Saskatoon housing shortage: Some people are really hurting
It’s easy to get swept up in the excitement of this booming real estate market. If you’re not careful, you can miss some really important stuff.
Some people are really hurting.
He’s here. She’s there, with the kids. They can’t find a home, but they have to be out of the one they currently own in less than a month. They’ve tried hard, sometimes bidding up to $20,000 over the asking price. Someone always seems to outbid them and the next home that comes on the market always seems to be more money. They don’t know where they’ll end up.
Meantime, investors are sending money from all over the country. They all want a little piece of the Saskatoon real estate action. It’s the “next Calgary,” don’t you know?
Don’t get me wrong. I don’t resent you and I recognize your right to invest in this community. I just know where I want to focus my efforts right now and it’s not on spreadsheets.
If you want to talk cap rates, income and expenses, and property management, please, call another agent. I’ll be busy helping someone find a home.
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
11 comments so far. We'd love to hear your thoughts.
April 3rd, 2009 at 3:46 PM
Booms can be a very dangerous thing. It’s effect on people can be scary. Be careful what you wish for Saskatchewan. Alberta you do not want to be.
April 3rd, 2009 at 3:47 PM
Norm, I admire your humanity. Most people are too busy thinking about the allmighty dollar (US or Canadian) to think about helping their fellow man. Good for you!
All my best
April 3rd, 2009 at 3:47 PM
Heated markets do put a squeeze on people. We’ve faced it for years in the greater Seattle/Eastside areas. The definition of affordable changes every year.
Watch these 3 things closely: Regional employment, interest rates, scarcity. New construction is generally an equalizer. IMHO if you don’t have anywhere to build new homes, your market could last, if you have plenty of land and active builders, you could be seeing a correction.
Our region is land locked (sound to lake to mountains) and politics make it almost impossible to start large new construction prices so the underlying land values are skyrocketing.
April 3rd, 2009 at 3:47 PM
Sounds like you are having a great time up there. I just might have to come up for a visit so i can see what a hot real estate market looks like. Our local market remains at room temperature.
April 3rd, 2009 at 3:48 PM
Norm,
The best agents almost always have a brilliant mind, and an empathetic heart. Keep up the good work.
April 3rd, 2009 at 3:48 PM
at first I thought the same thing as Josh there “I admire your humanity”, what a great guy. then I think again and I am guessing Norm you are a big investor… why introduce a competitor into your market?
April 3rd, 2009 at 3:49 PM
Michael, that is an absolutely brilliant thought and I almost wish that you were right!
My father built a nice real estate portfolio over many years which now belongs to my step-mother. I, on the other hand, own one piece of real estate and it’s the property I live in. I can’t explain my reluctance to invest in real estate given the fact that almost everyone I know who has much of anything made a lot of money with property. Chasing tenants and all that other jazz that goes along with being the landlord kind of turns me off. It just seems so much easier to buy a mutual fund. I can’t say that my attitude won’t change at some point in the future but for now I’m more interested in selling real estate than buying it.
So Michael, your first instinct was right. I am just a great guy.
April 3rd, 2009 at 3:49 PM
Oh man!!!!
locking people into super high mortages and then high interest rates.Can anyone smell tons of foreclosures and bankrupts following this get rich quick scheme of house sales.Remember a home is where the heart is.Of course your local friendly real estate agent will say anything to get you to buy!!!Rubbing his hands as he looks on to his next big profit.
Wake up people!!
Remember what the real actual price is to get that house built.
Also this is Sask we are talking about not the bahamas.
What goes up ALWAYS comes down.
Wait 1 year then buy,A little professional advice….
April 3rd, 2009 at 3:50 PM
Jonathon,
Thank you. This is very insightful stuff. What kind of “professional” are you?
April 3rd, 2009 at 3:50 PM
Why why why! Why is it that local people and familys in Saskatoon that have contributed to the economy and neighborhoods for years have to try to struggle. Saskatchewan is a booming place. The problem I have is that starting with accomidations, it is unaffordable for most of us. Yes I can sell my house for a big profit. Then rent, no, cant find a place cheaper than my mortgage or affordable. Buy a different house at same market value and call it home, why? Why is rent and house prices so high. Real estate agents are continually pushing the limits is why. Why settle for a certain precentage of a sale when you can sell it for more than it is worth today and sell it for tomorrows price and increase the profits. Thus in essence raising house prices accross the board, and not slowing down. AT WHOSE EXPENSE do the real estate agents line their pockets? Wages have not even gone up. Housing boom is the only boom I see today. Thanks for helping make Saskatchewan unaffordable for the majority to live comfortably.
April 3rd, 2009 at 3:51 PM
Yes Mike,
Real estate agents in Saskatoon have finally figured out a fool proof method which hypnotizes buyers making them want to pay ridiculous amounts of money for houses.
They have forgotten how to do it through most of the US, just in the last coupe of years.