The following is a summary of the new quarterly data gathered by the SRHBA:
Single Family Permits: Overall, year-to-date, single family permits are currently up 19% compared to the same time last year. Despite being down slightly just for the month of September (compared to 2015), member permits have seen the greatest overall increase year-to-date (compared to non-members), at 28%.
Multi-family Permits: Overall, year-to-date multi-family permits for Saskatoon are down 58% compared to 2015. The good news is that this can mainly be attributed to non-member permits, as SRHBA member multi-family permits have only seen a 5% decrease.
Renovation Permits: Renovation permits for September 2016 are down 15% compared to September 2015. This reflects the overall trend for the year, with year-to-date renovation permits also being down 15% compared to last year. Again, the good news is that the decrease can mainly be attributed to nonmembers. SRHBA Member renovation permits are actually slightly higher for September 2016 than September 2015, and are down only 5% year-to-date, which is favourable in comparison to the much larger decrease for non-members.
Key Takeaways: Despite what reports may indicate, the home building market in Saskatoon appears to be in fairly healthy shape. Any slow down in the industry can be mainly attributed to multi-family builds, which are still adjusting to the excess inventory that resulted from the recent boom experienced by Saskatoon. Additionally, the slowing market appears to have mainly affected builders and renovators who are not SRHBA members, resulting in members taking up a higher market share in all three permit categories compared to last year.