“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
“What it essentially has done is number one, it’s priced potential buyers out of the market, because you add that to the stress test; or put potential buyers that still could afford a new home … on the sidelines. Also worth remembering is that there are very few quality existing single-family homes on the market, even as it slows down.
“For the industry, they’re immensely concerned about what impact that’s going to have. How we’ve positioned it to the government … is in a perfect world to remove PST on new housing, but if not that, extend the program. We need it. And we need it now. And so, due to all of these factors, builders have shifted their activities to purpose-built rentals, which now account for 48 per cent of construction. Burgess said she couldn’t believe the magnitude of that shift.Article content
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