Downtown Prince Albert. (File Photo/paNOW Staff)

By Jaryn Vecchio

Economic & Population Growth

P.A. in need of more housing as population grows alongside economic boom

May 16, 2023 | 3:31 PM

The city of Prince Albert is expected to see a significant jump in its population in the coming years but is there enough space to house everyone?

The answer is both yes and no.

According to Jesse Honch, a realtor with Coldwell Banker, there are quite a few places to rent in the community but they’re mostly in areas with high crime rates with people not wanting to move there.

It’s a different story in the more desirable areas of the city.

“There’s a massive demand and not enough supply,” Honch said.

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The housing market is also in a tough situation. Honch explained very few people are building homes right now as the cost is just too high.

“If you were to hire a good quality contractor to build a home, you’re looking at probably $400 per square foot. That same home, to try and sell it… it would be almost impossible to do so because you’d (have to list it) at a higher amount than what it would actually be worth,” Honch said.

He noted this is why you don’t see spec homes, new houses that a home builder constructs on the speculation that it will sell easily for a profit.

Honch also believes this won’t change until the federal or provincial governments step in to offer some sort of rebate. In his opinion, this could be as easy as removing the PST on these kinds of projects.

P.A.’s Economic Boost

A big reason the city is expecting to see a significant jump in residents is the ongoing economic boom.

Several big-name projects, such as the Victoria Hospital expansion, the Yard District, and the OSB Plant, are expected to bring in around $1 billion in investments into the city.

“I’ve been at the city for 15 years and I’ve certainly never seen as much excitement,” said Craig Guidinger, the manager of P.A.’s planning and development department.

One project he thinks will help with the housing concerns are the new apartment buildings being built near the hospital.

Moving forward, he expects to see multiple housing projects.

“When you see investment into a community, housing is usually quick to follow suit,” Guidinger added.

In the meantime, there are between 70 and 80 lots available for purchase through the city. Guidinger explained the city has seen a rise in interest in these properties.

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Jaryn.Vecchio@pattisonmedia.com

On Twitter: @princealbertnow