Saskatoon real estate sales took an upward turn from last week as local agents reported 52 firm residential deals to our MLS®. That’s up eight from the previous week, but down by four sales when compared to the close of the same week last year. The number of new listings submitted to the multiple listing service® was up by two from last week to 157, which is about 30 fewer Saskatoon homes than were listed during the same period of 2016.

 


Saskatoon residential MLS ® sales and new listings for the week of February 5-11, 2017


 

For the first time in over a month, the total inventory of residential listings for sale on the saskatoon MLS® fell lower on an annual basis. As of this morning, there were 1669 Saskatoon homes for sale, up 39 from the previous week, but down by 15 on a year-over-year basis. Single-family homes inventory sits at 860 today, down 50 units from a year earlier when buyers had 910 houses to choose from. There are 656 condominiums showing an active status on the MLS®, up from 616 a year ago.

 


Active residential listings on the Saskatoon MLS® at February 11, 2017


 

The median sale price for the week edged higher to $329,500 while the weekly average price fell lower to $338,001. The six-week average price was roughly four thousand dollars lower than it was last week at $339,552 and down from where it was at this time last year by 15K. The four-week median price moved higher by four thousand dollars on the week reaching $324,000 for an annual loss of fourteen thousand dollars.

 

 

Average and median prices for Saskatoon homes sold through the MLS® from February 5-11, 2017

 

Historical six-week average price of Saskatoon homes sold through the MLS® from February 11-17, 2017

 

Historical four-week median price of Saskatoon homes sold through the MLS for the week of February 5-11, 2017

 

 

One seller found a buyer willing to up the ante in a bidding war and came out $10,400 above their asking price. Meanwhile, 48 buyers managed to grind a deal that netted them an average discount of $16,695. This unusually high number was skewed by a discount that amounted to a quarter of a million dollars on one area 2 sale. It knocked the average up by $5200 on each of the 48 below list price sales. Another two deals closed at the asking price.

 

 

Saskatoon real estate statistics for residential MLS® sales from February 5-11, 2017

 

 

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

 

Norm Fisher

Royal LePage Vidorra

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After a few fairly strong weeks to start the year, Saskatoon home sales fell a bit flat this past week as local real estate agents reported just 44 firm residential deals to the MLS® system. That number fall shorts of sales recorded the previous week by 12, and behind sales during the same week a year ago by the same amount.

 

The number of new Saskatoon real estate listings that were added to the multiple listing service® increased by 12 from the previous week to finish lower than they were over the same period last year by 22 homes.

 


Residential sales and listing activity from the Saskatoon MLS for the week of January 29 - February 4, 2017


 

The number of homes that are currently offered for sale on the Saskatoon multiple listing service® grew by just three on a weekly basis, but enough to keep levels higher than they were a year ago for the third consecutive week. At the close of business for this period, home buyers had a selection of 1630 active real estate listings to chose from, up modestly from the same time last year when 1617 listings were displaying an active status. Today, we have 849 single-family homes for sale, down from 883 a year ago. The condominium category is showing some strong year-over-year gains as those numbers grow to 635 units, up from 576 last year.

 


Active Saskatoon residential MLS listings for the week of January 29 - February 4, 2017


 

Even though upper-end home buyers were not particularly active this week, the median sale price of the 44 Saskatoon homes sold was $324,000 which is up about 10K from last week. The average price for the week slipped a couple of thousand dollars to $341,039. Meanwhile, the six-week average price took some gains for the second week in a row as it rose a little more than two thousand dollars from the previous week to $342,933 for a year-over-year drop of about seven thousand dollars. The four-week median price continued to swing wildly as it fell more than seventeen thousand dollars from last week to settle at $320,000 and record an annual loss of nearly 23K.

 

 

Average and median prices for Saskatoon homes sold MLS for the week of January 29 - February 4, 2017

 

Historical six-week average price for homes sold MLS through the week of January 29 - February 4, 2017

 

Historical four-week median price for Saskatoon homes sold MLS through the week of January 29 - February 4, 2017

 

 

 

Six of the week’s 44 home sales showed a selling price that matched the asking price on the MLS® listing, while two deals went for more and netted those sellers an average bonus of $3,600. The remaining 36 transactions closed below the asking price showing an average discount of $12,042. The largest gap between the list price and the sale price for the week was on a Sutherland area home that went $30,000 (roughly ten percent) below the asking price after 105 days on the market.

 


Saskatoon residential sales and listing Activity for the week of January 29 - February 4, 2017


 

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

 

Norm Fisher

Royal LePage Vidorra

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A media release from the Saskatoon Region Association of REALTORS® with an overview of residential MLS® sales and listing activity follows.
 
