Saskatchewan economy underperforms on expectations

Statistics Canada released its Gross Domestic Product numbers yesterday which show that the Saskatchewan economy underperformed on expectations and forecasts of RBC Economics, CMHC, and the Conference Board of Canada, all of which estimated higher growth of between 4% and 4.8% for Saskatchewan in 2007.


According to the report, Saskatchewan’s economy grew by 2.8% through 2007, just a smidge higher than the national average of 2.7% and well below the other western provinces, which saw growth ranging from 3.1% to 3.3%.


Doug Elliot of Sasktrends Monitor told the Star Phoenix that Statistics Canada’s numbers are a more accurate reflection of the provincial economy than those of private sector economists.


“I think the Conference Board (of Canada) and all of the bank (economists) have been overstating the strength of Saskatchewan’s economy.


“We’re doing fairly well, but we’re not this powerhouse that everybody seems to think we are.”


Hmmmm?


Read the Star Phoenix coverage here.

Read the StatsCan report 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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatchewan income growth: the good news and the bad news

Statistics Canada’s latest income report contains some good news for the province. Saskatchewan led the country for overall income growth seeing average weekly earnings increase by 5.4%, compared to the 3.1% growth experienced nationally. Average weekly earnings in the province rose to $742.62 in December of 2007, from $704.79 in December of 2006. Saskatchewan also saw one of the largest decreases in Employment Insurance recipients.


If you’re looking for the negative nugget in this story, you could point to the fact that average weekly incomes in Saskatchewan still lag behind the national average of $782.02 and well below Alberta, the province we seem desperate to become where the average weekly income is $860.31.


Hopefully with the momentum that Saskatchewan seems to have 2008 will be the year that incomes catch up with the rest of the country.


Read the Star Phoenix coverage here

Read the StatsCan report 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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon leads nation for increases in new house prices in 2007

Saskatoon leads nation for increases in new housing prices in 2007The cost of building a new home in Canada increased 6.2%, year over year, according to the New House Price Index Report (no longer available) released today by Statistics Canada.

“Regionally, prices again rose at the fastest pace in Saskatoon, which led the nation with an annual price increase of 45.1%. On a month-over-month basis, housing prices rose 1.0% between November and December in Saskatoon. A number of factors were behind the gain, including increased costs for concrete and drywall, as well as higher land development costs reported by some builders,” says the Statscan report.


Windsor, where the cost to build a new home decreased by 1.1% from December 2006 was the only Canadian market to experience a decline over the last year.

Price increases across Canada came in as follows:


Regina – 25.9%

Calgary – 6%

Edmonton – 21.5%

Winnipeg – 15%

Vancouver – 6.4%

Victoria – 1.6%

Toronto – 3.4%

Thunder Bay – 5.9%

London – 3.1%

Hamilton – 2.8%

St. Catherines-Niagara – .3%

Montreal – 4.1%

Halifax – 10.4%

St. John’s – 7.9%


Thanks to Jedi who posted this link to the CBC coverage.

Thanks also to St. John’s blogger Stephen Winters for sending me this link to the Globe’s coverage.

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatchewan population tops the one million mark

Saskatchewan population tops the one million markAccording to a Statistics Canada population report released today, Saskatchewan has passed the one million mark for the first time since 2001. The province’s population was estimated to have reached 1,003,300 by October 1, 2007 an increase of 6,400 people since July, making it the country’s fastest growing province. According to the report, the provincial population has been “on the rebound” since the fourth quarter of 2006 when it bottomed out at 986,900 people.


Interprovincial migration accounted for two-thirds of the growth and was primarily fueled by people who returned to Saskatchewan from Alberta.


Who doesn’t know someone who moved back to Saskatchewan this year?


Read the StatsCan release 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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatchewan showing largest retail sales growth: Stats Canada

Saskatchewan showing largest retail sales growth: Stats Canada

According to a new report by Statistics Canada, Saskatchewan experienced the largest increase in retail sales when compared to all other Canadian provinces between July 2006 and July 2007. Retail sales in Saskatchewan surged ahead 11.5% during the study period, well above the national average of 3.8%. Alberta was second amongst the provinces showing growth of 8.4%.

Retail market showing the most growth included automotive, building and home supplies, home furnishings, pharmacies and general merchandise. Sales in food and beverage saw a slight decline of 1.1%

I thought this was an interesting follow up to Consumer spending about to peak in Saskatchewan.

Read the Star Phoenix story 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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate