Saskatchewan could become an embarrassment of riches: RBC
In their latest Provincial Outlook, RBC has downgraded projections for economic growth in Saskatchewan over 2008 and 2009, but still expects the provincial economy to perform better than all other provinces, except Alberta. In spite of this short-term downgrade, RBC does seem particularly bullish on the potential for Saskatchewan’s future providing that “the risks of overheated housing and commodity cycles” are properly managed.
RBC economists point to a heated Saskatchewan economy through 2007, which was largely driven by a “sharp reversal in net-migration outflows to inflows, the resulting pick-up in housing markets, strength in job gains, and high commodity prices.”
However, RBC warns that “cracks are appearing” in Saskatchewan’s economy. “Strained housing affordability that has pushed into record territory will crimp housing demand going forward because robust price gains are considerably out of whack with underlying fundamentals.”
“However, a variety of capital investments will support the non-residential sector… If Saskatchewan plays its cards right, then its early fortunes could become an embarrassment of riches for a small population through the triple play of diamond mining, renewed interest in developing its rich uranium deposits and a quickening pace of development in the immensely rich but challenging Bakken formation thanks to high oil prices and better technology… This offers Alberta-style future economic potential for a 70% smaller population, but requires managing the risks of overheated housing and commodity cycles.”
Read the RBC Provincial Outlook here
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.
Follow our daily updates on Twitter @SaskatoonHomes.
Norm Fisher
Royal LePage Saskatoon Real Estate
42 comments so far. We'd love to hear your thoughts.
May 22nd, 2009 at 3:18 PM
Well its exactly what my husband and I knew all along.There was no boom,no economic infrastructure increase to create a boom.It was all just a flip this house scare to buy now,thus raising prices through the roof.
LOL glad we stayed put.
May 22nd, 2009 at 3:18 PM
LOL, well I’m glad I got in and stayed in. I have grown my initial $5000 investment 20 times over in a short period. It is hard to do that, even when leveraging into the best performing stocks on the market. Plus I put a roof over my head and it’s MINE! arg arg arg! Some people might call it stupid luck, but others might say that one just has to look for luck in the right places.
It is true, however, that there are good and bad buys in any market no matter whether it is going up or down. “Good luck” and happy hunting.
It is my belief that the market will remain steady and strong for another 9 mos. to 1 year then we may have to watch out for other economic tides such as affordability mainly due to interest rates… 0% down on a rental property CMON! 7% CMHC fee’s, HOLLY SMOKES.. I think that is the last straw!
May 22nd, 2009 at 3:20 PM
Joan,
I’m confused by your logic.
This report clearly identifies Saskatchewan as a Canadian hot spot and a possible rags to riches story. We’ve been leading most provinces for GDP growth, job growth, population growth and spending for over a year now and we are still predicted to grow more than most.
Young man,
I expect that you probably have made a smart move and the numbers you throw out pretty much prove that. I’ve been saying for some time that I think house prices have gotten “out of whack” but I think your earned equity is probably safe, for the short term and for the long term. Most of it anyways.
I found it interesting that when Amy Goldbloom made these comments about Saskatoon house prices, she also said, “Fifty percent price gains are starting to weigh on demand and softer demand should feed through to cooler price gains ahead.”
Adrienne Warren, Scotiabank economist said late last year that Saskatoon and Edmonton were the most overvalued markets in Canada. She also predicted that corrections were more likely to occur through “slower price gains moving forward” than by price depreciation.
Assuming that these two economists know what they’re talking about, and I believe that they do, I would suggest that the Saskatchewan “housing boom” has probably reached its sustainable peak. It’s quite possible that our lingering supply problem may cause prices to rise more in the short term but I suspect that any gains that we see this year, at least beyond what might be considered normal, will probably be false and subject to correction as demand inevitably continues to soften.
