There have been plenty of rumours regarding the real estate market this year due to the tumultuous global economy. According to an RBC housing price forecast, home prices in Saskatoon are slated to drop 3.2% in 2015, and only .05% in 2016. However these price drops will be absorbed mostly in the new home market where inventory levels continue to climb. The resale home market should remain stable.
Despite rumours of housing prices falling drastically, the single family home market actually has increased quite nicely in Saskatoon year over year. Comparing 2015 to the previous year, we have seen sales volume down 16% and prices up nearly 4.5%. The condominium market is down in sales volume nearly 19% while prices are down 4.5% from 2014.
Interest rates are hovering around 2.79% for a 5 year closed mortgage which is an outstanding rate. Consequently it’s logical to expect home prices to stay up while rates are so low. As soon as the weather warms up in a few weeks, we will see quite a few more sales occur.
Currently there are 845 single family homes on the market, which is 17.5% more inventory than was on the market this time last year. On the Saskatoon MLS there are now 590 condos listed, which is 34% higher than this time last year. The influx of condominiums on the market has hurt prices so far in 2015. Check the table below for a breakdown of how 2015 compares to 2014 thus far.
Year Type Sales Avg. Price DOM Selling Price Under Asking
2015 Single Family 284 $401,158 46 $10,328
2014 Single Family 340 $382,497 43 $9,553
2015 Condo 126 $263,317 63 $5,239
2014 Condo 155 $275,495 55 $5,234
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