Home sales in January brought cause for optimism for the year ahead with a six percent increase, year-over-year. Sales of 185 units represented the highest volume January since 2014. The five-year average for the month is 195 sales. "An increase in sales in a typically quiet month is very encouraging," comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®, "especially in the wake of the tougher mortgage qualifications introduced last October."
 
Saskatoon residential MLS sales for January, 2017
 
Saskatoon single-family home sales for January, 2017
 
Saskatoon condominium sales for January, 2017
 
 
 
Another positive indicator is the number of homes available for sale. At the end of January, there was a total of 1,592 homes for sale in the Saskatoon market, representing the second lowest monthly total in almost two years. The lowest inventory level was December of 2016 with a total of 1,443 properties on the market. 
 
Active residential listings in Saskatoon by month for January, 2017
 
New Saskatoon real estate listing (MLS) processed by month for January, 2017
 
 
 
At current inventory levels, anticipating no increase in demand, and no new properties listed for sale, it would take over eight months to liquidate the current inventory of properties. The five-year average for available inventory in the Saskatoon market is just under five months. The "sales to listing ratio" is an indicator of whether we are in a buyer’s market or a seller’s market. It is determined by dividing the number of sales by the number of new listings for a period of time. When this ratio is at 50 percent, the market is considered balanced. The last couple of years has favored buyers in the marketplace with the average sales to listing ratio being 40 percent. January typically has an uptick in listing activity and quieter sales activity which is reflected in this year’s sales to listing ratio of 26 percent. The five-year average for the month of January is 30 percent.
 
Homes priced below $400,000 saw a much-needed increase in activity compared to last January with 143 sales between $200,000 and $400,000, a 20 percent increase, year-over-year. The average sale price for January of $341,800 represented a four percent decline compared to last year. In 2016, a steady number of sales over $750,000 kept the average price stable in spite of a five percent decline in total sales. This emphasizes that using an average to determine the true market picture is easily misleading. The median price for last month was $318,500 which was the lowest median price in almost five years. A more reliable indicator of the market is the MLS® Home Price Index® (HPI). It is considered to be the most accurate determinant of where a real estate market is trending. The HPI composite benchmark price has also been trending downward, although very slightly for several months.
 
 
Average residential sale price for Saskatoon homes by month for January, 2017
 
MLS Home Price Index for Saskatoon single-family homes in January, 2017
 
MLS Home Price Index for Saskatoon twonhouses in January, 2017
 
MLS Home Price Index for Saskatoon apartments in January, 2017
 
 
In January, it took 54 days, on average, to sell a home in Saskatoon which is consistent with the five-year average of 51 days. This compares to 45 days which is the average market time over the past five years. "In any market, a home that is priced to current market conditions should sell in even less time, often within a week or two," comments Yochim. "Buyers are well educated on the market and are not fooled by optimistic sellers. However, they are willing to pay market price for the right home in any market. For homes that are selling, the sale prices are being realized within 97 percent of the asking price."
 
"The best advice I can give a seller in any market is to get professional advice when dealing with your largest asset," adds Yochim. 
 
For further information, please contact:

Jason Yochim CAE, CRAE
Chief Executive Officer - Saskatoon Region Association of REALTORS®
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Sales and listing activity were both brisk for the Saskatoon real estate market this week. Local agents reported 56 firm residential deals to the multiple listing service®, well up from 39 last week, and enough to finish ahead of the same week last year by three. New listings slipped lower from 167 Saskatoon homes last week to 143 for this week, 13 fewer homes than were added to the MLS® during the same period a year earlier.


 

Residential sales and listing activity from the Saskatoon MLS for the week of January 22-28, 2017

 

 

For the second week in a row, the total number of Saskatoon homes for sale on the MLS® was up year-over-year. Not by much, but up. Total active listings in the residential category sit at 1627 this morning, for a gain of nine compared to last week’s close, and up just three from the count at the close of the same week a year ago. The number of single-family homes for sale in the city is actually down annually from 884 to 856. The selection of condos, on the other hand, is up from 585 a year ago to 627 today.

 

 

Active Saskatoon residential MLS listings for the week of January 22-28, 2017

 

 

Four pretty big transactions including the first residential sale in 2017 to top one-million dollars added nearly $3.5 million to the total dollar volume of sales and pushed the average price for the week up close to ten thousand dollars as it reached $343,853. Still, the weekly median price moved in the opposite direction as buyers who favoured the lower end of the Saskatoon real estate market were most active. That measure came in at just $314,500. Meanwhile, the longer-term measures both made gains as the six-week average price of a Saskatoon home took a solid jump to $340,590 but closed the week down on a year-over-year basis by thirteen thousand dollars. The four-week median price edged up to $337,386 to find itself short of last year’s number by just six hundred bucks.

