With all that has happened in the last five years, from stay-at-home orders to all-time low mortgage rates, curiosity in Canada's changing social landscape is more invested than ever. After completing their 2021 census, Canadians have been eagerly anticipating the news of how their country has been changing and what those changes could mean for many different facets of their lives. And with one of the country's busiest seasons of real estate just in our rearview, we'd be crazy not to wonder the specific implications to be had for selling and buying homes in the years to come.
What the 2021 Census Revealed About Canada
Before we delve deeper into the findings specific to Saskatchewan, we first need to look at what the 2021 Census revealed about the country as a whole. From 2016 to 2021, Canada's population grew a whopping 5.2%, now standing at just under 37,000,000. While an overall increase was seen, though, it's important to note that in that final year—impacted, of course, by the COVID-19 pandemic—we actually saw the lowest growth since WWI. This, understandably, leaves us wondering just how much more would Canada have grown without the “pandemic effect?”
The other exciting trend noted in the 2021 Canadian census was shifting toward a more urbanized population. Though 2020 seemed to be indicating an exodus of people moving away from city centres, the overall population growth showed more Canadians actually moving toward the downtown cores. In fact, downtown areas saw an increase of a whopping 10.9%, double what we previously saw in the past census report. The next highest growth area was distant suburbs, growing at 8%, then near and immediate suburbs at 6% and 5.4%, with the smallest growth seen in the urban fringe at just 3.7%. So what does this mean for Canadian real estate?
From this, we can see that Canada is still growing without a doubt. Immigrants worldwide continue to flock to take advantage of our robust healthcare system, job market, and opportunities. And within our growing population, we've seen a shift of people looking to be closer to the city centre. Convenience and commutability are becoming more of a priority for Canadians, as they seek out an urbanized setting in lieu of the quiet of the countryside.
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What the 2021 Census Revealed about Saskatchewan
In tandem with Canada's overall growth, Saskatchewan's population also grew by 3.1% from 2016 to 2021. Now, with just over 1,132,000 people, the province is slowly becoming more crowded than ever before (though I don't foresee us ever reaching Toronto levels of "crowdedness" any time soon). And though they were among the slowest growing cities in the country, Saskatoon still saw an increase of 7.6%, while Regina trailed behind, growing only 1.6%. Why this imbalance between the province's two major cities, though?
Unfortunately, Regina is no stranger to slower population growth due to one bylaw that may hinder further development. Currently, downtown vacancy has to be below 6.5% before more development outside downtown can be approved. And with its denser concentration of buildings in the downtown area, and fewer green areas to find a feeling of space, the incentive to stay close to the city centre is lower. On the other hand, Saskatoon prioritizes that openness, with a more significant concentration of parks, scenic river views running right through downtown, and more spread-out homes. This gives the city a distinctly liveable feeling that certainly feels less urban.
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The 2021 Census & Saskatoon Real Estate
While a simple collection of data obviously can't tell us precisely what will happen in the coming months and years in Saskatoon real estate, there are a few predictions we can make from the trends seen in the 2021 Census. First and foremost, with continued growth in the province, specifically concentrated in the city of Saskatoon, we can expect to see more demand in the housing market. More people means more families needing homes, so if you're considering selling your home in the coming years, you can rest assured there's a buyer for you in store.
The other trend to note is the move towards more urbanized settings. As homebuyers set their sights on the convenience of living closer to downtown, Saskatoon sellers with homes in the central areas—City Park, Nutana, Riversdale, etc.—may find themselves more in demand.
Of course, nothing is ever set in stone in the real estate market. The 2020 and subsequent 2021 real estate markets were perfect examples of this, with record-breaking sales numbers no one would have predicted in the wake of a pandemic. But with a strong, sustained influx of new Canadians seeking out new homes, we can always assume there will be more people looking to buy a house.
Want to discuss what current real estate market trends could mean for your plans to buy or sell a home? Contact me today!
Posted by Kent Braaten on
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