Market data from RE/MAX Saskatoon shows that the average price for a home has increased by 10.8 per cent since 2012, jumping from $398,000 to $438,000. The population has increased by just over 3 per cent, and is expected to continue its upward trend over time.
East Central Saskatoon often generates interest from student renters, given its proximity to the University of Saskatchewan. With many investors attracted to student rentals, this neighbourhood could potentially be a perfect match for them.
“This area is centered around the university,” explains Leslie Gallagher, an agent with RE/MAX Saskatoon. “It’s very attractive to students. We have students purchasing properties, which is cheaper than renting over several years.”
Aside from its proximity to the university, East Central Saskatoon is also a short distance away from the city’s downtown core, as well as various amenities and services.
The vacancy rate in the area is around 0.5 per cent, with the average rent for a house now at $2,000.
“Prices have been going up at a steady, gradual pace year-after-year for the foreseeable future,” she says.
Student rentals are the best buys in East Central Saskatoon. Specifically, a single-family home that can be rented out to one or more student tenants can generate some decent returns for investors.
“A house on a 50-foot-wide lot with a rental suite in the basement is a good example,” says Gallagher. “This is what you need if you ever want to split the title.”
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To say that Saskatoon has seen abundant growth over the last few years would be no understatement. Home to several burgeoning industries, including potash, oil and agriculture, the creation of new jobs in these sectors has had a strong effect on the city’s real estate market.