 

 

Average and median prices for Saskatoon homes sold MLS for the week of January 22-28, 2017

 

Historical six-week average price for Saskatoon homes sold MLS through the week of January 22-28, 2017

 

Historical four-week median price for Saskatoon homes sold MLS through the week of January 22-28, 2017

 

 

 

 

While six sellers did close a deal at their asking price, just one found a buyer willing to pay more. That sale went down in area four and netted the seller a bonus of two thousand dollars. Over the week, 49 buyers managed to grind their seller to pick up an average discount of $16,045. The number was seriously skewed by two sales, both at the upper end of market prices for the week and both selling 100K below the asking price. Spread across the 49 deals, those two huge discounts are driving the average up by nearly $4,100.00.

 

 

Saskatoon residential sales and listing statistics for the week of January 22-28, 2017

 

 

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

 

Norm Fisher

Royal LePage Vidorra

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The number of firm Saskatoon real estate sales took a small dip this week as local agent reported just 39 residential trades, a decline of three from the previous week, and seven fewer than we saw during the same period of 2016. Meanwhile, the number of Saskatoon homes that were listed for sale inched down by one this week to 167 to finish well above last year’s number of just 136.

 

Residential sales and listing activity from the Saskatoon MLS for the week of January 15-21, 2017

 

Softer sales and more new listings meant higher inventory numbers. By this morning, the total number of residential properties for sale on the multiple listing service® reached 1618, up 48 from a week earlier, leaving us up over last year by seven homes. All of the gains can be attributed to the condominium category which saw its numbers grow from 575 a year ago to 626 today. The number of single-family homes for sale has slipped lower to 850 from 881 at this time last year.

 

Active residential MLS listings for the week of January 15-21, 2017

 

With some continued softness at the upper end of the Saskatoon real estate market (only one sale above the $500,000 mark this week), the average price of a local home slipped to $335,654 even as the weekly median price grew to $322,000. The longer term measures both moved lower as the six-week average price dropped by nearly three thousand dollars to $335,671 which is down about 10K from the close of the same week last year. The four-week median took a solid dive to just $316,000 to find its lowest point in well over a year. It finished the week down from a  year ago by fifteen thousand and five hundred dollars.

 

Average and median prices for Saskatoon homes sold MLS for the week of January 15-21, 2017

 

Historical six-week average price for homes sold MLS through the week of January 15-21, 2017

 

Historical four-week median price for homes sold MLS through the week of January 15-21, 2017

 

Competitive bidding picked up a bit as three Saskatoon home sellers found a buyer willing to pay more than their asking price to deliver an average overbid of $2,733. On the other side of the negotiating table, 31 buyers ground themselves a discount that averaged $9,447. That’s lower than last week by about six thousand dollars. The other five deals closed at the full asking price.

 

Saskatoon residential sales and listing Activity for the week of January 15-21, 2017


I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.


Norm Fisher

Royal LePage Vidorra

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View full listing details here.

Offered at $1,123,800 MLS® 

Welcome to 538 Hartley Terrace in the Stonebridge area of Saskatoon. You won’t live here long before you get the feeling that this house knows what you need and when you need it. It delivers with a full Control Four system to bring your family the ultimate in comfort all day, and all night. Lights, security, media…effortlessly controlled and enjoyed. This home is built for people…people who love people. It’s an entertainer’s dream with an open main floor living area featuring ten-foot ceilings, a stunning kitchen, and gorgeous Brazilian Cherry hardwood floors. The real prize is the location and the expansive view you’ll enjoy daily overlooking Howard Harding Park, its beautiful lake and the spectacular homes that surround it. Simply breathtaking. The view is easy to enjoy from nearly anywhere on the main level and much of the walkout basement but we expect you’ll prefer to take it in from outside. In a yard like we’ve never seen, you’ll start your days watching the sunrise as nature awakes before you. Enjoy breakfast by your private creek. Bask in an abundance of natural light and warmth all day, then escape to the shade later when you’re likely to be preparing dinner in the outdoor cooking area. This story continues with our images and 3D tour.

 

Interested parties should contact Lyndon Neher at 306-380-9090 for details and showing arrangements. 

 

Last year, TeamFisher.com hosted 334,888 user sessions. Those users viewed 1,594,672 listings while they were here providing our sellers with prime exposure. If you have a home to sell, we'd be happy to represent you and prominently display your home here. 

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Saskatoon real estate activity showed some signs of life this past week as the number of local homes that traded began its slow seasonal climb. There were 42 firm residential sales reported to the Saskatoon MLS®, an increase of 12 from the previous week, and up by one when looking back at the same week last year. Sales activity remained in single digit territory in all but one of the five major housing areas, with area three seeing a single sale for the second week in a row. After opening 2017 with some really big numbers last week, new listings fell lower to 168 homes, down 52 on a weekly basis. That was, however, enough for an annual increase of nine listings.

