The Saskatoon Home Team

Where Integrity Meets Hard Work


Welcome to 115 Senick Crescent, an amazing bi-level on quiet crescent in Stonebridge! This 2012 Montana built home has an open floor plan, vaulted ceilings, and lots of natural lighting. Tasteful granite, espresso maple cabinets, pantry, large island and dining area that opens to deck and beautiful backyard. Contemporary colours, hardwood and ceramic tile flooring, low E windows, and R50 insulation in attic. 3 Good sized bedrooms up, with large master boasting a walk in closet and 3 piece bath. Fully landscaped, large deck, basement with tall ceilings and lots of windows ready for development, insulated and dry walled double attached garage, heat recovery unit, and much more! A must see!


Click here for more details, pictures and price: http://www.saskatoonhometeam.ca/mylistings.html/details-68574953

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A lot is happening early in 2016 with the global economy, whether it is the price of oil or the free fall of the Canadian dollar.  Consequently a lot of Saskatoon home owners are wondering what the forecast is like for the Saskatoon real estate market in such uncertain times. Being a Realtor, you always get asked the question by friends, family, or in the hockey dressing room, ‘what’s the market like?’. Over the holidays, all things real estate always slow down and that usually follows with a bout of bitterly cold weather which keeps people inside and gives them a reason to binge watch shows like ‘Making a Murderer’ on Netflix. With that said, over the past 3 weeks we have seen numbers actually improve when compared to numbers from early January 2015.

 

 

According to the Canadian Mortgage and Housing Corporation (CMHC), there are some things to look out for in the coming year:

-          Housing starts will decrease in 2016 and ramp back up in the beginning of 2017.

-          Prices will increase slightly in 2016 to and rise again more dramatically in 2017. The average absorbed price for a new single-detached home in Saskatoon is forecast to rise modestly from $455,000 in 2015, to $462,000 in 2016.

-          After hitting a 32-year high of 1,954 units in 2014, multi-family starts in the Saskatoon CMA, are forecast to decline 19.4 per cent to 1,575 units in 2015. While there has been an increase in demand in the past year for lower-priced options such as condominium apartments, a slower pace of employment growth and net migration will moderate demand for multi-family dwelling types moving forward. This will lead to a reduction in multi-family starts to 1,550 units in 2016.

-          Vacancy rates for rental units will climb from 3.5% to 3.9%

-          Mortgage rates may rise slightly, however they should remain historically low.

-          Higher listing inventory will provide more choice in the resale market and also contribute to a decline in housing starts.

-          Less move-up buyers in the market.

 

I have heard some positive news here, from a Globe and Mail article which states that foreign investors have their sights set on Saskatoon. Regardless of the oil & gas industry taking a major hit, Saskatoon looks promising to investors in the agriculture and timber markets. Foreign investment could bring more money to the Saskatoon area and stimulate our economy.

 

Ultimately when someone asks me about the market, I tell them a few different stories. If you have a developed re-sale home, you can most certainly achieve top dollar. However, if you have a condo, townhouse, or new home, it’s likely a different story.

 

If you’re looking for some guidance during these uncertain times, don’t hesitate to give us a call! 

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In November 2015 we’ve seen some interesting developments in the Saskatoon real estate market as single family home sales outpaced sales volume from 2014, while the condominium market has slowed considerably. Agents have been hammering home the notion that pricing in this market is everything when listing a property as there is no room for speculating with a high price.

 

It’s interesting when looking at the numbers from November 2015 to those during the same time period last year.


Single Family Homes


Year

Number of Sales

Average Price

Days on Market

Avg Selling Price Under Asking Price

2015

226

$375,108

46

-$9,985

2014

210

$383,715

37

-$9,016

 

Condominiums


Year

Number of Sales

Average Price

Days on Market

Avg Selling Price Under Asking Price

2015

58

$306,082

73

-$10,984

2014

210

$283,728

63

-$9,319

 

Single family home sales are actually out-performing figures from 2014, which is something we haven’t seen much of this year. Meanwhile condominium sales volume has dropped nearly 72% from November 2014 as compared to this year. In both markets, prices have come down slightly while average days on market have risen due to the competition in the marketplace. It’s also interesting to note that since prices have come down slightly, the average selling price under asking has remained for the most part very similar to figures in 2014.


New Homes

 

Of the 226 sales this year in November, only 26 of them were new homes, which calculates to just 12% of all sales that occurred in the new home market. New single family homes in Saskatoon account for 30% of the entire current inventory on the market.


Active Listing Inventory

 

There are currently 1127 single family homes in Saskatoon and 680 condominiums. Ultimately there are over 1800 active listings in Saskatoon on the MLS. Last year during this same time period there were nearly 1500 listings, which is an annual increase of 17%.

