Comments on: A closer look at the Saskatoon real estate statistics for August 2008

By: Jesse G.

Jesse G. — Tue, 28 Apr 2009 01:09:03 +0000

well i plugged in the numbers to be able to afford a $260k home in the mls calculator and you’d need to make 80,000 a year providing property taxes were $3300 a year, you have no debt, and the heating cost is $150 a month. With 0 down that is. and at a 6% rate.

By: James P.

James P. — Tue, 28 Apr 2009 01:08:41 +0000

Response to Keith:

I agree with you regarding proper listing prices. There was a one bedroom condo in the Hallmark a week or so ago that lasted a whole 4-5 days on the market (isn’t the average 30+ now).

It was priced well – $164K. I’m sure that agent could have started higher and taken a lower bid, but pricing it right, from the start, got that property sold in short order.

By: Keith Andres

Keith Andres — Tue, 28 Apr 2009 01:08:25 +0000

I live in La Ronge and you cant get a decent house here for under 220k now. This is absolutely unbelievable with over 1500 houses for sale in Saskatoon and everyone knowing the market is inflated all the greedy real estate agents let people believe that these houses are really selling this high when i hear that people are getting 30k under asking. The only way for the market to drop is for these agents to stop being greedy and start helping the people that need homes. If your a potential buyer dont buy and the prices will drop. If you buy you are contributing to a inflated market and if interest rates rise you will be in trouble on a monthly basis.

By: Jesse G.

Jesse G. — Tue, 28 Apr 2009 01:08:08 +0000

One has to see the calculations of how much a lender will lend to a person, whether that is 35% of thier before gross income, or another number. I’m not exactly sure what that number currently is though. Reverse engineer that number (and payment period) and you’ll get the approximate wages people are pulling in, to make such a purchase.

Of cousre this only works for zero down, and for people that didn’t previous sell a house they purchased back when prices were averagely affordable.

Personally as a singleton, I can’t afford anything on the market, haven’t been able to for some time. I would wager today..besides people in careers other than oil etc, you need 2 people working full time to be able to pay for a house (low end) comfortably. People simply aren’t going to stay if the prices don’t fall quite a bit more in my opinion. But then again i’m just going by what i will do if prices remain out of reach…and move to somewhere with more opportunity, or where you can start a family without breaking your back.

Armoth is the exception at least so far beucase he’s proven to be a risk taker (a trait which albeit risky could prove to have great reward if it all works out).

By: C White

C White — Tue, 28 Apr 2009 01:07:53 +0000

I’m curious as to where you can even buy a house now a days for under 220,000.Where do you live Alex LaRonge?

By: catsmeow

catsmeow — Tue, 28 Apr 2009 01:07:35 +0000

Hmmm…I bought a $260,000 home on my own and I don’t consider myself neither “rich” nor swallowed in debt.

By: Alex

Alex — Tue, 28 Apr 2009 01:07:16 +0000

Who exactly can afford a $220,000 home? You must all be very rich in Saskatoon…

Or very in debt.

By: Norm Fisher

Norm Fisher — Tue, 28 Apr 2009 01:06:54 +0000

Also interesting to note that the average days on the market climbed from 13 days in August 2007 to 38 days in August 2008, nearly three times as long. As I’ve mentioned before, the popular method of adjusting the price of a Saskatoon seems to be a cancellation of the active listing followed by a re-listing at the new price, which in effect, sets the days on the market back to 0, so the actual figure is likely much higher still.