The Saskatoon Home Team

Where Integrity Meets Hard Work

Are Saskatoon real estate prices really falling in 2015?

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


In order to grow our business, we require our clients to provide us with online testimonials. This year we are focusing on growing our online presence.  Therefore we will reward any client with a $10 gift card for posting reviews on both Google+ and Yelp. We would greatly appreciate if you would take a few minutes to click the links below to review us on both sites.

No comments

Post Your Comment:

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatoon Region Association of REALTORS® displayed on this site is refreshed every 2 hours.