Saskatoon has strongest housing resale market in Canada

Written by Marc on June 5th, 2007

According to the semi-annual Metro Monitor published by CIBC World Markets, Saskatoon has the strongest housing resale market in Canada.  In fact, according to their report, both Saskatoon and Regina are sixth and seventh rated cities based on economic momentum. 

The labor market in Saskatoon is also the strongest in the country, with Saskatoon posting the greatest percentage increase in employment numbers in the country.

What does this mean to a real estate investor or entrepreneur?

One word: opportunity.  With more people buying real estate, it is a good market for flipping homes.  According to sales in the MLS (multiple listing service), the average home price in May was $233,197 CDN compared to $220,682 CDN just one month ago.  That is a month over month increase of 5.91%.  If you look at the yearly return, that you could have earned an average of 44% by holding onto the property for one year.  Even at this moment, there are out of town investors buying up property, holding onto it for a few months and then selling it for a large profit.

For a true real estate investor, it is a good time to be buying rental properties.  There have been a number of condo conversions in the past few years reducing the inventory of rental properties on the market.  This translates into an opportunity for savvy rental property owners to charge more for rent and increase their ROI (return on investment).

For an entrepreneur there is great opportunity as well.  With the booming growth Saskatoon has experienced there is a great opportunity for new businesses – restaurants, services, construction companies, etc.  It is relatively easy to spot the shortages in the marketplace and create businesses to fill the gaps. 

To read the current Metro Monitor you can check out the following link:

Metro Monitor Download

Read more articles on Business Opportunities and Entrepreneur and Real Estate Investing and Real Estate Resources and Saskatoon Real Estate.

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