“Deals are collapsing. No one is buying because there is so much uncertainty. But if the population is going to grow, we need housing.”
Burgess rents out a small home in an older Saskatoon neighbourhood. Her tenants recently gave notice, and of course she advertised it for rent.“Within 24 hours, I had 500 responses. I was shocked. I don’t know where people are living,” she said.Article content
“They’re sitting back and waiting to see what’s going to happen with interest rates in the coming months.”Article content Meanwhile, while the supply chain is improving, it’s still plaguing the home-building industry, as are labour shortages. Government fees are increasing “faster than inflation,” she said.The other enormous issue about to face home building is the demise of the PST rebate on new homes, coming at the end of March. Buyers receive a 42 per cent rebate from the province for homes priced between $350,000 and $450,000.
“It would be a very important step forward in mitigating the increase of interest rates. But it doesn’t sound like that’s going to happen.” Builders are also being careful not to overbuild as they did 10 years ago. Saturating the market with homes that sit for a long time is also a lousy idea, regardless of demand — even pent-up demand, which is surely coming at some point.And if we do see the population surge the government is hoping for, where will we put these people?
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