 

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According to a recent SRAR (Saskatoon Region Association of Realtors) press release which can be found here, home sales in the 2015 September real estate market were ‘sluggish’. When comparing any single month in 2014 to 2015, we have seen a drop off across the board in sales volume and average prices, the only exception being August 2015. If you’ve frequented our blog over the past few years, you would have known that 2014 was a flat out record breaking year in Saskatoon real estate, yielding the highest prices and pumping out a high sales volume.

 

The numbers from this September are nothing to alarm anyone, as SRAR CEO Jason Yochim stated “we have to keep in perspective that 2014 was an exceptional year for real estate and these lower numbers are consistent with the five year average for sales”. According to numbers from other Canadian cities, Yochim states that Saskatoon is still doing quite well. I believe that consumer confidence in Saskatoon is still quite good and certain aspects of the local real estate market are promising(i.e. resale single family homes).

 

Officially after all the number crunching, ratios and fancy calculations, Saskatoon is officially in a buyer’s market. Which I’m sure doesn’t surprise you, as listing inventory continues to hover above the 2000 mark (30-35% higher than usual). However this buyer’s market is evident in isolated markets such as condominiums, new homes and rental properties. The over building in condo units is forcing builders to enter the rental market, thus increasing vacancy rates in Saskatoon.

 

Ultimately you should not be scared if you’re listing your home, someone will pay top dollar for it. However you have to price it appropriately. Yochim claims that the current market is no place for over pricing or speculation. If you price appropriately and have realistic expectations, you will get a good return on your home.

 

Here is how September 2015 compares with the previous 4 years in both the single Family and Condominium markets.

 

Single Family Homes

Year

Average Price

Days on Market

Sell Price - Asking

2015

$359,527

38

-$9,802

2014

$381,668

39

-$8,031

2013

$382,185

37

-$8,371

2012

$337,139

31

-$7,112

 

Condominiums

Year

Average Price

Days on Market

Sell Price – Asking

2015

$257,965

62

-$7,848

2014

$289,045

42

-$7,176

2013

$268,130

51

-$4,515

2012

$248,887

51

-$5,486

 

 

If you have any comments, please leave them below. Please share the blog if you find it useful. Any questions about a specific market or neighbourhood can be directed here

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On the tails of a record breaking July in terms of sales volume in the Saskatoon real estate market, sales have recently softened in August. July 2015 is the only single month this year that outperformed the same month in 2014. It was anticipated that August would be nearly as productive as the previous month in 2015, however that was not the case. Sales in August 2015 softened in both the single family and condominium markets, while prices remain quite stable.

 

Here is a snap shot of statistics from the month of August  for the past 5 years in the Saskatoon real estate market. Sales volume nearly dropped by 24% from 2014 to 2015, however the average price of a home has increased 1.4% over the past year. Homes are taking 9 days on market longer to sell than they did a year ago, while the average selling price below asking is also increased to $10,022.

 

Over the past 5 years, the average price of a home has increased 11% which is on average a 2.2% increase each year.

 

Year

Sales

Avg. Price

Days on Market

Avg. Sale Price Under Asking

August 2015

320

$358,163

50

$10,022

August 2014

419

$353,344

41

$8,066

August 2013

396

$340,063

38

$6,253

August 2012

391

$343,713

34

$7,977

August 2011

390

$318,218

38

$8,676

 

Year

Type of Dwelling

Number of Sales

Avg. Price

Year

Type of Dwelling

Number of Sales

Avg. Price

2015

Single Family

230

$395,297

2015

Condominium

96

$266,747

2014

Single Family

280

$396,567

2014

Condominium

138

$264,584

2013

Single Family

271

$376,015

2013

Condominium

124

$260,844

2012

Single Family

267

$378,344

2012

Condominium

121

$275,374

2011

Single Family

290

$341,325

2011

Condominium

98

$246,744

 

Currently there are 2033 active MLS listings on the market in Saskatoon (1184 single family, 721 condominiums), which is an increase of 16% in the single family market and 43% more listings in the condominium market. Currently the condominium market and new home market have been lagging, while the resale single family market has been reasonably productive. Look for listing numbers to drop over the coming months.

 

With interest rates very attractive and sales being reasonably slow, now is a good time to find a good deal in the Saskatoon real estate market. For more information on the current market, or if you're thinking about buying/selling, contact us here.

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CENTURY 21 Ranks Highest in Customer Satisfaction across All Home Buyer/Seller Segments for a Second Consecutive Year 


All the more reason to buy and sell with a Century 21 agent. 


Overall satisfaction is measured across four factors of the home-buying experience: agent/salesperson; real estate office; closing process; and variety of additional services.


  • CENTURY 21  ranks highest for a second consecutive year and performs particularly well in the agent/salesperson and closing process factors. 


Click this link to view the article


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Click here to link to the story

 

CMHC is now allowing buyers purchasing homes with secondary suites to count up to 100% of rental revenue in order to qualify for a mortgage. It was previously 50%. 

