|The Saskatchewan Economy Keeps Booming|
|Written by Gord Wiebe|
|Tuesday, 14 August 2012 07:27|
The economic engine in Saskatchewan is still rumbling. The Canada Mortgage and Housing Corporation says Real GDP here is expected to continue above the national average, posting a gain of 3.1 per cent this year and 3 per cent next year. CMHC thinks employment will rise by 2 percent in 2012 and 1.4 per cent in 2013 with the labour market remaining tight. Immigration is expected to reach a record high of 12 thousand people this year followed by 11 thousand more next year. Most of these people will be from out of country.
The Housing Corporation says single-detached housing starts will rise to 49 hundred units this year and 47 hundred more next year. Multi-family starts will increase by 36 hundred units in 2012 and 35 hundred in 2013. And the average MLS price in the province is expected to hit 269 thousand this year and 275.5 thousand next year.
CMHC has a moderating outlook for the existing home market, for the rest of the year, across Canada. That will lead to moderate growth in renovation expenditures. Here in Saskatchewan, it's expected that people will spend 1.7 billion dollars fixing up their homes. That's about the same as last year. But CMHC thinks we will see a record level of MLS sales this year and elevated numbers next year. That will help push renovation expenditures in this province up by 5.6 per cent to 1.8 billion dollars in 2013. [gw aug 14 2012]
|Last Updated on Tuesday, 14 August 2012 07:50|