Is This Market The Next Investing Frontier ?
In today’s episode, your hosts Daniel Foch and Nick Hill are joined by Carla Browne as they discuss the Saskatchewan market. They identify that Saskatchewan benchmark home price is $340,400.Compare that to the national average Average Sold Price $699,117. Due to this, they discuss with Browne on What are the biggest opportunities in the Saskatchewan real estate market right now, how will the Saskatchewan market will change in the next 5-10 years and how do people build out the systems to properly invest out of province.
Key Takeaways:
There is a the synergy between real estate, mortgage brokerage, and property management including the value in having a knowledgeable mortgage broker to navigate the complexities of financing.
There are several opportunities in Saskatchewan, particularly in smaller bedroom communities and the densification of cities like Saskatoon.Saskatoon is behind in legislation for densification but is beginning to catch up, which presents investment opportunities.
There's a shift in the rental market where renting is becoming a choice rather than a necessity. Many people, including younger generations and seniors, are opting to rent for flexibility and convenience, rather than owning a home.
There is a popularity of the buy-and-hold strategy among investors as the interest in smaller multiplexes and stressed buildings that can be renovated continues to grow. This adds to long-term value of real estate assets and sees steady price increases in Saskatchewan, making it an attractive market for investors.
Non-permanent residents and new Canadians significantly impact smaller markets like Saskatchewan more than larger markets. This population growth, particularly from international students, is driving rent increases in these areas.
International students often stay in Saskatchewan post-graduation due to the small-town feel and community integration. Employment opportunities in fields such as logistics, agriculture, medicine, science, and tech contribute to their decision to stay.
Saskatchewan is considered a hidden gem with ample opportunities for investors. The market remains affordable compared to larger cities, making it attractive for those looking to invest in real estate but unable to afford properties in places like Toronto.
Effective property management is essential. Investors often overlook its importance, but proper tenant screening and unemotional management of properties can prevent significant issues and ensure the property's value increases.
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