Saskatoon NewsSaskatoon Real Estate News April 11, 2013

This Just In-Saskatoon’s Population Expected To Boom!

The title of this blog was a bit of a poke at the Star Phoenix as I don’t think it is new news that our population is expected to boom. I am always faced with the question “Why?” when people are talking about our population growth. Many people in Saskatchewan don’t understand how strong our economy truely is and that it is not strong from one resource or another. It is the great multitude of resources we have here that keeps bringing people in from around the world but it is also that our government is on board with the growth and encourages net-migration from other countries.

The projection is that Saskatoon will grow to 400,000 people in the next 20 years. That is very exciting for the Saskatoon real estate market and construction in general as this means that we will have 15 new neighbourhoods and 60,000 new homes in Saskatoon to be built!

Most of these neighbourhoods will be on the perimeter of the city however the city wants to see at least 10,000 people living in downtown Saskatoon so this means more condos for sale in downtown Saskatoon.

This also means that our already stained infrastructure needs to keep up and we need to be on top of it. We will need yet another bridge according to Allan Wallace, our manager of planning and development. While almost a year behind schedule our Circle Drive South bridge is set to be opened the summer which will help ease congestion but the city also has plans for an $86 million north commuter bridge to help ease congestion in our rapidly growing northeast corner of Saskatoon.

By 2017 it is expected that we will have an additional 35,000 people and the majority of this is from immigration. People from all over the world are looking at our economy and flocking here. Saskatchewan in general is seeing a huge influx of internation migration and many of those people like to come to cities such as Saskatoon and Regina. I am seeing this with the number of Saskatoon home buyers who contact me from other countries.

So what will hurt the growth of Saskatoon in years to come? Affordability. The price of houses for sale  in Saskatoon continues to grow due to supply and demand. I love how the city is worried about this yet keeps on increasing the cost of their dirt. To purchase a lot for sale in Saskatoon is extremely difficult and very costly. From the time I purchased a lot in Saskatoon 4 years ago to the price for a similar lot today the price has gone up at least 50%…from the city! For dirt! So what does this mean? More expensive new homes for sale in Saskatoon as the builders have their bottom line. I know that the price of dirt helps pay for the new roads and bridges we need but it seems a bit of a funny statement that they worry about affordability yet the city also directly affects affordability.

If you are considering buying a house or condo for sale in Saskatoon allow me to help you! If you are thinking about selling your house in Saskatoon (or condo) I would love to help as well. This is a great time to sell. I am a trusted Saskatoon REALTOR (r) who you can count on to take care of your housing needs.

Kari Calder
Century 21 Fusion
Saskatoon Real Estate Agent