Q3 2020 New Housing Market for Saskatchewan Working with Municipalities a Key Ingredient to Success
Saskatoon & Regina, SK (November 19, 2020) >> The Regina & Region Home Builders’ Association (RRHAB) and the Saskatoon & Region Home Builders’ Association (SRHBA) have released the first joint New Housing Market Overview report for the province of Saskatchewan. Covering the third quarter of 2020, this new report is a shared collaboration between the two associations in the province which were already preparing reports of their local area on an quarterly basis. This type of reporting also provides a better picture of the impact of the pandemic on the new housing market and what 2021 may hold for Saskatchewan. The report includes key figures and trends of building permits for the northern and southern halves of the province.
While new home construction continues to be below the 10-year average, Saskatchewan’s residential construction sector is seeing their first year of growth since 2016. Demand for new homes has increased, as people are spending most of their time at home. The pandemic, coupled with the rise of remote workers, has dramatically shifted housing preferences and a desire for space and upgrades.
“For most of us, we are spending more time at home. Many households are using and perceiving their homes in a new way and often, if that doesn’t translate into a move, it means renovations,” comments Chris Guérette, CEO of the SRHBA. “Saskatchewan’s newly announced Home Renovation Tax Credit is certainly arriving at a good time, especially when meshed with the announcement of our new Certified Professional RenoMark Renovator designation, which will ensure professionals are used to work on homes.”
In both cities, housing fundamentals are expected to improve as activity in the service sector, infrastructure projects, and increased stability in the energy sector continue to attract new migrant. Still, having strong relationships with local decision makers is key to ensuring a sharp eye on affordability. “I cannot help but notice that in the communities where our industry has a strong working relationship with the municipality, housing tends to be more affordable and attainable, supply is much closer to demand, and the housing market is more balanced”, explains Stu Niebergall, President & CEO of the RRHBA.
Over the short term, the provincial economy is facing challenges however, long term fundamentals remain strong.
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