Q4 2019 New Housing Market Analysis
FOR IMMEDIATE RELEASE
Saskatoon, SK (January 28, 2020) – The Saskatoon & Region Home Builders’ Association (SRHBA) has released the New Housing Market Analysis for the fourth quarter of 2019, wrapping up a challenging year. The report includes key figures and trends of building permit and housing inventory data, along with key economic indicators for Saskatoon and Region. This area is defined by the following communities in the northern half of Saskatchewan, where professional home builders can be found: Saskatoon, Warman, Martensville, the Rural Municipality of Corman Park, Osler and Prince Albert.
Building permit values in residential construction were down by $18.1 million when compared to 2018, an almost 19% drop. However, demand for more affordable housing made multi-family housing a bright spot for professional home builders, particularly in the City of Saskatoon.
Says SRHBA CEO Chris Guérette, “New housing absorption dropped by almost 18% in 2019, the seventh consecutive year of decline and the lowest sales volume since 2006. None of the regions covered by the Association posted growth in terms of the number of building permits for single family homes.”
While Saskatoon posted a sharp 14.4% year-over-year reduction on the number of single-family permits in 2019, the decline in surrounding markets was more painful. Prince Albert posted an 88% decline during the same period.
Click here for a PDF of the full report.
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. If 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. For more information, visit: www.saskatoonhomebuilders.com.
For more information, please contact:
Chris M. Guérette, CEO
Saskatoon & Region Home Builders’ Association