Saskatoon real estate: Week in review (June 11-15 2007)
Last week, and the week before we saw the percentage of Saskatoon homes which were selling above the asking price drop to levels than we hadn’t seen for a couple of months. The numbers from this week took us in the other direction showing the highest percentages of over list price sales on record. A full 81% of Saskatoon real estate sales in the “residential” category sold above the asking price. On Saskatoon’s east-side, 58 of 63 home sales reported fell into the above list column. Area 4 once again showed relatively poor performance with only about half of its home sellers hitting the overbid jackpot.
In spite of the fact that we had one of our highest volume listing weeks with 145 newly listed homes offered on the market, average overbids remained very high topping the $20,000 mark in all major areas and averaging $26,786 across the entire Saskatoon real estate market.
Notable sales.
- 635 square foot one bedroom apartment at Forest Grove Village sells for $145,000.
- Brevoort Park bungalow at 1,173 square feet with a single attached garage goes for $410,000.
- Apparently, you can now pay $225,000 for a 912 square foot bungalow with a single garage in Mount Royal.
- How about at 1,045 square foot bi-level on a busy Westview Heights street for $327,000. Double garage of course.
- On the “remarkably reasonable” side, here’s a reasonably showy two-storey split boasting a prestigious Silverwood Heights crescent location, a double attached garage and numerous upgrades for only $379,900.
See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports
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.
April 7th, 2009 at 10:50 AM
WOW!
I remember when I was shopping back in late 2005, the average square foot price for an eastside condo was in the $80-90 range. Now we’re north of $200/sq ft and no end in sight.
April 7th, 2009 at 10:51 AM
Saskatoon continues to fall apart and people are starting to seek alternatives to this debt-driven city. Important, skilled, creative, interesting people.
How far and when will it all fall?
I wonder if all the people profiting from forcing an entire city into debt would still get their money…
April 7th, 2009 at 10:51 AM
Uh, come on, you’re being a bit overly dramatic aren’t you? Saskatoon is still one of the most affordable and liveable cities in North America.
April 7th, 2009 at 10:51 AM
Alex you appear to be a glass half empty kind of person, all doom and gloom. I believe that I am an “important, skilled, creative and interesting person not leaving Saskatoon.”
When I look around I can both see and feel signs of a city that is flourishing in a positive way.
Times are changing, look at the strength of the loonie. Most economist’s are predicting parity within a very short time. Who would have thought that two years ago? What about the price of oil, uranium and potash?
Part of life is change and while it may not always be pleasant it is necessary. Saskatoon and Saskatchewan are finally on the map!
April 7th, 2009 at 10:52 AM
Alex, run for your life! There’s still time man, there’s still time!
April 7th, 2009 at 10:52 AM
Gayle, you are correct that the canadian dollar has strengthened on the commodity boom. However, you are looking in the rear-view mirror. Where will commodity prices be in 2 years? Nobody knows but it will have a huge impact on the price of houses.
In the short run, speculators set the prices but in the long run it comes down to fundamentals. We have a ton of land and long-term supply of building labor will exceed demand. The slow-down in US housing and strong dollar will lower material prices. Wages have barely risen to keep up. High house prices also discourage people from moving here.
This may be people’s first exposure to a bubble but I think if you examine the basics you will see that we clearly are in one.
April 7th, 2009 at 10:53 AM
Why does everyone compare Saskatoon to Alberta, Ontario, B.C? The price of housing in Saskatoon is right on there heels. Talking about how affordable it is here? Maybe if you own a house already or you fell ass backwards into money. First time home buyers can’t buy jack..but of course lets live on the westside where it is affordable. This boom is driving me nuts. Moving to Alberta is looking better and better. Sure it may cost a little bit more to live there but i make 2x as much than here.
Can’t stand listening to people say its so affordable here, getting tired of listening to that.
April 7th, 2009 at 10:53 AM
Are you kidding ^^^ Right on the heels?!?!?! I live in Vancouver right now, and I am considering selling my 1400sqft house in Saskatoon for “hopefully” $320000. I plan on turning that right around and buying a 600sqft 1 br. condo in DT Van for maybe 395,000! forget about a house…cheapest one I have found is a near teardown close to east hastings (slum) for the bargain price of $500,000!Seems pretty comparable to me.
April 7th, 2009 at 10:54 AM
Average selling price of a home in May, 2007
Vancouver – $591,722
Calgary – $429,298
Edmonton – $357,839
Toronto – $382,689
Saskatoon – $233,917
Canadian Real Estate association MLS statistics.
April 7th, 2009 at 10:54 AM
Gayle, I hardly think you have a perspective that takes everything into consideration given what you’ve put forward.
Yours seems more an “optimism at all costs” approach.
How many concepts can you try to leverage to prove a point and completely deny the simple basic fact: People living in Saskatoon can’t afford a new home.
