Saskatoon Real Estate

The Saskatchewan city of Saskatoon is the most populous city in the province, and has been called many names: from S’toon to Toontown to POW City. The last nickname derives from the city’s top products: potash, oil and wheat.

The POW city has been beleaguered by a less-than-glowing reputation for rising criminality, and a disappointing gross domestic product growth rate between 2006 and 2007. It posted a 2.8% growth, instead of the projected 4.8%.

However, this rate may pick up pretty soon as population in Saskatoon continues to grow. Drawn by a perceived low cost of living, the steady influx of in-migrants and immigrants is bolstering the real estate market with increasing demand. It’s even said that housing starts may hit its highest peak in thirty years this 2008.

Real estate costs have increased by 50% in 2007 alone. Housing there is said to be even more expensive that richer cities such as Calgary, Edmonton and Regina. This has somehow single-handedly increased the cost of living in Saskatoon, with many lower income families forced out of homes they can no longer afford.

Rental vacancy rates is at a low 0.6% as of October 2007; many renters have found themselves driven out of their previous homes because of the rapid rate of condominium conversions. This speed may just be keeping up with the obviously increasing demand. Saskatoon has been dubbed as one of the fastest growing cities in North America.

There is a clear advantage in acquiring real estate in Saskatoon. As the average real estate rate still floats at a relatively cheaper rate against other Canadian cities and while the city is poised for further growth, it is a wise investment to sink in some money in residential and commercial properties in Saskatoon.

Interested in exploring your real estate options in Saskatoon? Click here.