The Saskatoon Home Team

Where Integrity Meets Hard Work

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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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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