The City of Saskatoon is having a hopeful outlook in respect to growth as the city currently faces a weak economy. But in its recent prognostication, the city was very optimistic that there will be a gradual growth rate.
This slow growth rate will also continue to attract investors to the city and are motivated by the fact that the only way the City can move is upwards.
By 2035, the City projects that the city’s population will grow to 380,650 while the greater Saskatoon metropolitan area is expected to increase approximately 448,985. There is expected to be close to 2.0% increase in population on a yearly basis.
The city is basing their projections from figures from different sets of people in the population. In the next 20 years, the net migration is projected to increase by 69-74% which is 62,000-122,000 with the latest community aid project to help close to 10,000 people.
Additionally, the median age is expected to increase from 35.8 in 2015 to 37.4 in 2035 while the population of seniors is to grow from 12.8% to 14.1% by 2035.
These figures are just an indication that the City will definitely go through a gradual growth with the city making plans to cater for the growing population. The plan will take into consideration an increase in corridor growth, transit, core area bridges, employment sectors, transportation and financing.
However, amid the projected growth, Saskatoon which is one of Canada’s rapid growing city will likely encounter several challenges and maintaining the current infrastructure status will not be an easy task.
Nevertheless, population growth stands to be good news for the real estate sector especially in office, residential and industrial areas.