 

Saskatoon residential sales and listing Activity for the week of January 8-14, 2017

 

The inventory of active Saskatoon real estate listings also pushed higher, as it will now during most weeks over the first half of the year as it moves towards its annual peak. Today’s totals show 1570 residential properties with an “active” status, down from a year earlier by just eight homes. We currently have 827 properties in the single-family category, down from 875 a year ago, and 605 condominium listings, up from 539 at this time last year.

 

Active residential MLS listings for the week of January 8-14, 2017

 

The median sale price for the week gained some ground coming in 25K higher than the previous week at $314,500. The average sale price for the week also moved up and finished the week at $337,970. Meanwhile, the longer term measures that we track both edged lower from last week. The six-week average price slipped just a few hundred dollars to $338,546 to find itself down on an annual basis by close to sixteen thousand dollars.  The four-week median price fell nearly three thousand dollars for the week but finished ahead of where it was a year ago by forty-five hundred dollars.

 

Average and median prices for Saskatoon homes sold MLS for the week of January 8-14, 2017

 

Historical six-week average price for homes sold MLS through the week of January 8-14, 2017

 

Historical four-week median price for homes sold MLS through the week of January 8-14, 2017

 

 

Following several weeks with no overbid sales, that seller losing streak was broken this week as a single area four home fetched $1,100 more than the asking price in some kind of a bidding war. Another two sellers snagged a list price sale, both of those properties were new homes. The remaining 39 deals closed below the asking price netting those buyers some hefty discounts averaging $15,760.

 

Summary of Saskatoon real estate activity for homes sold and listed MLS for the week of January 8-14, 2017

 

 

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

 

Norm Fisher

Royal LePage Vidorra

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You may have read the Star Phoenix story in yesterday’s paper regarding two tenants of the Barry Hotel who successfully appealed their eviction notices allowing them to continue to reside there until May 31. It’s important for tenants and landlords to understand their rights and their obligations when it comes to the termination of a tenancy. Here’s a quick look at the legislation as outlined in the Residential Tenancies Act.

 

Under Section 60 of the new Residential Tenancies Act:


A landlord may end a periodic tenancy respecting a rental unit if:

 

(a) the landlord enters into an agreement in good faith to sell the rental unit;

(b) all the conditions on which the sale depends have been satisfied; and

(c) the purchaser asks the landlord, in writing, to give notice to end the

tenancy on one of the following grounds:

(i) the purchaser is an individual and the purchaser, or a close family

member or friend of the purchaser, intends in good faith to occupy the

rental unit;

(ii) the purchaser is a family corporation and an individual owning

voting shares in the corporation, or a close family member or friend of

that individual, intends in good faith to occupy the rental unit.

 

A landlord may end a periodic tenancy respecting a rental unit if the landlord has all the necessary permits and approvals required by law, and intends in good faith, to do any of the following:

 

(a) demolish the rental unit;

(b) renovate or repair the rental unit in a manner that requires the rental unit to be vacant;

(c) convert the residential property to condominiums pursuant to The CondominiumProperty Act, 1993;

(d) convert the residential property into a continuing housing co-operative as defined inThe Co-operatives Act, 1996;

(e) convert the rental unit for use by a caretaker, manager or superintendent of theresidential property;

(f) convert the rental unit to a non-residential use.

Also under Section 60:

(8) A notice pursuant to this section must comply with section 63.

(9) A tenant may dispute a notice pursuant to this section by applying for an order pursuant to section 70 within 15 days after the date the tenant receives the notice.

(10) If a tenant who has received a notice pursuant to this section does not apply for an order pursuant to subsection (9), the tenant:

(a) is deemed to have accepted that the tenancy ends on the effective date of the notice; and

(b) must vacate the rental unit by that date.

 

Regarding proper notice, Section 63 states:

 

To be effective, a notice to end a tenancy must be in writing and must:

 

(a) be dated and identified as originating from the landlord or tenant giving the notice;

(b) give the address of the rental unit;

(c) state the effective date of the end of the tenancy;

(d) state the grounds for ending the tenancy; and

(e) when given by a landlord, be in the approved form.”

 

Additional Tenant Rights

 

Having received a notice of a termination of the tenancy, a tenant has the additional right to end the tenancy earlier by giving the landlord at least 10days written notice and paying the proportionate amount of rent.

 

In the event that the landlord does not carry out the intended purpose stated in the Notice, a tenant may seek compensation for having moved.


form which is approved for use can be found here on the province’s Justice and Attorney General website.

 

Norm Fisher
Royal LePage Vidorra

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The educational model for becoming a real estate agent in the province of Saskatchewan changed on July 1, 2014. This post outlines the new requirements for entry with the most recent costs.

 

All requirements and prices are valid at the date of publication and are subject to change, without notice, at the discretion of the organizations and associations responsible.

 

Provincial legislation in Saskatchewan states that anyone wishing to represent members of the public in a real estate trade in Saskatchewan must be registered. The Saskatchewan Real Estate Commission(SREC), an independent, non-government agency, responsible for regulating the real estate industry in Saskatchewan, mandates qualifications for registration.

 

First of all, people wishing to become registered to trade in real estate as a sales person must have completed Grade 12, or equivalent.

 

Secondly, prospective registrants must complete a home study course known as Real Estate as a Professional Career, which is offered by the Association of Saskatchewan Realtors® (ASR). Enrolled students have one full year to complete the program. Before the conclusion of the one-year period they must present themselves for an examination and obtain a mark of at least 70%.

 

Once they have completed Real Estate as a Professional Career, prospective registrants must complete the following specialty courses.

 

  • Residential Real Estate as a Professional Career
  • Commercial Real Estate as a Professional Career
  • Farm Real Estate as a Professional Career

All three of the specialty programs are offered by the ASR on a home study basis. Enrolled students have two full years to complete all three specialty programs. Before the conclusion of the two-year period they must present themselves for an examination on each program and obtain a mark of at least 70%. Students wishing to practice in the field of property management must also complete the following course. The cost of this course is the same as the other three specialty courses outlined below.

 

  • Property Management as a Professional Career

Once a person completes the mandatory courses they qualify to apply for registration to trade in real estate within the province of Saskatchewan. An application for registration as a licensed salesperson, signed by an employing broker, must be made to the SREC within two years of successfully completing the chosen specialty course. Applicants must produce proof of having obtained a Grade 12 or equivalent, and a completed criminal record check.

 

      Cost
MandatoryEducational Courses      
Real Estate as a Professional Career     $1,399.00
Examination Fee (first attempt in included - $155 for additional)     0
Residential Real Estate as a Professional Career     $799.00
Examination Fee (first attempt in included - $155 for additional)     0
Commercial Real Estate as a Professional Career     $799.00
Examination Fee (first attempt in included - $155 for additional)     0
Farm Real Estate as a Professional Career     $799.00
Examination Fee (first attempt in included - $155 for additional)     0
Total Cost for Mandatory Educational Courses     $3,796.00
       
Provincial Licensing and Related      
Registration for Salesperson License     $330.00
Mandatory Errors and Omissions Premium     $255.00
Real Estate Assurance Fund Levy     $100.00
Total Cost for Provincial Licensing and Related     $685.00
       
Other Incidental Costs      
Criminal record check     $25.00
       
Total estimated cost to become a real estate agent in SK.     $4,506.00

 

You can register for these courses online or at the office of the Association of Saskatchewan REALTORS® located at 2811 Estey Drive in Saskatoon. In addition, within each one-year registration renewal period, all registrants are required to complete mandatory continuing education known as the Continuing Professional Development (CPD) Program approved by the Commission and provided by the ASR.

Becoming a REALTOR®

The majority of the real estate companies in Saskatchewan, particularly those located in the urban areas are REALTORS®, and all of the sales people that they employ must also be REALTORS®. In addition to expanding the potential opportunities that might exist for a real estate registrant, choosing to practice as a REALTOR® also provides access to the Multiple Listing Service® (MLS®), a sophisticated system for sharing property information and commissions with other REALTOR® members. In a nutshell, the MLS® provides agents with easy access to a large inventory of homes for sale, and access to a large number of sales people for the homes an agent may have listed for sale. Agents use this system to cooperate with each other for the aforementioned benefits and typically share commissions when they successfully bring a buyer and seller together to complete a real estate transaction.

 

Becoming a REALTOR® requires a registrant to become a member of the Saskatoon Region Association of Realtors®, the Association of Saskatchewan Realtors®, and the Canadian Real Estate Association(CREA). Members must commit to conduct their business in accordance with the rules and regulations of each organization, and the Code of Ethics of the CREA. Here are the costs associated with becoming a member of these organizations.

 

      Total
       
Real Estate Association Joining Dues      
Saskatoon Region Association of REALTORS®     $315.00
Association of Saskatchewan REALTORS®     $346.50
Canadian Real Estate Association     $210.00
Total Cost for Real Estate Association Joining Dues     $840.00
       
Annual Real Estate Association Dues      
Saskatoon Region Association of REALTORS®     $52.50
Association of Saskatchewan REALTORS®     $346.50
Canadian Real Estate Association (Annual dues & tech fee)     $325.50
Total Cost for Annual Real Estate Association Dues     $724.50
       
Post Licensing Education Requirements      
Saskatoon Region Association of REALTORS® New Member Course     $576.45
       
Total additional costs to become a REALTOR®     $2,140.95

 

That’s a brief overview of what it takes to become a real estate agent in Saskatchewan, and to become a REALTOR® in Saskatoon. If you have questions, or are interested in exploring a career in Saskatoon real estate I’d be happy to hear from you. My contact information is here.

Other resources

Association of Saskatchewan Realtors® website Association of Saskatchewan REALTORS Career Guide (a must read) Saskatchewan Real Estate Commission website Canadian Real Estate Association website Royal LePage Real Estate Career website Please note that the estimated costs outlined above were valid at the date of publication and are subject to change, without notice, at the discretion of the billing organizations.

 

Norm Fisher

Royal LePage Vidorra

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The first week of 2017 is in the bag and activity was pretty fierce, at least on the new listing side. Saskatoon real estate agents brought in 196 residential properties to be added to the multiple listing service®, which is well up from the previous week during which just 20 homes were listed for sale. The first week of the month is always a strong listing week as those listings that expired without a sale at month end come back for another go. During the same week last year, 220 new listings hit the market. On the other hand, residential sales grew from 26 the previous week to 30 by the time the MLS® closed on Friday. That number is down by five when compared against the same week last year.

 

Saskatoon real estate sales and listings for the week of January 1-7, 2017

 

I mentioned last week that the gap we had been seeing in the year-over-year inventory measure has been getting smaller and smaller each week. Today, it’s nearly gone. As of this morning, there are 1537 active residential listing for sale on the MLS®, down just five from the close of the same week last year. Single-family homes inventory is lower by 56 units from a year ago at 805. Condo inventory is sharply higher, once again. They sit at 600 units today, up from 520 a year earlier.

 

Active Saskatoon real estate listings for the week of January 1-7, 2017

 

The price measures are always a bit wonky when we are looking at such low volume weeks. Throw in an additional hand full of sales towards the lower end of the market and we see both the median price and the average price for the week fall to $291,250 and $330,443 respectively. While the six-week average price was down from last week by just a few hundred dollars, it plummeted pretty hard on an annual basis falling from $359,393 last year to $338,991 this week. The four-week median price moved lower by about six thousand dollars from last week to close at $331,850. That’s down just a bit from $333,500 at the close of the same week a year ago.


Six week average and four week median prices of Saskatoon homes


Historical six week average prices of Saskatoon homes


Historical four week median prices of Saskatoon homes

 

 

The total shut-out on overbid sales continued this week. While five sellers did manage to close a full price deal, the other 25 had to give up some dough and adjusted their expectations for an average discount of $14,956.


Residential sales and listing activity from the Saskatoon MLS for the week of January 1-7, 2017


I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.


Norm Fisher

Royal LePage Vidorra

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Welcome to 310 Greaves Court in the the Willowgrove area of Saskatoon.

Offered at $549,900 MLS®

 

View full listing details here.

 

This is truly one of the most spectacular Willowgrove two-storey homes that we have had the pleasure of marketing. It’s stunning. Really. Packed with high end finishes and appointments, this three plus one bedroom, four bath home has all the comforts and the visual pleasures that you’d expect of a luxury home. Gorgeous hardwood floors adorn the main level which offers an open plan with large windows and plenty of natural light. The kitchen has lovely high quality wood cabinetry with ceramic backsplash, granite countertops, corner sinks, full walk-in pantry, stainless steel appliances and an island that can comfortably seat four. Like to entertain? Feel free to move to the dining area for your larger gatherings. These rooms overlook the main floor living room where you’ll enjoy the comfort of the natural gas fireplace. The lower level is beautifully developed and includes a three-piece bathroom with heated floor, a bedroom and a large family room with fireplace, surround sound, and wet bar with a wine fridge. A few unique built-ins and storage nooks give the home its uniqueness. Unwind at the end of the day in a jetted tub in the master which is sized for two to enjoy. Amazing yard!

 

Interested parties should contact Lyndon Neher at 306-380-9090 for details and showing arrangements.

 

Last year, TeamFisher.com hosted 334,888 user sessions. Those users viewed 1,594,672 listings while they were here providing our sellers with prime exposure. If you have a home to sell, we'd be happy to represent you and prominently display your home here. 

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Happy new year!

 

As always, the closing week of the year was one of the slowest of the year for unit sales. On the brighter side, this quiet period does typically mark the end of the declining sales cycle, and from here we can expect slow and steady increases until the market reaches its peak sales week in either April, May or June. This past week, Saskatoon real estate agents reported just 26 firm residential sales to the multiple listing service®, down 20 from the previous week, a drop of two from the closing week of 2015. New listing activity was also predictably soft with just 20 new listings being added to the MLS® for a weekly decline of 50 units. That’s also 28 fewer listings than were added during the same week last year.

