REGINA – As housing prices rise in Saskatchewan, many first-time buyers are being priced out of the market – something the province hopes to change through the HeadStart on a Home project.
“Part of our goal as a growing province is for people to feel like, ‘I own my home’,” said June Draude, Minister in charge of the Saskatchewan Housing Corporation.
HeadStart was launched in 2011. 64 townhome units in Regina’s Harbour Landing will be offered starting at under $260,000; a price-point the Association of Regina Realtors says is becoming rare.
“If you’re looking at something lower than that, it’s primarily in the resale market,” said Gord Archibald.
Canadian homes were less affordable in the second quarter, according to an RBC Economics report. That matches numbers from the Canadian Real Estate Association, showing the average July sale price in Regina was up to $311,046, a three per cent increase from June.
Archibald says that means first-time buyers may need to temper expectations.
“The most important thing is to get in the housing market and look at home ownership over the next 30 to 40 years.”
The government hopes the HeadStart project could have a spin-off impact too. With rental vacancies still below a goal of three per cent, more people may consider their first purchase, if they can afford it.
“This is definitely one of the ways we insure there are places for people to live,” Draude said.
The project is also supported by home builders and the City of Regina. It’s expected the townhomes will be complete in the spring.
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