 

Some rules that apply:

  • The income must have been sustained over at least two years.
  • The income amount must not exceed the average of the past two years, to address income fluctuations, smooth out cyclical trends and unexpected events such as vacancies.
  • Up to 100 per cent of gross rental income may be used only where prospective borrowers can demonstrate a strong history of managing credit generally considered to be a minimum credit score of 680.
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A Taste of Saskatchewan                               July 14-19            www.tasteofsaskatchewan.ca

 

Back to Batoche Days                                     July 16-19            backtobatoche.org/

 

Brits By The Bus Show & Shine                    July 19                   www.sbcc.ca/

 

Canada Remembers our Heroes

Tribute to our Veterans Airshow                    July 11-12            canadaremembersourheroes.com

 

Experience Downtown Sidewalk Sale         July 9-11               www.downtownsaskatoon.com

 

FMG’s Saskatoon Dragon Boat Festival      July 24-25            www.heartandstroke.sk.ca/dragonboatfestival

 

Fort Fest Annual Disc Golf Tournament      July 18                   www.pc.gc.ca/lhn-nhs/sk/battleford/activ.aspx

 

Houghton Boston Tennis Classic                July 24-Aug 2       www.saskatoonriverside.com


Kidsfest at Batoche                                         July 4                      www.pc.gc.ca/eng/lhn-nhs/sk/batoche/activ.aspx

 

Ness Creek Music Festival                            July 16-19             nesscreek.com

 

Pets in the Park                                               July 26                   www.petsinthepark.ca

 

PGA Canada Dakota Dunes Open             July 5                      dakotadunesopen.com/


Pion Era                                                            July 11-12             www.wdm.ca


Potashcorp Fringe Festival                           July 30-Aug 8       www.potashcorpfringe.ca


Prairieland Junior Ag Showcase                 July 4-6, 11-12     www.saskatoonex.com/juniorag/

 

Saskatoon Reggae & World Music Fest     July 11                   saskatoonreggaefestival.com

 

Saskatoon Ribfest                                           July 31-Aug 3      saskatoonribfest.com

 

Saskatchewan Jazz Festival                         July 1-5                 www.saskjazz.com

 

Shakespeare on the Saskatchewan            July 8-Aug 23      www.shakespeareonthesaskatchewan.com

 

NASCAR Canada                                            July 14-15             www.autoclearingmotorspeedway.ca


Wakeride                                                           July 4-5                 www.wakeride.ca

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May 2015 was a relatively productive month in the Saskatoon real estate market as there were 304 single family and 125 condominium firm sales recorded by the local MLS. The most encouraging stat is that the overall average price of a single family home has increased incrementally year by year. Since 2011 the average price of a single family dwelling in the month of May increased $54,440. While the average price of a condo increased $31,512. Sales volume dipped lower than we’ve seen in May since 2011, however the drop off wasn’t sharp. May 2014 was a record for sales volume and figures slipped just 12% for the month of May in the single family dwelling market, meanwhile the condo market dropped 16%. Due to increased competition in overall listings in the current market, the average days on market for a single family home is currently at 44 (average over the past 4 years is 29), while a condo sells in 51 days (average over previous 4 years was 38).

 

As of June 1st there are currently 1283 single family dwellings and 721 condominiums. Listing numbers are currently roughly 25% higher than they were last year. This should be nearing the end of the inventory influx that we’ve seen in 2015 as listing numbers will begin to dwindle for the remainder of the year. 

 

Here are the May numbers in the Saskatoon real estate market over the past 5 years in both the single family and condominium markets. 

 

 

If you have any questions about the current market or if you're buying/selling, contacts us here.

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After witnessing 2 consecutive weeks in Saskatoon real estate market where sales figures eclipsed the 100 mark, last week there were 95 firm sales. Last week there were 74 single family homes which sold at an average of $392,566 and 21 condos which sold at an average price of $256,866.

 

 

Over the past 4 weeks there have been 276 single family homes sold in Saskatoon at an average price of $384,565, 40 days on market and $8,025 under asking price. In 2014 during the same period there were 16 more sales, however the average price of a home was $7,065 lower and homes sold in 7 less days on market. Essentially prices are up, sales are down slightly and it’s taking longer to sell a single family home as compared to last year.

 

In the condominium market in Saskatoon there were 107 sales at an average price of $279,844, 59 days on market and $4,902 under asking price. In 2014 there were 38 more condo sales while the price of a condo jumped just $940 and the average days on market was 12 days less. The average selling price under asking is almost identical to this year at $5,180.

 

 

There are currently 1229 single family homes and 711 condominiums on the market showing active which is a 34% increase in inventory from 2014.  

 

If you have any questions regarding the Saskatoon real estate market, please contact us here

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