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By now, I’m sure you’ve heard that resale homes are flying off the market.
As of April 2, there was a 1.6-month supply of single-family homes on the market in Saskatoon and 4.2 months of condos. Combined, there were 1,260 listings for a 2.3-month supply. That’s wild.
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The mad dash for housing doesn’t stop there. Perhaps unsurprisingly, permits for new homes have also gone bats.
It’s been a long time. Some may remember the crazy building boom of several years ago that abruptly stopped when potash mines completed expansions and commodity prices started to tank. New housing construction did not bounce back for years, as oversupply was slowly taken up.
Paulson: New home construction joins resale market boom
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Paulson: New home construction joins resale market boom
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Worker hauling lumber on April 25, 2017. (File Photo/650 CKOM)
It’s costing more about $30,000 more on average to build a house these days.
Chris Guerette, the CEO of the Saskatoon & Region Home Builders’ Association (SRHBA), said the Canadian Home Builders Association predicted that with lumber price increases alone folks will spend around $30,000 more on average per home.
Guerette joined Brent Loucks on Monday morning to discuss the rise in material prices.
“It’s a combination of two things. It’s the pandemic, and I don’t think anybody would have predicted a year ago there would be such a high demand. Especially with lumber, we’re seeing that the renovation market had an impact as well,” she said.