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Saskatchewan is an attractive place to live because the province offers a high standard of living that is affordable. In fact, the provincial housing market is in great shape, which means that now may be the best time to take advantage of the most affordable Saskatchewan mortgage rates and buy a home. As far as current mortgage rates, Saskatchewan residents have come to the best place to save money on mortgage interest charges. We have teamed with several Canadian lenders to make the process of finding and securing a mortgage much easier. All you need to do is choose the best rate and fill out the form on this page to take advantage of great mortgage rates. First, however, you should read up on the Saskatchewan housing market below. The complete information we provide is but another reason why we are the top mortgage site for Saskatchewan.
Factors that Influence Saskatchewan’s Housing Market
Saskatchewan’s housing market is doing so well because the most important influences on the market for housing continue to show positive growth. A couple of influences stand out:
• Economy — Saskatchewan’s economy is the single most important factor that affects the housing market in the province. One key indicator of provincial economic strength is the fact that Saskatchewan is the only province in Canada expected to run a surplus in 2012. Although the provincial economy suffered a sharp decline from 2009–2010, the economic recovery has been essentially steady since then. There have been highs and lows, but the overall trend is positive. The economy is largely dependent upon agriculture and the mining of natural resources. Increased production of oil and potash is having a significant impact, and the overall economy should continue to do well as long as commodity prices remain consistent. Employment growth will be under half a percentage point in 2012 before increasing nearly 1.5 percent in 2013. This will be sufficient to maintain the province’s low 4.9 percent unemployment rate. Low unemployment should continue to attract residents to Saskatchewan, which creates a strong demand for housing.
• Population — Economic growth in Saskatchewan is responsible for population growth, which is the second most important factor that affects the provincial housing market. A large number of international immigrants are coming to the province to find opportunity, and there will be a net increase of about 20,000 internationals in Saskatchewan by the end of 2013. These new arrivals and those who migrate to Saskatchewan from other Canadian provinces and territories need places to live, so now may be the time to take advantage of reduced mortgage rates in Saskatchewan before demand far outstrips the supply of homes for sale.
The State of Housing in Saskatchewan
Economic and population growth have led to one of the healthiest real estate markets in all of Canada. Housing is in particularly high demand in Saskatchewan’s largest cities. Homes in Saskatoon and Regina, for example, have experienced some of the greatest price growth in the entire country. These cities enjoyed a 6 percent increase in home values in the first quarter of 2012 when compared to the same period in 2011.
Total housing starts are expected to be 7,600 in 2012 and 7,800 in 2013. This is largely due to consistent demand and stable construction prices. So far, 2012 is off to a great start when it comes to total housing starts. There was a 71 percent increase in housing starts in January 2012 over January 2011. April 2012 starts were 37 percent higher than the preceding year.
In addition to new housing construction, MLS sales are predicted to see an increase in 2012. A total of nearly 12,500 homes should sell in 2012. About 3,100 homes were sold in the first quarter of 2012, so the projection of total sales for the entire year appears to be on track. The average MLS selling price of a Saskatchewan home in 2011 was about $258,000. This should increase to $266,000 in 2012 and $271,000 in 2013. Although the percentage increase is moderate, it is still significant, and you probably want to take advantage of the lowest mortgage rates in Saskatchewan and buy today instead of waiting too long and paying too much later on.
Most Saskatchewan residents with good credit can expect to pay a mortgage interest rate of anywhere between 3.5 and 5.5 percent depending on the lender and your credit history. These low rates mean that you can get into a home for less when you use our tools to access the lowest mortgage interest rates in Canada.
Where to Buy a Home in Saskatchewan
There are many places where you might want to buy a home in Saskatchewan, including major cities and smaller towns. Here are just a few that you might want to check out.
• Saskatoon, the most populous city in the province, is clearly a great place to live. Agriculture and raw materials continue to dominate the economy, but sectors such as biotechnology are also adding jobs. A house in Saskatoon will always be in high demand.
• Regina is second only to Saskatoon in terms of total population. The importance of this city, however, is also seen in that it is the provincial capital and important to the political life of Saskatchewan. Government spending and jobs abound, generating demand for homes.
• Yorkton is another city you should consider, especially if you enjoy life in a smaller town. Following a slight decline in the middle of the last decade, the population has been growing. This may be due to an emphasis on economic development that creates jobs and fuels housing demand.
• Estevan is located in the southeast portion of Saskatchewan. Its population of approximately 11,000 people is largely dependent upon the oil and gas industries for jobs and economic growth. These industries are adding jobs, which makes the town perfect for those who want a good job but not the hustle and bustle of a huge metropolis.
Get The Best Saskatchewan Mortgage Rates
Armed with this information about the Saskatchewan housing market, you are now ready to decide where you want to live in the province. After you make your choice, select a mortgage rate on this page or complete the online mortgage application form to get a competitive interest rate quote from a lender in your area.
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