Both cities are in the province but there is definitely a difference in the markets.
In broad terms, the economies in Regina and Saskatoon move in the same general direction. Major influences such as commodity prices affect the entire province and the cities move in tandem.
There are some sectors, though, that are distinctly local such as housing.
StatsCan’s monthly assessment of the cost of building a new house in the country’s major cities shows Toronto and Vancouver with solid increases. But others like Calgary and Quebec City are seeing reductions.
In this province we’re seeing both. The cost of building a new house in Regina is rising right now. Saskatoon is going the other way with the sharpest decline in the country at 2.4 percent when compared to this time a year ago.
This reflects builder attitudes. Regina homebuilders slowed their activity a year ago, allowing the market to absorb excess inventory so prices are again rising. In Saskatoon, the slowdown is happening now as builders offer lower prices to move their product.
So where is the best place to live in Saskatchewan: Dog River or Wollerton? Well, the City of Weyburn could make a pretty strong argument in answering that question.
MoneySense magazine has just published its listing of the best cities in the country to live in. Ottawa tops the list. And the highest ranked Saskatchewan community is Weyburn. It stood at #28, one place ahead of Winnipeg. Regina was five spots behind.
Moose Jaw ranked 58th, Saskatoon was #68, Estevan was 97 and Yorkton took the 100th ranking.
All told, the magazine ranked 216 communities in the country. It took into account, as you might expect from a magazine dedicated to finances, things such as income levels, unemployment, housing costs, accessibility to health care, crime rates and so on.
When all of these were factored in, Weyburn stood first among Saskatchewan communities as it claimed one top ten ranking – for housing costs – and four checkmarks for being in the top quartile on incomes, net worth, access to health services and healthy population growth.
Demographics are a big thing in the business world. They are a key driver of the economy. For example, one of the reasons our population is growing is that we’re living longer. And that has a financial impact.
A new report from CIBC Capital Markets drives home that point by noting that the biggest inheritance in history is taking place.
They estimate $750 billion will change hands – from one generation to the next – in the upcoming decade. There are more than 2.5 million people in the country over the age of 75 and half of them are widowed. In the coming years, that cohort of the population will grow and they will be wealthy, with a net worth of nearly a trillion dollars.
As the money moves from one generation to the next, it will change retirement income patterns and demand for things such as health and elder care. This could reshape the financial planning industry as well as the care sector.
The average inheritance these days is $180,000 but they’re bigger in BC because of property values.
Paul Martin You’ve heard him on the radio, seen him on TV and read him in newspapers and magazines. Paul is a popular keynote speaker on topics ranging from the economy to tapping community potential. His unique blend of communication and business knowledge has made him a highly sought-after consultant. As the Chair of Martin Charlton Communications, Paul is MCC’s ‘go to’ guy for all things business in Saskatchewan. He is the chair of four Saskatchewan branches of TEC (The Executive Committee) – a global organization dedicated to improving the performance and enhancing the lives of CEOs – which has over 50 CEOs and senior executives among its Saskatchewan members. The long and short: Paul knows the province’s corporate community and business economy like few others. He is a potent conduit for anyone looking to do business in Saskatchewan, Canada’s fastest growing economy. His strategic advice is unrivalled.