The concerns which you express in the final paragraph of your comments are excellent points and very valid. I suspect that 2008 will be a damaging year for some home buyers and many johny come lately investors who have convinced themselves that they’re not too late. This may well create another short frenzy through the spring which could artificially inflate house prices. If a correction does occur, many of these “investors” will be fully leveraged and their properties will have to be sold for less than the amount owing.
May 22nd, 2009 at 3:20 PM
Well we had an offer on our house then we did a little research and both of our employment positions in Sask are about 35% in a pay decrease.If our house sold here the cost is close to the same there as it is here in dollar comparison.So we decided to stay in Calgary with the higher paying careers.We pay the same for a mortage here in Calgary as we would in Saskatoon.Besides there is a million people in our city.Lots of oppurtunity.Tons of jobs here too.Last I looked in the Star Pheonix newspaper there was not too much so that was another reason we got scared and decided to stay here.Norm we think your blog is very nice.
Joan McCafferty.RBC Calgary.
May 22nd, 2009 at 3:22 PM
Joan
It doesn’t surprise me that you could find a higher paying banker job in a city with a large banking community, and that would probably give you justification enough to stay in Calgary or move to a city like Toronto. Now the cost of homes being equal after closing cost, I find a little hard to believe unless you’re comparing NE Calgary to NE Saskatoon.
I’d check that one again. mls.ca
May 22nd, 2009 at 3:23 PM
Based on RBC’s Outlook I suggest the Fat Lady is tuning up her vocal cords on this side of the mountains. It’s presumption that she may be the one who emptied the top half of the glass.
May 22nd, 2009 at 3:24 PM
Oh yeah!
Well this is how Albertan employers will go before raising wages to hire people.Besides hiring immigrants.And they call it a boom,My goodness its a shame and a disgrace.I bow my head in utter disgrace after reading this article.
http://www.cbc.ca/canada/story/2005/06/24/child-labour-050624.html
May 22nd, 2009 at 3:25 PM
RBC Bearings I work for,not Rbc financial.Just thought id better get that straight.Or you bloggers will create financial rumours.LOL
May 22nd, 2009 at 3:26 PM
Tough crowd Ay Joan
We are not all that bad.
Just a bunch of folks, stressed out, trying to find there way in the cruel world of housing and making it up as they go.
My guess?
May 22nd, 2009 at 3:26 PM
Joan,
I can see how this move may have worked for you if you’d done it a year ago. A cheap Saskatchewan home could have made all of the difference but you’re right, the difference in earnings would make it a tough move now that prices are so high.
Hopefully, RBC’s longer term outlook for Saskatchewan will be realized and Sask people will see their incomes grow.
Good luck.
May 22nd, 2009 at 3:26 PM
Joan,
Your story is confirming what I suspect is already starting to happen. SK’s housing is not as affordable as it once was and outsiders from neighbouring provinces don’t feel it is beneficial to move here and lose their higher wages now that SK’s market has inflated. There just aren’t a lot of reasons right now for people to move to SK unless you count the numerous amount of entry-level jobs that need to be filled – and at those wages, who can afford a house anyway?
I’m feeling more and more positive about 2008, there may be some normal rise in the housing market, but nothing radical. :’)
May 22nd, 2009 at 3:27 PM
I’m not as bullish as the rest of you are on the Calgary housing situation. Based on the Canadian Real Estate Association, your average calgary home sold for $408,000 compared to Saskatoon’s 250,000 in November. That’s 63% higher than Saskatoon which is significant to say the least.
My second point is related to inflated housing markets and what is happening in the United States. If the U.S is indeed in the midst of a prolonged recession and if Canada is indeed going to get pushed into one as well then we very well may see housing prices come down in Canada at some point.
If you look at what happened in the United States, the houses that were hit the hardest were in the economies where housing prices had inflated the most. Places like California, Florida, and Miami. Granted Saskatoon has inflated significantly over the last year but we still don’t have the inflation that Calgary has. Places like Calgary and Vancouver are going to get hit hard if a recession moves in and I really don’t envy a new home owner in that market.
