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Saskatchewan’s Housing Market Experiences Robust Growth in March 2024

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In a positive sign of economic vitality, Saskatchewan’s urban housing starts surged by 12.1% in March 2024 compared to the same month last year, according to the latest data from Statistics Canada. This significant growth underscores the ongoing strength and expansion of the province’s economy.

Trade and Export Development Minister Jeremy Harrison commented on the development, stating, “Our province continues to grow at rates not seen in more than a century, and these numbers show just how many people are choosing to build a life in Saskatchewan. The growth we are seeing in housing starts is a result of our commitment to building a reliable market through the strength of our economy that is leading to more opportunities, more jobs, and more investments into our communities.”

The data reveals impressive gains across different housing types. Single-family dwellings saw a remarkable increase of 35.7%, while multiple unit constructions rose by 3.8%, compared to March 2023.

The term ‘housing starts’ refers to the number of residential building projects that began during the given month, serving as a key economic indicator.

This uptick in housing activity aligns with a broader economic surge in Saskatchewan, highlighted by a 96.2% increase in building permits in February 2024 from the previous month—the highest among Canadian provinces. Year-over-year data for building permits also showed a significant rise of 22.6% from February 2023.

Adding to the economic optimism, the province recently launched “Securing the Next Decade of Growth: Saskatchewan’s Investment Attraction Strategy,” along with a new website, investSK.ca. These initiatives are designed to further bolster growth and attract investments, reinforcing Saskatchewan’s status as a burgeoning economic powerhouse in Canada.

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