Paul Martin's Business Update - March 13th, 2014

Paul Martin's Business Update - March 13th, 2014

One of the strongest performing sectors of the Saskatchewan economy in the 10 years since things began to turn in our favor has been housing. It has been a source of both joy and moaning.

Moaning for those who didn’t get in early enough and joy for those who did.

We all know that home prices have risen sharply in that period, substantially increasing the net worth of many families in the province. And a new report shows just how much wealth has been generated.

Five years ago, the value of all residential property in the province – that is both single family and multi-door units – was $49 billion. Today it is $62 billion and this includes an allowance for depreciation.

Spending on new housing has also risen sharply – partly because prices are higher but mostly because of the new residents moving here requiring a place to live. Five years ago we spent $2.3 billion on new homes. Last year it was $3.9 billion – more than a 50 per cent increase.

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