May 22nd, 2009 at 3:28 PM
Doug,
Calgary is Calgary. Now that fellow a couple blogs ago said houses here in Saskatoon are comparable to similar ones in Edmonton. That is significant.
I agree with you about Saskatoon, it probably won’t be hard hit by a US recession, Canada as a whole might decline. Vancouver, Calgary, Toronto could use some softening for sure!
May 22nd, 2009 at 3:28 PM
Actually Doug, by definition, Saskatoon has experienced a much higher degree of inflation compared to Calgary. Calgary had in migration for several years before their boom which resulted in pressure on the market. We’ve seen migration but relatively little if we’re comparing between the two cities. Our pressure comes a lot from real estate investment speculating that our market will continue to boom in the same way Calgary’s did. Speculation causes inflation.
I’d say we’ve got a lot to lose if Canada’s economy cools down because we have a lot to make up to make our boom sustainable (wages, jobs, etc).
May 22nd, 2009 at 3:29 PM
Heather, when it comes to Edmonton the average edmonton property sold for 325k compared to Saskatoon’s 250k in November (30% higher).
http://www.crea.ca/public/news_stats/statistics.htm
Jen, one thing I picked up as I studied real estate is that investors influnce real estate markets and its not exclusive to Saskatoon. It was only 4 years ago when the six month moving average for property in calgary was $250,000 compared to the $450,000 it is today.
http://www.canadian-housing-price-charts.235.ca/canadian_housing_price_chart.htm
Sure some of that inflation is attributed to in-migration but investors are for sure absorbing real estate and pushing prices there as well. This is why real estate markets fall – its not because people stop moving in and out of homes – well maybe to a degree. But its because the investors all start moving their real estate holdings… and consider how much more of a financial sector Calgary has than Saskatoon (both private and institutional) to invest in real estate.
May 22nd, 2009 at 3:30 PM
Norm,
I did read that post and I believe Saskatchewan is one of the most insulated from a United States recession due to the nature of our exports. Still, what happens to China’s economy which is based on U.S. dollars with the recession? What about the impact on Europe who also have gone through housing inflation – is there a bubble on their horizon?
This is the most integrated global economy we’ve seen in human history and all I’m saying is that Canada may feel the impact at some point although currently we seem to be doing great. And if I had to be anywhere in Canada, I like our propsects in Saskatchewan the most.
May 22nd, 2009 at 3:30 PM
International economics is well above my head but if I had to have something to sell during any kind of a recession, I can’t imagine having better products than food and energy. Naturally, these are both top priorities regardless of the economic climate.
May 22nd, 2009 at 3:31 PM
Well, the media is really starting to ring the recession bell for a canadian future lately. We appear to be in a recession for the 3rd quarter according to our Finance minister and he actually muttered the words recession. Add to that the renewed growing concern of a sub-prime spill-over into Canada. I don’t think we’re moving into a state of anarchy but I do think consumers are less confident in the economy. 50% of canadians have a less than bullish opinion of the economy. I think it’s time analysts starting listening to consumers more and realtors less on where affordability truly is.
http://www.newswire.ca/en/releases/archive/January2008/09/c7370.html
May 22nd, 2009 at 3:32 PM
It’s above mine too but I’m seeing the words ‘global recession’ out there more and more. You’re right though Norm, even in a recession there are opportunities and you’ve sited a number of good ones. I feel pretty good about our future but it will be interesting to see what the world looks like in say 5 more years.
May 22nd, 2009 at 3:32 PM
Gee Jen,
As one of the few realtors hanging out here I can’t help but think that’s a shot at me.
Perhaps I’ve misunderstood.
I dare say though that nobody has been more willing to publicly discuss deteriorating affordability in Saskatoon than me. I’ve brought it up many times, and even made that the highlight of this particular post (see bold text).
Doug,
Yes, the thought of a “global recession” is a scary thing and the recent price increases of gold are unsettling.
