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By now, I’m sure you’ve heard that resale homes are flying off the market.
As of April 2, there was a 1.6-month supply of single-family homes on the market in Saskatoon and 4.2 months of condos. Combined, there were 1,260 listings for a 2.3-month supply. That’s wild.
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The mad dash for housing doesn’t stop there. Perhaps unsurprisingly, permits for new homes have also gone bats.
It’s been a long time. Some may remember the crazy building boom of several years ago that abruptly stopped when potash mines completed expansions and commodity prices started to tank. New housing construction did not bounce back for years, as oversupply was slowly taken up.
Paulson: New home construction joins resale market boom
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Paulson: New home construction joins resale market boom
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There s reason for cautious optimism, according to the SRHBA.
Author of the article: Jennifer Jacoby-Smith
Publishing date: Feb 18, 2021 • February 18, 2021 • 3 minute read • The Saskatoon and Region Homes Builders Association is cautiously optimistic about what 2021 holds for new homes construction, despite the impacts of COVID-19. Photo by SimplyCreativePhotography /Getty Images
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Although the COVID-19 pandemic has disrupted many industries, the housing and construction industries in Saskatoon are showing signs of resiliency, according to a report by the Saskatoon and Region Home Builders Association and the Regina Region Home Builders Association.