I don’t care about the strength of a loonie, or how wonderful anything else is. It’s completely irrelevant. The “strength” and “boom” we are going through isn’t genuine.
Maybe if you couldn’t afford a home, you’d get a chance to realize just how awful the situation is right now. All these boom predictions and optimistic statements are misleading.
Canned phrases like “on the map” define nothing yet look great in print. It’s about as clicheed as a concert performer saying how much he/she loves the city he’s in over all the others.
Sure, you can get a crowd to cheer because ignorance is bliss.
Careful with the rose colorued glasses, there are a lot of people who get very offended at such a light perspective*. Especially when the people offering the perspective aren’t suffering…
** I can’t even get my hair cut without the subject turning to the outrageous house prices these days. Before I’ve even had a chance to say it, people are telling me exactly what I think. Complete strangers! So don’t accuse me of being a pessimist because it’s a nice first word argument…
April 7th, 2009 at 10:55 AM
One thing to look at is not just the average price, but also the optimism or perception of wher things could go from today. If the perception is that prices will continue to rise, then there will be more confidence to buy (or bid overlist).
Prices are a function of supply and demand. I don’t think that there is a supply issue in Saskatoon. I think it is simply demand has trended up from historical average requirements. The increased demand has been caused by a two main things…migration back “home” from other provinces and investor speculation from those living in Sask, and those outside of the province.
As I mentioned, I live in Alberta, and there is indeed an interest from people here who have never been to Saskatoon to actually make road trips to check out the Saskatoon phenomenon. I note that this interest has peaked since the report realeased this spring showing Saskatoon and Regina having some of the lowest price/income ratios for real estate in North America.
For all the positive spinoffs from the increase in the Saskatoon market and the happy attitudes of the residences I would say this…be very cautious about the winds of investment and interest in the city from outside investors. They do not have the same pride and concern for the long term well being of the city. It is an economic play for many of them…the market is very small relative to other cities, and things can change very rapidly in a small market.
There’s talk in Calgary about things slowing here, and that there is a felt impact of investment $$ moving out of the market to better pickings to the East. What will happen when your market is tapped out?
Sorry for the long repsonse.
April 7th, 2009 at 10:55 AM
I think Jay and Alex have touched on some very key factors at play in our market. There is a large degree of unqualified analysis creating and perpetuating the hyper-speculation we are seeing. The facts are slowly coming out (I thank you Norm and those alike).
There is an “ass-backwards” growth taking place. A booming real estate market is not necessarily a reflection of a booming economy. There’s the gap that I continually point to on affordability. I realize that comparatively, we’re still “low” but I’m concerned with job growth. Job growth is the result of economic growth primarily in the corporate sector and affordability is a key component of corporate growth… something that, comparatively (so long as we’re comparing us to the rest of canada, I’ll do the same), remains in its infancy. Lower wages is core to higher margins (I’m not trivializing other factors ofcourse), and is what has sustained sask’s managed growth to date.
Jay makes a good point in indicating outside investment. I don’t think that salaries of speculative investors have increased so much that they suddenly have enough to lay money down on a 2nd property. My guess is people are leveraging their primary residence to buy a second using perceived “equity”. If, for example, calgary’s real estate market softened (and I think it’s less stable than everyone tends to believe), equity investment would pull back… or even be swallowed when things trend down. That’s very dangerous for our market and would force a huge supply very quickly. If our market drops, those who have extended themselves to buy (and actually live in) their house would see its worth drop dramatically also.
Unmanaged growth is a bad thing for any company but can be a terrible thing for an economy as a whole. I’m quite shocked that it hasn’t become a priority to our elected “representatives”. Although, I suppose it’s not favorable for one’s political career these days to put a negative spin growth of any kind (speculative or not). I know if I were trying to get re-elected, I’d say something to the effect of “see look, we’re the reason you homeowners have more money in your pocket… remember that at the boxes”.
J.
April 7th, 2009 at 10:55 AM
I am a homeowner and one thing I can say is I do feel sorry for the people just starting out and looking to buy their first home. I know that had we not bought when we did – we would be in the same boat as alot of others! We make a decent income – or what use to be thought as a decent income yet buying a house worth 200,000+ is forcing people to live beyond their means. Ok – maybe banks are helping out a little by offering 30 year mortgages but my god – who wants that?? Saskatoon really really does need affordable housing – all I see are big crammed houses going up left right and center and none of those are “affordable”. Face it – houses that are being sold are not “worth” what they are selling for – people are greedy and want to cash in. All we hear is people can’t afford to buy – but nothing being done about it. All we hear is people getting kicked out of their rentals b/c their landlords are selling – but nothing being done about it. All we hear is people forced to pay rent on average of about $1000 per month (up a million percent since May) – but nothing being done about it. I am totally blown away by this and I do hope that someone steps up and acknowledges that affordable housing needs to be addressed and a focus point. I love that Saskatoon is booming – but at what cost? Maybe we need to look at paying people what they need to live on. Maybe Saskatoon needs to look at paying Alberta wages. Then – people can afford to live here.