May 22nd, 2009 at 3:32 PM
I would have to jump in to say how surprised I have often been at the unvested view point of Norm’s comments. Often he is a voice of reason,moderate economic growth and empathy for people caught in the squeeze of rising housing costs without preaching gloom and doom. The quality of comment on this blog from Norm and several others is often insightful and sometimes entertaining as well.
I am interested in returning to Saskatoon from Calgary and “tune in ” often to get a feel for what is happening there.
It has been mentioned that Saskatoon’s housing price direction may somewhat depend on Alberta’s housing market. That is; the ability of expats in Alberta to cash in and return or to leverage equity and invest in more affordable(Saskatchewan) markets. From what I have seen here in Calgary since the Christmas lull… don’t hold your breath.
The fall market seemed to indicate affordability was a big issue as sales continued to decline (not plummet)and inventories increased steadily.Inventories declined over Christmas and I thought mybe everyone in Calgary wasn’t trying o unload a leveraged property.
We seem to be returning to period of low sales to inventory stats.
It’s only been a couple of weeks I know, and sales could rise sharply in the next couple of months, but there appear to be a lot more listings than sales on a weekly basis.
But Calgary being Calgary who knows what will rally happen?
Thanks for the excellent site Norm.
May 22nd, 2009 at 3:33 PM
Here’s an interesting comparison, following Joan’s comments about higher wages in Calgary… I think saskatoon is closing the affordability gap quite nicely.
Calgary Condo
Saskatoon Condo
Calgary House – Coventry Hills
Saskatoon House
Oh, P.S. I’m another young professional giving up the realestate rat-race, no jobs for professionals, low income, speculative economy (that still needs to boom to catch up to the rate of inflation) of saskatoon for the higher income, more jobs, enormous selection of houses and strong economy of Alberta. What a joke of inflation this place has become. We’re all the suckers that just made a small group of people an enormous amount of money that saskatonians will be paying out slowly in their brand new 40 year mortgages. I make $40000 a year working an IT job that would pay me at least $65000-70000 in Calgary. Oh, did I mention I haven’t had a raise in 2 years because, surprise!, my company isn’t “booming” like mcdonalds on their mc-equity burgers.
So long saskatoon, you broke my heart.
Brent
May 22nd, 2009 at 3:33 PM
I am absolutely exhausted and enraged. How does a man look a group of senior citizens in the eye and tell them that a few more bucks are more important than their security. We pay your salary Don! How can the mayor of a city, with a meager 300000 residents, be so absolutely out of touch with what’s going on inside it. He’s a crook and should be ashamed of himself for the rest of his life! The clown deserves a slap.
J.
May 22nd, 2009 at 3:34 PM
Jenn, thanks for the article. All the doom and gloom is in Quebec and Ontario where the rising dollar is really having an impact. I’d guess that the survey participants in the west were much more optimistic.
Brent, I know a number of IT companies who tried to find good people and have had a hell of a time of it. If you don’t like your prospects at the company you’re at, you shouldn’t have trouble finding a new one that’s in a better financial position. You could try Calgary but I have friends that have been there for years and can’t afford a house. Even with a 60% higher income (as you note) your going to be paying 60% more for a house which means 60% more for a down payment.
May 22nd, 2009 at 3:35 PM
Hi Norm,
I wasn’t referring to you in my last post… more CMHC, CREB, SREB, etc.
May 22nd, 2009 at 3:35 PM
Brent, Thanks for the comparison – its a point I tried to make, but didnt take the time to bring up the listings. I make 40,000 a year more in BC. Thats a difference of 55,000 to 95,000. That makes up a lot of value in buying a house. At a combined income of 110,000 in Saskatoon, we had about 800.00 a month in student loans (I went to school for a long time) and a 700.00 a month car payment. We just felt that we could make more and have a better home somewhere else. We got burned by Saskatoon as well!!!!
May 22nd, 2009 at 3:37 PM
It all boils down to timing and salary. Your age, how far you are into your career, what you already own…
All of these determine how you will feel about this situation.
