The home prices in some areas of Regina and Saskatoon have almost tripled since 2008. That’s a significant increase, and much higher than the increases in Toronto and Vancouver.
Many of the Saskatchewan ex-pats are returning. The Province’s economy is now booming due to potash and oil. It has the lowest unemployment rate in the country.
Right now, there’s a building boom. New subdivisions are sold out during the pre-construction stage. Since the existing supply is not sufficient to keep up with demand, the prices are going up. It all makes a lot of sense. That’s how the economy works.
However, the prices have now escalated to the point where people from many regions of the country will be paying a “premium” if they were to move there. But, it’s still a good deal if you’re from Toronto or Vancouver.
From the beginning of 2008 prices in some areas have gone from $100,000 to $300,000. That’s a 200% increase.
By comparison, the average price in the Greater Toronto Area went from $374,449 to $476,947 over that same time period. That’s a 27.37% increase. Clearly, you would have been much better off in Saskatchewan.
Brian Madigan LL.B., Broker is a Manager at RE/MAX West Realty Inc., Brokerage 416-745-2300.