 

 

There are some interesting changes to report on the inventory front. For the first time since mid-August, the total number of Saskatoon homes available for purchase on the local MLS® system finished higher that it was a year earlier. It’s worth noting that the closing week of 2015 actually ended on January 2 so all of the month end expired listings had already come out of the totals. Still, even if all of the 112 MLS listings that are scheduled to expire today actually do expire (assuming some are not extended for a longer period before they expire) we are up on an annual basis. Today there are 1560 active residential listings on the system. At the close of this week last year those numbers had fallen to 1432. Today’s inventory includes 820 single-family homes, up from 806 a year ago. There are presently 606 active condo listings, well ahead of the 480 that could be found on the MLS at the close of the year’s final week of 2015.

 

 

Like the previous week, upper-end real estate sales carried the day. They also carried average prices for the week substantially higher. Obviously, with just 26 sales, a few big ones can really skew the data. Even while the weekly median price managed to fall lower to $331,900 the weekly average price of the homes that traded was a whopping $394,969 which is higher than it has been during any week this year. The six-week average price dropped two thousand dollars from last week to $339,630 and finished the year down by about 15K from a year ago. The four-week median price grew by $2400 from a week earlier to $338,000 and closed the year two thousand dollars behind annually.

 

 

 

 

While two sellers were lucky enough to find a buyer willing to pay their asking price, the remaining 24 had to give up some cash to close their deal. Those transactions came in below the asking price by an average of $12,976.

 

 

As we wrap up 2016, I’d like to thank those who took the time to show up here for updates on our market. I’m especially pleased that so many of you turned to us for some guidance in getting your home sold this year. It really has been a great pleasure to serve you, even during one of our more challenging markets. I expect 2017 to continue to be an uphill battle for sellers but we will continue to show up daily and do the work.

 

Once again, happy new year to you and yours.

 

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

 

Norm Fisher
Royal LePage Vidorra

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Welcome to The Cayman Condominiums in the Erindale area of Saskatoon.

Starting at $260,000 MLS®

 

It’s not easy making headway in today’s rapidly changing world but you won’t get ahead doing yard work, that’s for sure. You do need some down time to re-charge and it may as well be comfortable. You’ve earned that.

 

Welcome to the Cayman Condominiums. Located at 502 Perehudoff Crescent in Erindale, these beautiful homes offer easy access to the university, downtown Saskatoon and a host of local amenities in neighbouring University Heights.

 

The condos are well built and nicely finished, inside and out. Acrylic stucco exteriors provide great looks and years of easy maintenance, while the large windows deliver bright interiors. Wonderfully open designs that are perfect for entertaining guests, or just unwinding after a long day. Modern finishes. Sleek and stylish kitchens with granite or quartz counter tops and stainless steel appliances will have your guests saying, “wow!” Simply gorgeous. Individually controlled gas furnaces and air conditioning units allow you to decide what’s comfortable. Private balconies. In-suite laundry. Underground parking. It’s all here waiting for you to come home.

 

Four units to choose from.

 

Unit #115 - $260,000 MLS®

Unit #215 - $260,000 MLS®

Unit #216 - $300,000 MLS®

Unit #113 - $310,000 MLS®

 

Interested parties should contact Lyndon Neher at 306-380-9090 for details and showing arrangements.

 

Last year, TeamFisher.com hosted 334,888 user sessions. Those users viewed 1,594,672 listings while they were here providing our sellers with prime exposure. If you have a home to sell, we'd be happy to represent you and prominently display your home here. 

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Welcome to #201 - 439 Pendygrasse Road in the Fairhaven area of Saskatoon.

Offered at $129,900 MLS®

 

View full listing details here.

 

What a great opportunity for an easy entrance to our real estate market. This lovely one-bedroom condo offers an excellent Fairhaven location close to numerous recreational amenities, shops and services. The south bridge provides near immediate access to Saskatoon’s east end as well. Concrete floors and ceilings add a measure of sound insulation not commonly found in homes in this price range. The current owner finds the suite quiet and peaceful and would not even be considering a move, except that they’ve run out of space for the three of them. The space is perfect for singles or for couples. The floor plan is open with the kitchen, dining area and living room sharing one space. The wood-burning fireplace creates a warm and cozy feel conducive to snuggling with a glass of your favourite red. You’ll find lots of nice upgrades here in recent years including a natural gas furnace, water heater, upgraded bathroom and laminate flooring. 

 

Interested parties should contact Brett McClelland at 306-260-7086 for details and showing arrangements. 

