Saskatoon MLS listings inventory falls below one thousand homes
Saskatoon’s MLS listings inventory closed the day below one thousand units today for the first time since early May of 2008 when the total number of residential properties for sale initially crossed into four digit territory. At the close of business today, 999 Saskatoon homes showed an active status on the multiple listing service.
Saskatoon MLS listings reached their 2009 peak during the week of May 18-22 when total inventory climbed to 1,528 properties and have been declining fairly consistently since that time.
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.
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Norm Fisher
Royal LePage Saskatoon Real Estate
8 comments so far. We'd love to hear your thoughts.
October 21st, 2009 at 8:19 PM
Hey Norm,
Do have any thoughts regarding how sales have been out in the countryside. I’m curious as to what your instincts are for the future of small town prices. Do you see strength or weakness relative to pricing in Saskatoon. I like the cheaper pricing which can be found in towns such as Hanley, Hague, Raddison etc. the lack of ammenities and the commute to Saskatoon of course are not very desirable. I’d like to hear if you think their may be buys to be had down the road. In Saskatoon 299k is becoming a fairly popular price point, I like 40k and hope that these type of prices will become more common in communities that are a reasonable commute to Saskatoon.
October 22nd, 2009 at 7:45 AM
Quite honestly Rick, I just don’t know. Our service area essentially ends at the edge of the city of Saskatoon, with the very odd foray into some of our closest bedroom communities so I’m not at all in touch with the dynamics of these markets. All I really know is that they have seen good price growth through 2007 and 2008. How much of that results from speculation and how much of it comes from real economic development is something I couldn’t guess at.
October 22nd, 2009 at 9:06 AM
Rick
Honestly to say, 40k housing in small town is a history. Even right the house price in small town get down, and house sale was slow, the price for livable house is around 70k.
I live in small town, and get a house before the small town house jump about 200% more.
Good luck to find one in your price range.
Jason
October 22nd, 2009 at 3:47 PM
Interesting article on CMHC, in the Globe and Mail. This has been discussed previously by some of the bloggers on this site.
http://www.theglobeandmail.com/report-on-business/crash-and-recovery/cmhcs-growth-fuels-worries-over-new-risks/article1327491/
Maureen
October 22nd, 2009 at 5:53 PM
Jason Liu,
Thanks for the info
October 22nd, 2009 at 11:12 PM
Thanks for that article, Maureen.
“Ottawa created CMHC in 1946 to house returning war veterans. Its main objective is now to facilitate access to more affordable and better quality housing for Canadians.”
I thought this quote was a bit curious, as despite its objective, it appears that its current practice is to increase demand, and therefore raise prices- or at least support them.
This is an interesting post about the CMHC’s practices that was posted back in July, and I believe was referenced on this blog:
CMHC-Canada’s Breaking Point
Speaking of goosing demand:
Bank of Canada monitors real estate surge
“Bank of Canada Governor Mark Carney says he has “some concern” that the surge in the housing market is unsustainable, although for now the boom in home buying remains a significant factor in Canada’s economic rebound. “We do have some concerns about it,” Mr. Carney said at a press conference Thursday. “Obviously, consumer borrowing cannot not grow faster than the economy forever.”
October 23rd, 2009 at 6:36 AM
CMHC bubble is 100% made in Canada – http://bit.ly/2aj5M
and other bubble talk crediting CMHC – http://thetyee.ca/Opinion/2009/10/22/BubbleWillBurst/
October 23rd, 2009 at 10:41 PM
Mark Carney says he expects Canadians to be prudent about borrowing, that’s like telling children to keep their fingers out of the cookie jar. Inflation almost has to run away in the future, I mean how can the government raise interest rates to control it, if they do they will put how many homeowners into foreclosure? It will be interesting to see how many, and for how long, the governemnt can juggle these manipulative economic stratetgies. It would be interesting to hear the thoughts of the 300 + 800 workers who have just been laid off, how their jumbo sized mortgages and bloated debt load will be impacted by their greatly reduced income. I think the 4 mil down payment is due at the end of the month for river landing, if it was coming I’m sure it would already be here, I don’t think it’s coming.
Edited by mod: http://www.teamfisher.com/the-rules/