INVESTING IN SASKATCHEWAN’S RESIDENTIAL PROPERTIES
Investing in residential properties is a tried-and-true method for building wealth and financial stability. It's a venture that individuals can embark upon at any stage in their life, whether they're a young adult just starting, a professional in their middle years, or someone nearing or enjoying retirement. This article will guide you through the steps of investing in residential properties and present compelling statistics on why Saskatchewan is a prime location for property investment.
WHY INVEST IN RESIDENTIAL PROPERTIES?
Stable Income: Investing in residential properties can generate a consistent source of income through rentals. The amount you can earn depends mainly on the location and type of property, but generally, rental income is a reliable financial cushion.
Appreciation: Over time, real estate properties typically appreciate, allowing investors to sell them for a profit in the future.
Tax Advantages: Property investment offers various tax benefits, such as deductions for property taxes, mortgage interest, and operating expenses related to property management.
Diversification: Real estate investment is a great way to diversify your investment portfolio, providing a tangible asset that often moves inversely to the stock market.
STEPS TO INVEST IN RESIDENTIAL PROPERTIES
Research
Conduct extensive research to understand the real estate market trends, including factors like location, type of property, and current market prices.
Financial Assessment
Evaluate your financial capability by considering your credit score, available capital, and ability to manage potential mortgages and maintenance costs.
Property Selection
Choose a property that aligns with your investment goals. Consider location, size, condition, and potential for rental income or appreciation.
Professional Advice
Your local family real estate team can aid you from start to finish!
WHY INVEST IN SASKATCHEWAN?
Growing Population
Saskatchewan's population has been exponentially growing since 2020. According to Statistics Canada, today's population estimates exceed 1.2 million people, an annual increase of 2.6% compared to last year, signalling a greater demand for residential properties.
Affordable Property Prices
Saskatchewan offers affordable residential properties compared to other Canadian provinces, making it an attractive destination for investment. The Canadian Real Estate Association says the average residential sale price in Saskatchewan was $327,800 in August 2023, far less than the national average of $650,140. Even our two largest cities, Saskatoon & Regina, still hover around half the national average home price.
Economic Stability
Saskatchewan has a diverse and resilient economy supported by various critical industries such as agriculture, mining, and technology. Due to our abundance of natural resources, our economy remains relatively stable in times of uncertainty. The province's stability is especially evident when tying in Saskatchewan's GDP growth of 5.7% from 2021-2022, the highest in the country. A stable & growing economy = a stable & ideal environment for real estate investment.
High Rental Demand
Do you know someone looking to rent a place? Ask them about their experience. Finding a rental today is challenging! There are few to no vacancies in the cities, and when something becomes available, it's rented immediately. This demand can translate to consistent rental income for property investors.
Have any questions? Contact us - we'd love to hear from you.
Your family real estate team:
Taylor Morrison
306.370.8474
AJ Morrison
306.270.1965
Léo Morrison
306.227.8383
hello@morrison87.com
