of 2019. The report includes key figures and trends of building permit and housing inventory data, along with key economic indicators for the Saskatoon Region.
With respect to the housing market, building permits continue to be down compared to 2018, but show signs of stability. While the mortgage stress test rules continue to disproportionately affect Saskatchewan home buyers, low interest rates and decreasing prices have benefited buyers, speeding up absorption of current inventory.
Says SRHBA CEO Chris Guérette, “We’re still seeing a down market compared to past years, but the good news is that the industry has proven incredibly resilient against an especially tough set of circumstances,” referring to the government policies that continue to prevent the industry from performing to its full potential. “And while declining prices are presenting another challenge to the businesses that continue to weather this storm, they make this an excellent time for aspiring buyers to invest in a new home.”
The Saskatoon economy showed stability in Q2, with unemployment continuing to hover near the 6% mark, an improvement over recent years. Unfortunately, external factors like China’s recent restrictions on key Canadian exports add uncertainty to economic forecasts for the region.
Click here for a PDF of the full report.
For more information, please contact:
Krystal Rudyk, Marketing & Communications Manager
Saskatoon & Region Home Builders’ Association
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.