Any tips for Saskatoon??

[Dan Golby]

I will be moving to Saskatoon in the near future and want to start planning how I can make some money in real estate once I get there.
I likely won't be buying until early 2017, maybe even middle of 2017 so I hope the market is near the bottom at that time.
I was thinking about buying an older home and putting a basement suite in it while I live in it. I've been seeing lots of "non-conforming" basement suites on kijiji ads. Could someone tell me what I need to be conforming. In Alberta it is separate heat and separate ventilation so I assume that's the same??
I'm an electrician and have access to some tradesmen there so it should go fairly smooth I hope.

If anybody has tips on best areas for investment please let me know. I only made the decision to move there a few days ago so please forgive my lack of knowledge and steer me in the right direction
Thanks!

 

[Cory Sperle]

I started my real estate investments there 16 years ago with a non confronting suited house. Avoid the black triangle in the west side alphabet district. Stick to the east side in locations with easy access to transit and shopping as you will do well.

 

[Dan Golby]

Thanks very much! That alphabet district does seem like a sketchy part of town!

 

[kfort]

The blanket statement about the "west side" doesn't really apply anymore. Some areas experiencing real good appreciation on west side.

That said, the stigma still exists and a lot of parents still hear the "no west side" statement from friends and won't let their kids stay anywhere but SE corner or Sutherland.

Lots of real good places in Saskatoon. Stay away from condos for a couple more years unless you want near zero appreciation. There are a couple shady builders to shy away from also.

 

[Dan Golby]

Thanks for the tip.
Definitely not going to be a condo, just not my thing. Rather rent a basement suite

 

[kfort]

You'll find that an east side location will most likely rent easier, just may not experience that same appreciation overall (even if you're developing a basement suite) that certain west side spots may. The way I see it, no wrong answer. One is a forced appreciation play AND ease of operation, one is more so forced appreciation and a little bit more hands on wrt turnover etc. probably.

I've done both and haven't lost my shirt yet

 

[kfort]

Also the guidelines for suite development are on the city of Saskatoon page. For "non-conforming" (this is very different than "illegal") there is also a grandfather program that I believe goes back to 1989. This is also outlined on CoS webpage.

For illegal suites, I've never heard of even one getting a permit. Ever. ..at least not retroactively. They'd make you decommission it entirely (anything w/o permits) and start again.