It's a good thing for those who already own a home in the province - except when the topic of taxes rolls around.
The overall value of property in Saskatchewan has increased by 67 per cent over the past four years as the province's population and economy continue to grow.
Overall states a release from the provincial government, the assessment of property in Saskatchewan has grown from $58 billion in 2009 to $97 billion in the 2013 revaluation year.
"This huge increase shows the strength of Saskatchewan's economy," Government Relations Minister Jim Reiter says. "If you own property in Saskatchewan, chances are it is worth a lot more than it was just four years ago and you will see that reflected in your property assessment notice."
Properties are revalued every four years in Saskatchewan and the property tax system levies taxes based on taxable property assessment.
This could translate into big costs for Saskatchewan taxpayers however the government says they are on top of the matter.
Reiter says that since the education property tax is levied on the assessment of property, the province will need to take a close look at the potential impact of the dramatic increase in property assessments on taxpayers.
"It is up to our government, along with strong leadership from municipal governments, to take a thoughtful approach in order to mitigate property tax increases as a result of revaluation... We will be doing that as part of the current budget process."
Finally, we're on par with the rest of Canada when it comes to home prices, but if we can't afford our taxes, are we really gaining anything?
