SASKATOON, SASKATCHEWAN--(Marketwired - Feb. 13, 2014) - Saskatchewan's housing market will be discussed today at Canada Mortgage and Housing Corporation's (CMHC) annual Saskatchewan Housing Outlook Conference. This sold out event, held at the Hilton Garden Inn, attracts over 250 housing industry representatives to hear CMHC experts present on economic, demographic, and other factors impacting Saskatchewan's major housing markets.
After declining to 4,184 units in 2013, single-detached starts in Saskatchewan are forecast to edge lower to 3,900 units in 2014 and to 3,800 units in 2015. "Rising supply and slower net migration will moderate starts," said Lai Sing Louie, Regional Economist for the Prairie and Territories Region. Demand for new single-detached homes will remain above the ten year average, but higher completions relative to absorptions will build inventory and ease the pace of new construction. After decreasing from an elevated level to 4,106 units in 2013, multifamily starts in Saskatchewan are forecast to moderate further to 3,800 units in 2014 and 3,700 units in 2015.
Sales of existing homes in Saskatoon reached a record high in 2013, rising 2.7 per cent to 5,543 MLS® transactions from 5,398 in 2012. "Strong employment growth, low mortgage rates, rising wages, and continued population gains contributed to the higher level of sales in 2013," said Goodson Mwale, CMHC Senior Market Analyst for Saskatchewan. Moving forward, sales are forecast to remain close to levels achieved last year, rising modestly to 5,700 units in 2014 and 5,775 units in 2015. Continued employment growth and population gains will remain supportive of resale demand.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
For more information, visit www.cmhc.ca or call 1-800-668-2642.