Construction
Investment in new construction in the Saskatoon region has increased considerably over the past two years, approching $1 Billion of new investment in 2008. The total value of building permits grew in 2008, and totals surpassed those of 2007 by 8 per cent.
|
|
2008
|
2007
|
$ Change
|
% Change
|
|
Saskatoon Region
|
920,710
|
852,100
|
68,610
|
8%
|
|
City of Saskatoon
|
608,601
|
548,097
|
60,504
|
11%
|
|
Surrounding Areas
|
312,109
|
304,003
|
8,106
|
2.7%
|
Source: City of Saskatoon; Member Towns and RMs of SREDA
Non-Residential Construction - Saskatoon Region
In 2008, the City of Saskatoon had a large increase in commercial and industrial permits (+48% and +37% respectively), in addition to permits for new institutional buildings such as hospitals and other health care facilities. Investment in infrastructure also contributed to the increase in non-residential construction.
Value of Non-Residential Building Permits - Saskatoon Region
|
|
2008 |
2007 |
$ Change |
% Change |
City of Saskatoon |
|
|
|
|
Total Non-Res. |
405,677 |
323,314 |
82,363 |
26% |
Commercial |
119,986 |
80,944 |
39,042 |
48% |
Institutional |
27,499 |
790 |
26,709 |
3381% |
Industrial |
87,247 |
63,502 |
23,745 |
37% |
Assembly |
150,161 |
81,145 |
69,016 |
85% |
Misc/Temp |
20,784 |
96,933 |
-76,149 |
-79% |
Surrounding Areas |
|
|
|
|
Total Non-Res |
151,764 |
147,354 |
4,409 |
3% |
Commercial |
12,416 |
4,094 |
8,322 |
203% |
Institutional |
5,954 |
4,833 |
1,121 |
23% |
Industrial |
116,896 |
135,078 |
-18,183 |
-14% |
Assembly |
3,618 |
0 |
3,618 |
100% |
Misc/Temp |
3,618 |
3,348 |
1,400.0 |
285% |
Saskatoon Region Total |
12,880 |
470,669 |
259,254.5 |
18% |
Source: City of Saskatoon; Member Towns and RMs of SREDA
Value of Residential Permits - Saskatoon Region
The Saskatoon region ended the year with an impressive amount of residential construction. While permit values are lower in the region (-4.8%) compared to 2007, it is well above the long term average.
|
|
2008
|
2007
|
$ Change
|
% Change
|
|
Saskatoon Region
|
363,269
|
381,451
|
-18,162
|
-4.8%
|
|
City of Saskatoon
|
202,924
|
224,803
|
-21,859
|
-9.7%
|
|
Surrounding Areas
|
160,345
|
156,648
|
3,697
|
2.4%
|
Source: City of Saskatoon; Member Towns and RMs of SREDA
Housing Starts - Saskatoon Region
As shown by recent population growth, the Saskatoon region is becoming a popular destination. The past two years have seen a significant increase in housing starts in the region. In 2008, a majority of the growth in the region can be attributed to multiple-family starts (i.e. apartments, townhouses). A lower vacancy rate in the Saskatoon CMA, and new incentives for construction of multi-family units, the Region’s market is attractive for developers looking to invest in a solid market.
|
|
Total New Housing Units
|
|||
|
|
2008
|
2007
|
Change
|
% Change
|
|
Saskatoon Region
|
2,319
|
2,380
|
-61
|
-2.6%
|
|
City of Saskatoon
|
1,589
|
1,670
|
-81
|
-4.9%
|
|
Surrounding Area
|
730
|
710
|
20
|
2.8%
|
|
|
Single Detached Units
|
Multiple Family Units
|
||||||
|
|
2008
|
2007
|
Total Change
|
% Change
|
2008
|
2007
|
Total Change
|
% Change
|
|
Saskatoon Region
|
1,288
|
1,485
|
-197
|
-13.3%
|
1,031
|
895
|
136
|
15.2%
|
|
City of Saskatoon
|
772
|
909
|
-137
|
-15.1%
|
817
|
761
|
56
|
7.4%
|
|
Surrounding Area
|
516
|
576
|
-60
|
-10.4%
|
214
|
134
|
80
|
59.7%
|
