The Saskatoon real estate market has been growing steadily over the past few years, and experts predict that this trend will continue in 2023. With a population of over 270,000 and a growing economy, Saskatoon is an attractive destination for both homebuyers and investors both local and out of province.
Industry experts indicate that the Saskatoon real estate market is expected to remain strong in 2023, with steady growth in both housing prices and demand. The Conference Board of Canada anticipates that there could be a 3% growth in home prices in Saskatoon during 2023. The average price of a home in Saskatoon is currently hovering around $350,000, which is significantly lower than many other Canadian major cities. This makes it an attractive destination for first-time homebuyers and investors alike.
One of the key factors driving the Saskatoon real estate market is the city's growing economy. Saskatoon is home to a number of major industries, including mining, agriculture, and biotechnology. These industries have helped to create a stable job market and attract new residents to the city. In addition, the city has a thriving technology sector, which is expected continued growth in the future.
Another factor contributing to the Saskatoon real estate market's growth is the city's high quality of life. Saskatoon has a vibrant arts and culture scene, numerous parks and green spaces, and a variety of recreational activities. This makes it an attractive destination for families and young professionals who are looking for a balanced lifestyle.
In terms of housing supply, experts predict that there will be a continued shortage of inventory in Saskatoon in 2023. This means that competition for available homes is likely to remain strong, which could drive up prices even further. However, this shortage could also present an opportunity for investors who are interested in purchasing and developing properties in the city. According to Rentals.ca, Rents are up around 10% in Saskatoon from 2023 for a 2 bedroom and nearly 15% for a 3 bedroom property.
Overall, the Saskatoon real estate market is expected to remain strong in 2023, with steady growth in both demand and prices. While competition for available homes is likely to remain strong, this presents an opportunity for investors who are willing to take on the challenge of developing new properties in the city. As Saskatoon continues to grow and prosper, it is likely to remain an attractive destination for both homebuyers and investors for years to come.
Here are some informative news articles to check out:
https://globalnews.ca/news/9386783/saskatoon-housing-market-2023-supply-issues/
https://saskatchewanrealtorsassociation.ca/market-watch-march-2023/