It could be a good time to become a homeowner in Regina and Saskatoon in the coming years.
The Canadian Mortgage and Housing Corporation (CMHC) released a housing market insight report for Regina and Saskatoon earlier in April.
The report indicated there has been a large amount of houses, apartment and condos created over the past few years due to large population growth.
Goodson Mwale, senior market analyst with CMHC, said there is actually more homes available than there are people buying in the two cities — 4,746 more in Saskatoon and 3,206 in Regina over the past 20 years.
Mwale told the 980 CJME Morning Show he expects the pace of housing construction to moderate over the coming years.
He also said population growth is expected to remain strong in both Saskatchewan cities.
“That will help draw down some of the high level of inventory that is sitting on the market.”
The growth is related to two main things — the natural increase which is births minus deaths and migratory increases.
“We’ve seen in both Saskatoon and Regina that migratory increase has been quite significant since 2006.”
As for housing pricing, he anticipates they will remain down because of the amount of housing that is available.