Released on May 8, 2008
The economic momentum continues in Saskatchewan's residential construction, with housing starts showing impressive increases in the first four months of 2008.
Canada Mortgage and Housing Corporation reports today that urban housing starts are up 18 per cent in the first four months of 2008 to 1,287 units, from 1,091 in the same period of 2007. Saskatchewan had the third highest increase among the provinces, highest in the west, and above the national average of 10 per cent.
"New housing starts in what is considered one of the hottest real estate markets in the nation is a major contributor to the Saskatchewan economy," Enterprise and Innovation Minister Lyle Stewart said. "With our economy performing at this level, it is not surprising that residents are confident about our economic success and are investing in new houses."
Regina's housing starts in the first four months of 2008 are at the highest levels since 1986, especially when it comes to single detached homes. Housing starts are up 20 per cent year-to-date in Regina. Saskatoon also experienced significant increases, up 34 per cent in the first four months of 2008 when compared to the same period last year.
Housing starts in April 2008 lagged behind April last year, with Saskatchewan experiencing a 15 per cent drop, mainly due to a decrease in the volatile multi-housing construction market. There was good news in terms of single family dwelling construction, with units up by six per cent in the province in April 2008 when compared with April of last year.
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For more information, contact:
Deb Young
Enterprise and Innovation
Regina
Phone: 306-787-1691
Email: Deb.Young@gov.sk.ca