By Bryn Hadubiak

PA housing market looking strong for near future

Jun 19, 2014 | 6:32 AM

Despite a cooling off period in the winter, the Prince Albert area’s housing market is strong, according to stats from Prince Albert and District Association of Realtors.

“Homeowners are lucky to know that their equity is growing, whether they live in Prince Albert, Saskatoon, Regina, or pretty much any city across Canada,” said Alan Vogt, the association’s president.

The average sale price of a home in January 2008 was just more than $156,000, and in 2011 it was $182,781, said Vogt – a 17 per cent increase.

“Into January 2014, just listed this a few months ago, average residential sale price is $204,444. So, it shows a good, strong, stable market with housing in Saskatchewan and Prince Albert,” he said.

Some spots are always going to be different, but the local market is close in terms of what’s happening in other communities across the province, said Vogt.

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“We’re lucky here in Prince Albert because we have our lakes to the north, so our summer months, July and August, are actually quite busy because it opens up a whole marketplace,” he added. “Some of the other cities don’t have that.”

Although the rental vacancy rate in the city is high at seven per cent, sales aren’t slowing down, and first-time buyers are getting younger, said Vogt.

“Their families have grown with real estate and realized the tremendous value it presents to someone’s portfolio,” he said. “That first-time home buyer might not be renting anymore, (so) they’re trying to save up their down payments to get into home ownership.”

Single family homes remain the most popular, such as mid-sized bungalows, three-bedroom homes and executive homes, but other sales, including condos, rose over the last five to eight years, said Vogt.

With 900 listings across the board right now, the Prince Albert area has lots to offer, he added.

“Whether you’re looking for an acreage outside of the city, whether you’re looking for a first-time home, whether you’re looking to downsize, whether you’re looking for that condo – no matter what it is, the market is strong there for it.”

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On Twitter: @brynhadubiak