Saskatoon one of Canada's top two entrepreneurial cities: Financial Post

Today on our Facebook page, we discuss a new “Communities in Boom” report, commissioned by the Financial Post, which names Saskatoon as one of Canada’s top two entrepreneurial cities.

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I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatchewan government delivers on affordable housing in 2012-13 budget

The government’s plan to reduce corporate income tax on profits generated through the development of new rental properties are being met with praise from the real estate industry. The 2012-13 provincial budget will provide a ten percent tax break to builders who construct multi-family projects of eight or more units over the next ten years.

From yesterday’s Regina Leader Post:

“We think the government is ‘bang on’ here,” said Alan Thomarat, CEO of the Saskatchewan branch of the Canadian Home Builders’ Association. “Any of the money that they’ll have forsaken with respect to revenue collection from taxation, they’re going to get back at least threefold as far as we’re concerned — in job creation, in the consumption taxes and the project development and in our ability to continue to make sure that there’s housing for the growing labour force we need here.”

“Rental housing now starts to make sense — where it hasn’t in the past,” said Al Didur, chair of the government affairs committee of the Association of Saskatchewan Realtors, who called the program “exciting” and said developers can “stack” it onto other incentive plans.

The budget makes additional allowances for affordable housing including;

• a $2 million funding increase for the Rental Construction Incentive and Affordable Home Ownership program;

• $10.2 million in new expenditures by Saskatchewan Housing Corp., including $1 million for Habitat for Humanity build homes for 20 low-income families;

• $9.2 million for the Rental Development Program to develop an additional 200 rental units in communities with long-term housing needs;

• the previously announced Saskatchewan First-Time Homebuyers Tax Credit, which provides a tax credit of $1,100 for an eligible home purchase.

Read: Government expands plan for affordable housing – Government of Saskatchewan
Read: Tax break for rental housing construction unveiled – CTV
Read: Budget 2012: Business gives enthusiastic reception to Sask. apartment plan
Read: Apartment plan ‘bang on’ – Leader Post

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Checking in on the progress in revitalizing downtown Saskatoon

In its last major plan for downtown Saskatoon, the city set a goal to increase the population of residents in the city centre to 10,000 by 2,025. The past few years have seen the development of roughly 450 housing units across several condominium projects but growth is sluggish and falling short of meeting objectives.  Could all of that change as River Landing Village finds a firm footing? What else needs to change in the short term to achieve that long-term goal?

Star Phoenix writer, David Hutton examines recent wins and the ongoing challenges in the revitalization of downtown Saskatoon in “Density in the downtown.”

Read it here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

Financing secured for first phase of River Landing Village in downtown Saskatoon

After a couple of years of starts, stops and stumbles, two forward steps looks like a lot of progress. Saskatoon city council, in a special meeting Wednesday, placed its final approval on the sale of Parcel Y after independent auditors confirmed that adequate financing had been secured to bring the proposed River Landing Village project “to grade.” The current plan calls for an underground parking structure to be built at a cost of roughly $60 million.

The next deadline to be faced by Dr. Karim Nasser’s Victory Majors Investment Corporation comes in fifteen days time when the complete $5.2 million dollar purchase price of the land must be paid. Once that’s done, the city will transfer title to the land to the developer.

“I feel very, very happy and elated because the city has been waiting for that project for over 30 years,” Dr. Nasser told the Star Phoenix. “It’s an exquisite, beautiful project, which fulfils all the demands that are required in the area.”

The most recent construction estimates suggest that we’ll see a ground breaking on the downtown site in the spring of 2011 with an estimated completion of roughly three years.

Star Phoenix coverage is here.
More from the CBC here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Low vacancy rates driving expansion of Saskatoon office space inventory

A Class-A office vacancy rate of less than 1 percent is driving developers to continue expanding the inventory in downtown Saskatoon.

Discovery Plaza is Saskatoon’s latest Class-A project. Completed in 2009 it brought more than 50,000 square feet to the market, all of which was quickly scooped up by BHP Billiton.

The redevelopment of the Capitol 4 site on First Avenue North is currently underway and will bring an additional 31,000 square feet in a building that will be known as the Capitol Centre.

More recently, Pillar Properties Corp. has just released plans for a four-storey office building at 141 Pacific Avenue. Construction will depend on some successful pre-leasing efforts. If sufficient interest exists the new building would bring another 50,000 square feet of Class-A office space to Saskatoon’s downtown core.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate