Business View Magazine l October 2022

21 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 10 SASKATOON & REGION HOME BUI LDERS ’ ASSOC I AT ION seemingly encouraging, the strong year-over- year growth more accurately reflected the poor state of the market in 2021 rather than record shattering demand. Activity remains slow with transactions 33.0% below the 15-year average sales in the first three months of the year between 2007 and 2022. This is a concerning trend, and one which the SRHBA is keeping a close eye on. According to Burgess, “A healthy supply of new housing is critical not just to support anticipated population growth, but to ensuring we are able to maintain our quality of life in Saskatchewan. However, without addressing the challenges faced by our builders, the concern is that there will be a further pull back in new home development in our region. We have already started to see this happen.” To accommodate government growth projections, increased housing supply in both maintained and the Saskatchewan governments 2030 growth plan is realized,” Burgess explains. “What this research highlighted was some important gaps and challenges with regard to housing supply in our province, particularly in the category of single family homes, and the significant impact this shortfall would have on affordability and accessibility across our province.” The SHCN stresses in its recent report that affordable housing is an important pillar of the Saskatchewan Advantage, which requires appropriate public policy to help ensure there is enough housing supply to meet the demand. Saskatoon’s new housing market did experience a temporary increase in sales during the first quarter of 2022, as buyers jumped into the market ahead of rising interest rates. There were 267 new home sales in Saskatoon during Q1 2022, representing a 22.5% increase compared to the same period in 2021. While