A new report shows that new housing starts in Saskatchewan more than doubled compared to last year.
According to the Canada Mortgage and Housing Corporation, Saskatchewan reported 4,958 annually adjusted housing starts in urban settings in April, an increase of 113.3 per cent from April of last year. Housing starts are up more than 101 per cent in the first four months of this year.
Goodson Mwale, a senior analyst in Saskatoon with CMHC, said there are a few reasons why the province is seeing such an increase. He explained how this is a recovery from historical lows where demand is now strong.
“We are recovering from a low point that we saw in 2019. Of course with the shutdowns in 2020, we still saw a strong performance,” mentioned Mwale.
Mwale added that lower interest rates, declining inventories in Regina and Saskatoon, along with demand in resale and new build markets have helped with the boost. He said about 99 per cent of that number represents what’s happening in Saskatoon and Regina.
“For the Regina market, most of the construction we’re seeing this year is happening in the east, northwest and central parts of the city,” stated Mwale. “For Saskatoon, it’s happening in the northeast and southeast parts of the city, as well as in outer city limits like Martensville and Warman.”
Housing starts more than doubled for single-family dwellings with an increase of more than 160 per cent and by 86 per cent for multiple units.