Saskatchewan provincial leaders discuss affordable housing at annual conference

The annual Saskatchewan Realtors Association (SRA) State of Real Estate conference is underway, showcasing the province’s strong realty market.

However, the meeting is also raising questions around housing affordability.

The cost of new homes, especially in Saskatoon and Regina, on the rise is good news for current homeowners, but some are concerned about future buyers. Increasingly unaffordable housing is making it tough for prospective homeowners to get in.

“It is definitely more attainable here than in other provinces, but sometimes that doesn’t resonate when people see the market and struggle and require a lot more patience to find what they’re looking for,” says SRA CEO Chris Guerrette.

The most recent data from Statistics Canada shows homeownership rates in the province are one of the highest in the country at 70.7 per cent.

In the face of cost of living, the high rates of homeowners are falling across the country.

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“We know that across the country that number is going down, because affordability is a real challenge,” said Guerrette.

The province’s answer to increasing affordability has been to increase inventory.

“At the end of the day largely what we’re talking about in this space as well is the number of social challenges that we have,” said Premier Scott Moe.

“We need to encourage building more, whether it be rental units or houses for families in the province. The way to do that is to encourage investment. The way to hinder that is to enact policies like rent control.”

Rent control, however, is the solution, according to Saskatchewan Opposition Leader Carla Beck.

“Right now, too many people in this province are worried that they’re but one rent increase away from being homeless. That needs to stop. We need rent control, and we need it now,” said Beck.

Meanwhile, Guerrette echoes the province, saying inventory is what matters most.

“If you talk about rent control as a blanket policy across the province, that’s a really tough one to continue moving forward because we know it will have an impact on the potential for inventory and we need inventory,” says Guerrette.

For many, the question of an affordability timeline remains the same.

“How do we get our young professionals back into, ‘Yes, you can have that dream of homeownership in Saskatchewan,’” said Guerrette.