As the Canadian property market continues to boom, even relatively remote areas are experiencing growth. If buying property in Canada appeals to you, and off the beaten track also sounds good, Saskatoon might be a place to look for Canadian real estate.
This city in central Saskatchewan is considered the province’s largest. With a population of more than 200,000, it officially outnumbers the provincial capital city of Regina. Known for its beautiful bridges and called the Paris of the Prairies by some, Saskatoon has some interesting things going for it that are making it attractive to investors. This is especially the case for investors who are interested in the steady income buy-to-let strategies can provide.
As it stands right now, the city of Saskatoon has less than a 1 percent vacancy rate on rentals. This means the potential demand buy-to-let investors will enjoy could prove rather high. Whilst some apartment complexes are planned here in the near future, overall developers are not considering this possibility.
It seems even with the low vacancy rate and the demand for rentals high, developers here are putting their money in condominium complexes instead. According to the Canadian Mortgage and Housing Corp., this trend makes sense economically for developers. Paul Caton, an analyst with the firm, says the fast return on investment is making this option appeal to developers.
Whilst the condominium building trend might not be good for the city’s residents in search of rentals, it could prove excellent for investors. Those who choose to purchase condo units or houses to cater to the rental market might find themselves with more demand than they can handle.
Buying real estate in Canada in Saskatoon does bring some interesting potential. Whilst this city is in the middle of an interior province, it does have some unique things going for it. The city is considered one of the world’s biggest agricultural biotechnology centres. With the University of Saskatchewan and the Innovation Place Research Park within its boundaries, high-paying jobs are found in the region. The university and several other institutes of higher learning also mean there is a steady influx of students to let property to. Add to this the fact that Saskatoon is also the home of Cameco and PotashCorp, both international companies, and the economic stability of the region is relatively well assured.
With price growth on the rise throughout Canada, this country is appealing to buyers from all over the world at the present time. If the more common investment markets of Toronto, Vancouver and Montreal don’t appeal to you, Saskatoon just might. This could prove an especially interesting destination for investors with a buy-to-let strategy in mind. The city’s natural beauty, strong industrial backbone and lack of rental properties all make it stand out currently.
