The province continues to be an economic head in Canada, minister says
Saskatchewan’s urban housing starts have surged 87% between June 2021 and June 2022, marking the second highest year-over-year (YoY) growth rate in the provinces.
Its success also far exceeded the national average of 0.2% during the same period.
Housing starts increased 175% during the first half of 2022 compared to the same period in 2021, which resulted in a record month-on-month (MoM) investment in building construction across all provinces.
By May, Saskatchewan was also leading the provinces in both MoM and YoY wholesale trade growth. The same can be said of the province’s merchandise exports as it recorded a 55% YoY increase and 22% MoM increase compared to 2021.
Last month, Saskatchewan welcomed 22,300 new jobs, bringing the local unemployment rate down to 3.9% – the second lowest across the provinces.
“Once again, Saskatchewan is one of the top performing provinces in a key indicator of economic growth,” Trade and Export Development Minister Jeremy Harrison said. “This major increase in housing starts, combined with our strong record of job creation and investment attraction, shows there is tremendous confidence in our province continuing to be an economic leader in Canada.”
Read more: Is Saskatchewan set to weather the coming rates storm?
Canadian Mortgage Professional reported in May that Saskatchewan’s housing market appears to be well positioned to ride out impending rate increases – and that it did in the last few months of continuous rate increases.
Mortgage brokers said this is because aspiring homebuyers and current homeowners in Saskatchewan are likely less vulnerable to the rate hikes since the province is much more affordable than scorching markets like British Columbia and Ontario.
Only time will tell how Saskatchewan will fare with the Bank of Canada’s latest full rate increase.