The biggest item is that employers are not sharing what is obviously the elusive missing sum of money in our economy. It might not always be your local specialty shop – so don’t misunderstand me. But we know this for certain because the wealth is not to be found anywhere else. Yet prices across every industry continue to increase without justification.
There’s nothing great about Alberta anymore and Saskatchewan continues to trade all of its charms for vaunted image. Did we not learn anything from the Woodrow exhibit at the Mendel?
You don’t gentrify entire cities by displacing the lower and middle classes and then blame them for being underachievers.
Who is to blame? Everyone, we all are. For losing sight of what made Canada such a great place to be and letting it get to this.
No wonder we are comparing to our friends down South as we continue to Americanize. I partly blame my own generation because we are raised as die hard insecure consumers.
But that doesn’t cover everything…
May 22nd, 2009 at 3:37 PM
Brent, that is an excellent price/quality/area comparison as to how certain portions of our market may be out of whack, specifically the condo comparison. On the mls housing one, I would much rather live in Suburbia in Saskatoon than Suburbia in Calgary! There suburbs are WAY out there, 1 hour + commutes don’t really tingle my spine in a positive way.
I not to long ago, read a pamphlet called, “Billions for the Bankers, Debts for the People” (GOOGLE THAT!) The book was written quite some time ago, yet it predicts much of what is happening and has happened to our society as of lately. Our system is much designed for the rich to get rich, and the poor to get poorer. Grow, grow, grow the economy on the back of the average Joe, then…CRASH and the rich swallow it up again at the bottom dollar. If you cannot change the system, you should accept it as best you can and take your piece of pie.
Don’t instantly say “I cannot do that”, sit there and think for a minute… “How can I make that work for me?”
Cheers
May 22nd, 2009 at 3:38 PM
Brent, I echo what Young Man says which is that when comparing properties you have to compare apples to apples. I don’t know about location and all that but I know what I see published for average prices. From what Norm posted a few days ago, the fourth quarter of 2007 saw average prices in Calgary of $429,889 for houses and $284,144 for condos while Saskatoon averaged $292,500 for houses and $205,000 for condos.
May 22nd, 2009 at 3:39 PM
Doug – I guess for apples to apples comparison. When I looked at each of the places I was considering – I looked at
a- What kind of home I could get for about $300 or under
b- How much would it cost if I needed some updating or repairs?
c-Location location location!
d-Long term price appreciation in the area and risk.
Based on all of the above (I was not willing to go above 300 as that would in my opinion jeoprodize finances considering our economics) Saskatoon did not fare near as well. This took a lot of heart wrenching decisions on our part as we really did want to be in Saskatoon. We have familly and freinds there. What you can get for 300 and under often is dilapitated bungalo, may need serious renos on basement, ect. Selection is not so good. We wanted a safe place, close to schools, developed basement, and somewhat updated features.
Theres lots who may disagree, but I feel, after researching and reading a lot of books, that we as Canadians are at an unprecident era in our economic outlook. We were not at a point that we wanted to potentially risk the “B” word. Don’t and should not have to live paycheque to paycheque and if any thing tips in the wrong direction?
Thankfully, we are now working on our purchase here. Sorry – won’t mention where we are – don’t need a boom!
May 22nd, 2009 at 3:40 PM
Ken,
Thanks. Glad you’re coming by.
Johny,
We’ll certainly talk about this more tomorrow. Today got away on me and I didn’t have time to post.
Jen,
Well I’m glad I didn’t flip out on you.
Cindy,
Good luck with your changes.
Alex,
No question. Wages have to go up or prices are likely to come down. Hope all went well with your move and that you’re feeling “at home.”
Young man,
Appreciate the book recommendation.
May 22nd, 2009 at 3:40 PM
Hey Cindy, I hear you on all points. Sorry a house didn’t come by that met your needs in Saskatoon but it sounds like at least financially things are working out better in your new location.
