Q3 2019 New Housing Market Analysis
FOR IMMEDIATE RELEASE
Saskatoon, SK (October 30, 2019) – The Saskatoon & Region Home Builders’ Association (SRHBA) has released the New Housing Market Analysis for the third quarter of 2019. The report includes key figures and trends of building permit and housing inventory data, along with key economic indicators for Saskatoon and 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.
“The 2019 numbers are showing one of the toughest years in recent memory for home builders. The numbers only illustrate what local residential construction professionals have been saying since the beginning of the year. While the recently elected minority government has led to political uncertainty about the near future, the small forecasted uptick in residential construction in 2020 is welcomed but fragile,” according to SRHBA CEO Chris Guérette.
Prospects for the oil and gas industry are unclear as the lack of pipeline capacity constrains further growth. The recent federal election that lead to a Liberal minority government left more questions than answers on the future of an industry that has historically been one of Canada’s engines of growth. While some political uncertainty will remain in the near future, the government has restated its commitment to build the Trans Mountain expansion pipeline, which will provide relief to the oil and gas industry in Saskatoon.
Click here for a PDF of the full report.
For more information, please contact:
Chris M. Guérette, CEO
Saskatoon & Region Home Builders’ Association
The Saskatoon & Region Home Builders’ Association (SRHBA) is the professional association representing approximately 280 companies involved in the housing industry and provides the only certifications available for professional home builders and renovators. The Association is the expert voice focused on improving affordability, quality, and choice of housing in Saskatoon and Region, and works collaboratively with stakeholders and governments to get us there.