If you are living on a piece of Windsor real estate in Ontario, you might not have any idea about what the market in Saskatoon Saskatchewan real estate is like right now. The prairie province tends to be overlooked by Canadians in other areas when it comes to things such as real estate and job market opportunity.
In fact, if you have lived in Saskatoon for a while, you may not realize what the housing market is like here compared to other cities in the country. You may just assume that Markham real estate listings will show similar homes with similar values compared to Saskatoon ones. After all, we all enjoy the same advantages, within the same country, right?
Well, the answer is a definite no. If you do live in Saskatoon, and have for a while, then you are aware that some pretty big changes have been happening in the city and the province in general for a while now. In many ways, Saskatoon is like Grande Prairie in Alberta was 15 years ago; on the brink of a population explosion.
This explosion is based in large part on the potential fortunes the natural resources of the area offer to various companies. Potash and oil in the province are just starting to be exploited by major corporation, and as a result the entire real estate landscape has undergone an overhaul.
In order to get an idea about what this means as far as the real estate market, take a look at the average London Ontario home for sale in contrast to one in Saskatoon. London is experiencing some difficult times, which means houses are on the market for longer and selling for less. The average house price in London is around $250,000. Comparable houses in Saskatoon are selling for $100,000 more, as people from all over the country begin to move to the city in order to take advantage of the current boom.
This indicates, of course, that Saskatoon is one of the few areas in the country which is currently experiencing a seller's market. It stands in this category only with places such as the aforementioned Grande Prairie and Vancouver to the west, places where interest in homes has continued to grow despite a global recession.
Right now, the market in Saskatoon is focused on the single family, stand alone home. However, potential investors should consider carefully looking at the future of the condo and townhome market in the city. While this niche may not ever be as fully developed as what we see in central Toronto real estate markets, there is some incredible investment opportunities here. Seasonal workers and those employed in the resource industries will begin to be less interested in the suburb market and the downtown development sector could be on the brink of a boom as a result.
The high prices commanded by real estate in Saskatoon may come as a shock to those used to the prices of Rosedale homes, but it's the natural result of a burgeoning resource community. Sellers stand to make immediate gains on this market, but with continued growth in the economy and population projected at all levels, now is the right time for buyers to invest in the Saskatoon market. It's one of the few cities in Canada that can be said about!
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