Housing starts up in Saskatoon, while Regina's are declining

·1 min read
In Saskatchewan, Saskatoon is seeing a number of more housing starts compared to Regina, according to the Canada Mortgage and Housing Corporation.
In Saskatchewan, Saskatoon is seeing a number of more housing starts compared to Regina, according to the Canada Mortgage and Housing Corporation.

(Benoit Daoust/Shutterstock - image credit)

National yearly housing starts are on the rise, however Saskatoon and Regina tell two different tales.

Housing starts are the number of new houses begun during a particular period and used as an indicator of economic conditions.

"The national trend in housing starts increased in January," Bob Dugan, CMHC's chief economist said in a statement. "Both single- and multi-family SAAR [seasonally adjusted at annual] starts rebounded strongly in January from declines in December, driving the overall trend higher."

According to the Canada Mortgage and Housing Corporation, Saskatchewan had a 34 per cent increase in housing starts in Jan. 2021 compared to Jan. 2020, however the year-over-year picture is rosier in Saskatoon compared to Regina.

Saskatoon had 264 housing starts in Jan. 2021, compared to 167 in Jan. 2020. This is an increase of 58 per cent in the Bridge City.

In Regina, there were about 50 housing starts in Jan. 2021, compared to 69 in Jan. 2020. Regina had an estimated 26 per cent drop in housing starts as a result.

The CMHC's seasonally adjusted rate — which compares Jan. 2021 to Dec. 2020 — on housing starts paints an even bleaker image of Regina's housing capital.

In Regina, seasonally-adjusted rates declined 45 per cent between Dec. 2020 and Jan. 2021, while Saskatoon saw a 93 per cent growth in the seasonally-adjusted data for the same period.