Meadow Advantage

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Meadow Lake Tribal Council

HOUSING & REAL ESTATE

Meadow Lake is a growing community with affordable housing to meet the needs of each family’s budget. The Town of Meadow Lake has been one of the fastest growing municipalities in Saskatchewan over the past 20 years. When compared to other Saskatchewan communities, Meadow Lake has shown relatively strong growth in population levels. With the combined populations of the Town of Meadow Lake, Rural Municipality of Meadow Lake and Flying Dust First Nation, we are now approaching the 10,000 level!

Housing in Meadow Lake – some of the statistic information in this report is based on a Market Study Report produced by North West Properties.

The Market – The Investment

The values of 10 – 20 year old bungalows in Meadow Lake have increased by about 42% or 3.6% per annum over the last 10 years ending in 2005.

Over the last 10 years, values of 10 – 20 year old bungalows in Meadow Lake have increased by about 1.2% per annum when adjusted for inflation.

The number of sales of houses in Meadow Lake has averaged 77 per year. This average is fairly constant through out the years. The high year is 99 sales and the low year is 54 sales.

A house in Meadow Lake is a stable investment in an active market place.

Cost Comparison

  Meadow Lake Fort McMurray
Purchase Price $155,000 $350,000
10% Down payment $15,500 $35,000
Sub Total $139,000 $315,000
Plus: CMHC Fees $3,487 $7,875
Total Mortgage to Finance $142,987 $322,875
     
Payment-Mortgage @ 6.45% over 25 yrs $953.43/mo $2,152.92/mo
Total Interest paid $143,043.02 $322,998.52
Total input into house $301,530 $680,873

Owning a house in Meadow Lake will add disposable income available to a family, of an additional $1,199.49/mo or $14,393.88 per annum.

The Rental Market

As per North West Properties research, in Fort Mac, a 1 bedroom suite is renting for $2,900/mo and a 2 bedroom suite is renting for $3,200/mo.  In Meadow Lake, good quality apartments top out at around the $650/mo.  This is a difference of $2,250/mo - $2,550/mo.