Unfortunately, thats what it likely takes for prices to settle in inflated markets is for people to take advantage of the opportunities in under-inflated ones. Saskatoon used to be one of those places and its sad to see people like you have to leave friends and family behind in leiu of this change. I sure hope something happens that allows you to come back though.
May 22nd, 2009 at 3:41 PM
I am so glad Saskatoon and the rest of that great province is doing good.I moved to shithole alberta 15 years ago.Let me tell you this place is full of greed and arrogance.Im coming home baby.And guess what if there is no huge high wages I dont care,im not looking for much anyway,never was.It would be an honour living amongst great people there anyway.The ait is better there.Big hearts, good spirited people,that to me alberta will never know what that is like.So stand tall,you guys are good people.
Jon
May 22nd, 2009 at 3:41 PM
A little,
off topic here but I just put in 2 offers on properties in Winnipeg. I didn’t get either of them. The first one had 16 offers and went 35k over list price. The second had 6 offers and went 18k over list price. Sound familiar? Not to mention Winnipeg currently has less than 600 active listings in a city 3 times the size of Saskatoon. Look out!
I would also say not only a global recession is on the horizon, but a global depression as well. The central banks and federal reserves control the world as they have the “illusion” of money. It wouldn’t suprise me if the true people of power create a depression to strengthen their control on the mass population.
May 22nd, 2009 at 3:42 PM
Well if anybody is as old as I to remember the recession in the 80′s, when mortgage rates were 15%+, Saskatoon was not affordable then and no jobs. I left for Vancouver and by early 2000, Vancouver prices took a drop and I bought a condo. Now, the Vancouver market has shot up and I am at a place that I can move back to Saskatoon.
My point is that it is all “easy come and easy go”. You really can’t predict anything. You have to wait it out and jump into it when you are ready. Of course research, hooking up with a knowledgeable Realtor and hearing what the economics say is a good thing.
In relocating from Vancouver to Saskatoon, my wage surprisingly is at par.
The buzz in Vancouver right now is that after the 2010 Olympics, some say the market will dive, while others say it will skyrocket. Who’s to say what will happen. It’s a wait and see situation.
I believe that the boom in Saskatoon was fast and abrupt, but as I watch the MLS listings daily, prices this year compared to last year are more within the norm. Saskatoon is not a rural town, it is a thriving city. To make it take off, you need a solid population.
On another note, Norm’s blog and website are wonderfull, with a wealth of info. Especially for out of towners. I have been following his blog for a year. Therefore I have chosen him as my Realtor when I purchase in S’toon.
Good luck to all.
May 22nd, 2009 at 3:42 PM
Northstar
Do you think this activity is caused by investors from markets that have peaked speculating into undervalued markets across Western Canada?
That would be unfortunate as it erodes affordability in the short term for people hoping to buy a place to live in. I guess the bright side is there will be corrections if that is the case.
One of the problems seems to be that so far there is no economic boom in Saskatchewan or Manitoba; just a resale housing boom. Hopefully the money follows for people trying to catch up.
Jon
One of my peeves in Calgary is the obsession with percieved equity. As in ” I bought this house two months ago and already a realtor appraised it on line for $15,000 more than I paid for it”. (a statement I actually heard recently). But I think most of that is fairly normal behaviour … not outright greed. There is still a lot of positives in Alberta. But good luck in your move to Saskatchewan.
May 22nd, 2009 at 3:43 PM
Young Man,
That’s a great attitude you have. That is exactly why seniors and other renters are going to get kicked out of that apartment complex downtown for more condo conversions. Just more people trying to get that piece of pie for themselves while stealing it from someone else. Exactly what we need with a .4% vacancy rate! Ridiculous. The city should be ashamed, Atchison should be ashamed. This is NOT where I want to see Saskatoon heading.
Alex,
“die hard insecure consumers” yes that about sums it up. That is what people are trained to be starting from childhood. In North America we’re consuming a huge portion of the world’s resources while being only a small % of the total population. Something has got to give.
