Statistics Canada released numbers Oct. 18 that show the province's strength in housing starts.
"Today in Saskatchewan we see a thriving economy which inspires people to call this province home," said Jeremy Harrison, Trade and Export Development Minister, in a news release from the provincial government.
"Housing starts indicate just how many families are choosing to build their futures in our province," added Harrison in the release, "this growth is what allows us to continue protecting communities and building opportunities for the people of this province."
According to the release, housing starts saw strong year-over-year growth, with a 14.8 per cent increase compared to September 2022. There was also an increase of 1.6 per cent from January to September 2023, compared to the same time last year. This places Saskatchewan second among the provinces year-to-date. A total of 256 housing units were started in September 2023.
Housing starts indicate the number of new housing builds where construction has begun.
These numbers show Saskatchewan continuing to build on 2022's record-breaking year. Earlier this week, wholesale trade led the country, up 12.4 per cent in August 2023 from July 2023. Last week building permits led the country and were up 59.0 per cent in August 2023 compared to August 2022. Exports to the United States hit a record $29.3 billion last year. The province's GDP growth was the highest in Canada as well, up 5.7 per cent from 2021 to 2022.
Earlier this month the Sask Realtors association reported 1,295 sales across the province in for the month of Sept.
The number represent a year-over-year gain of 2.5 per cent and 6.3 per cent above long-term, 10-year averages, according to the SRA.
In addition, the association claims year-to-date sales have eased compared to last year and Sask continues to report sales well above long-term trends.
“As seen in previous months significant supply challenges continue to persist across Sask specifically in the more affordable segment of our housing continuum,” according to SRA CEO, Chris Guérette, “provincial prices remain stable as price gains in Saskatoon, Prince Albert and Yorkton offset price declines in Regina and Swift Current in Sept."
Consistent with prior months, the benchmark price varied across Saskatchewan communities in Sept. Humboldt, Meadow Lake, Melfort, Melville, Prince Albert and Saskatoon are all reporting year-over-year price gains, while Estevan, Moose Jaw, North Battleford, Regina, Swift Current, Weyburn and Yorkton report year-over-year price declines.
Strong Sept sales and ongoing supply challenges translated to 4.8 months of supply across the province, the lowest level reported in September since 2009. The provincial benchmark price reached $328,000 in Sept, up slightly from $327,800 in Aug. and 1.1 per cent above Sept. 2022.