 

Last year, TeamFisher.com hosted 334,888 user sessions. Those users viewed 1,594,672 listings while they were here providing our sellers with prime exposure. If you have a home to sell, we'd be happy to represent you and prominently display your home here. 

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I reported to you last week that mortgage brokers were working at “a feverish pace” attempting to process Saskatoon real estate deals to get them into the queue in advance of rule changes taking effect on October 17. That work resulted in 103 firm residential deals, up from 68 the previous week to beat sales for the same period last year by two dozen units. I expect that there will be a few stragglers that will also be reported firm next week but we should begin to quickly get some understanding of how these changes will impact markets across Canada. New listings came in at 177 this week, up from 154 a week earlier to top volume for the same week last year by 27 homes. The inventory of active residential listing for sale on the MLS® slipped lower by 34 over the course of the week to close at 1869, for a year-over-year decline of 113 properties. Most of the drop was seen in the single-family homes category which sits at 1012 today, down from 1135 a year ago. Condo inventory slipped two from last week to 688, up from 672 a year ago. As you might expect, those affected most by mortgage rule changes are at the entry levels and that’s the kind of product that saw the greatest surge this week. That pushed the weekly median price and the weekly average lower to $319,900 and $339,302 respectively. Both of the longer term measures in a downward direction as well. The six-week average price slid nearly three thousand dollars from the week before to finish at $352,700 to claim an annual increase of seven thousand dollars. The four-week median price dropped four thousand dollars on the week to $335,000 for a year-over-year loss approaching 10K. While 11 sellers managed to find a buyer willing to settle a deal at full list price, just two were lucky enough to find someone who would pay more than the asking price, one by $10,100 and the other by just $100. The remaining 90 deals required some give on the seller’s side. Those transactions closed showing an average discount of $13,321.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher Royal LePage Vidorra

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Curious about home values in your area? Receive a free report that includes sale prices of recently sold homes, average days on the market and average discounts.

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Vermiculite is a mica-like mineral mined around the world and used in a variety of products including insulation. Vermiculite mined from the Libby Mine in Montana between 1920 and 1990 is known to contain asbestos, which can cause asbestosis, lung cancer and mesothelioma in people who are exposed to airborne particles.

 

Vermiculite was one of a number of loose fill insulation products approved for installation under the Canadian Home Insulation Program (CHIP) that provided grants to home owners who improved energy efficiency in their property between 1977 and 1984. Health Canada believes that vermiculite was installed in approximately 250,000 Canadian homes during that time. There is no information available as to where vermiculite use was most common but I can tell you that I have run across Saskatoon homes containing vermiculite insulation a number of times during my real estate career.

 

Health Canada’s position is this; “If vermiculite-based insulation is contained and not exposed to the home or interior environment, it poses very little risk.” Perhaps this provides some comfort to homeowners who have vermiculite insulation in their home, but in my own experience, the presence of asbestos is a growing concern for home buyers. Asbestos which is contained and undisturbed may never cause you or others in your home health problems but there is some significant likelihood that it could cause problems in completing a home sale when you’re ready to move. Some home buyers may be totally disinterested in purchasing a home that contains such a potentially toxic substance insisting that it be remediated as a condition of the sale, or they may walk away from the deal all together once they know.

 

It’s important to note that not all vermiculite insulation contains asbestos. If you suspect that you may have vermiculite insulation in your home you should avoid disturbing it. Contact a qualified expert for assistance in obtaining a sample for testing. In Saskatoon, Pillar to Post Home Inspections is qualified to gather samples and they can submit them to a lab on your behalf for testing. Testing costs can vary from one day to the next, but generally, a range of $150-$200 is what you should expect to pay for the service. If vermiculite is present in your home and it does not contain asbestos, a lab report will be helpful in eliminating the concern that potential buyers for your home may have when you’re ready to sell. If it does contain asbestos, you can decide to remediate now, begin saving for an eventual remediation, or you can choose to leave it and deal with it at the time of sale. Remember though, leaving it until that late stage almost certainly raises significant concerns for your prospective buyer and could derail your sale.

 

One should probably consider that knowing your home contains asbestos might require you to disclose its presence when you offer the home for sale. The Property Condition Disclosure Statement (PCDS), which is not mandatory for home sellers, but is commonly used in Saskatchewan, has the following question. “To the best of your knowledge does the dwelling contain asbestos or urea formaldehyde insulation?” If you know asbestos exists, you are legally required to answer this question in the affirmative, if you choose to utilize the form. Home buyers are often suspicious of sellers who refuse to complete a PCDS. Even if you choose not to use the form a buyer could argue that disclosure is required based on the potential health implications of asbestos. In any case, professional home inspections are so common that it’s doubtful that vermiculite in your home could escape scrutiny when selling.

 

Norm Fisher

Royal LePage Vidorra

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