To anyone who hasn’t already seen this, I recommend watching The Story of Stuff: http://markobryan.multiply.com/video/item/9
It is a very compelling video and full of many truths. Their official website is supposed to be ‘www.storyofstuff.com’ but for some reason it is down right now…
May 22nd, 2009 at 3:43 PM
Heather D
I was not suggesting to “rape and pillage” a real estate market. I was only offering food for thought. Some people have never had much luck financially, but if you take what you have, do your research, create a plan and follow it maybe you can get your piece of pie instead of paying it to “the man” your whole life. I don’t mean to offend, just encouragement for people to challenge themselves.
Northstar,
Winnipeg sounds pretty HOT right now. Does anybody know of any good resources on that market such as market average prices, etc.
May 22nd, 2009 at 3:45 PM
Northstar,
Winnipeg’s 2nd hand home market has been enduring flippers for ages.
But if you think you’re going to sneak in and turn everything on it’s head you had better stick to the South portion of the city. That’s where all the impulsive buyers the investors and flippers like to prey on live.
It’s a mentality that has become profitable. A mentality mostly from my own conflict averse generation no less!
It isn’t the homes.
These are the same people who by their lack of standards give us the worst cell phone rates in the world, poorest customer service, high car prices, and other products of decisively unobservant attitudes.
Businesses are securing staggering profits on the backs of people who live in 30 day chunks and make very little demands in the way of integrity from the services they partake.
Don’t think it’s related to housing? You bet it is.
Norm,
I don’t see anything wrong with prices coming down obviously. But I would rather see a moderate correction in the housing market and then a much needed correction in wages. On top of that I’d like to see reduced investment property interest as well as less flipper interest.
We have to put families in homes during this time or we will set up the baby boomer’s children for a lifetime of debt and no savings. To make matters worse, areas will be run down by the lack of commitment from the residents.
It won’t be their fault, lots of people renting these days are at an age where they would love to buy!
The rental mentality just doesn’t help the big picture in the end and the investors love the profits they’ve convinced everyone into providing.
We have to all concentrate on understanding that short term gains come at some consequence.
There’s no such thing as a free lunch, right?
May 22nd, 2009 at 3:47 PM
Norm,
I love these little comments some realtors add into the description of house listings…
“Don’t let the looming spring increases push you out of the market!” -Team Toledo
These tactics are an insult to my intelligence and instantly turn me off! This is one of several I’ve seen in the past couple weeks, and I’m sure there’ll be plenty more as some realtors try to fuel panic buying. (I’m not accusing you of doing this)
May 22nd, 2009 at 3:47 PM
Heather,
Lol! I saw a listing the other day that was basically located in the armpit of Saskatchewan. “Area poised for refurbishment, get in on the ground floor!” (or something to that effect). Best policy for agents is to sell the property, not the market.
BS is dying a slow death. It is slow but I think we’ll see a lot of dumb practices discontinued as more and more sales organizations realize that they’re not dealing with idiots. We can have hope anyway.
May 22nd, 2009 at 3:48 PM
Jon,
That’s a beautiful testimony for Alberta.
Welcome back to Saskatchewan.
Northstar,
I think Alex is rubbing off on you. I must admit I’m disturbed by the trend towards gold.
Maria,
You’re my best friend.
Thanks! Can’t wait to meet you.
Ken,
Yes! Investment activity has certainly impacted the supply and pushed prices up. While I agree that housing if far ahead of the rest of the economy, there’s not much that isn’t clicking for Saskatchewan right now, economically. Something has to go terribly wrong for this province to miss the opportunities before us.
Alex,
You and I are agreeing far too much lately.
I’d love for everyone to have a home but there will always be some who prefer to rent, and therefore, a place for responsible landlords. I don’t want to have to spend $300K to send my kid to school someplace else. There’s a free lunch for you next time you’re in Saskatoon.