April 7th, 2009 at 10:55 AM
I totally agree with Jennifer. Nothing like paying $900 for rent and then $450 or for bills and add everything on top of that. Paying all this and making peanuts. I wish and hope, that wages will go up to Alberta style but i highly doubt it. I’m almost at my wits end about trying to buy a house in Saskatoon. Its just not possible for first time home buyers, unless mommy and daddy help or you make Alberta money.
I love Saskatoon and I would love to raise a family here but Alberta money is calling. Do any other young people think this?
April 7th, 2009 at 10:56 AM
As a young person going to Alberta for school I can tell you first hand that it is still a crazy tough market out there. You had better have a home purchased before your move, or you could be without.
Now that prices have increased in Stoon, Alberta looks better? Check out the real estate boards there to see what regular people are saying.
Btw… Your Alberta $$$ better be double what it is here if you hope to have a better quality of life than Stoon.
I wouldn’t leave if it wasn’t for school and I plan on coming back.
April 7th, 2009 at 10:56 AM
Saskaberry, it’s exactly the same here. That’s the whole problem.
The idea in Alberta is that at least people get paid enough to afford a home there.
The best way to explain it is to think of Saskatoon as just another suburb of Calgary or Edmonton that people are commuting out of.
People who are selling houses in Alberta gain an upper hand here in Saskatoon because they’re still well into the green after they’ve sorted out a new home. That’s why prices have “seemed” reasonable – they’re paying the prices.
The government and municipality are failing to realize that these newcomers have displaced those of us who already lived in Saskatoon.
Why should they worry? So long as someone will cheer for them, they’ve always got a poster child to point at and say “why can’t you be as happy as them?”
It’s awful.
April 7th, 2009 at 10:57 AM
Wow! Quite a discussion going here. Thanks to all of you for adding your thoughts.
For the life of me I can’t figure out how incomes couldn’t go up.
I had lunch a few weeks ago with a friend who is trying to get a driveway poured. He can’t find anyone who can do it before September and even then it will cost him a small fortune. I have another friend who works for a “disaster restoration and construction company.” He tells me that they have more than twice the business under contract this year as compared to last. However, they’ve actually billed less because they are short of “manpower.” New home buyers are waiting close to a year to take possession of a new place. It seems to me that these three examples are indicators of the huge opportunities which exist in Saskatoon.
These companies employ people for around $20 per hour, give or take. Giving everyone a 25% raise is probably the best thing they could do to solve their labour shortage problem and get more business closed and on the books. Saskatchewan has been sucking slew water for so long we haven’t figured out how to take advantage of the opportunity which is slapping us in the face. “We’ll do it in September is not an acceptable solution.” Our business leaders need to show some confidence in the Saskatoon economy and step up to the plate. The companies that start paying well now will see huge dividends in the future.
April 7th, 2009 at 10:57 AM
…and another thing!
It saddens me to hear would be first-time buyers sarcastically say things like, “but of course lets live on the westside where it is affordable.” This is typical of what I hear from young people all of the time.
What has happened to us that a whole generation of young people seem to think that “living on the west side” is beneath them? Why do we feel that we have to start at the top?
Our first home was a little “west side” hut that couldn’t have been much uglier and we had to give up some “stuff” to afford it. We busted our butts removing wall paper for weeks. A little paint, a little carpet and a helluva lot of cleaning and we had a home that we were proud of. We sold it after five years and made what seemed like a small fortune to us. The people we sold it to also made off quite well after they lived there for a few years. It has seen a huge increase in value since then.
If rent is too high and east side homes are too much find a “west side” spot where property is cheaper and people look after their homes. These spot exist and they will get better with time.
April 7th, 2009 at 10:58 AM
With all due respect Alex I suggest you check out some of the Alberta blogs or read the Calgary Herald. People there cannot afford homes and they are looking at trying to scrape together around half a million for anything decent!
Owning a home is becoming harder for everybody everywhere it just isn’t as easy anymore. My parents had to save for years and give up a lot to take on a home of their own and they didn’t have it right away. We have gotten used to putting low downpayments on reasonably priced homes, we have been lucky. I think we are all entering a new phase here where owning home has to be a long term goal. If you are able to put 20% down, the mortgage is much more reasonable than the standard 5% people expect to put for their first home.
I agree that the Albertans have an advantage coming here. They have cashed in on their homes there and are looking for a lower monthly payment. We all scoffed at them when they moved away and now we are grumbling because they are coming home????
Having said all that I do think Lorne Calvert is an idiot for wooing Albertans here. He did not have a plan to make this a smooth transition for the current Saskatonians nor for the newcomers who are expecting to achieve the standard of life that he advertised on the Crowchild and Deer Foot Trail… “If you were in Saskatchewan you would be home by now!”…
Brilliant ad campaign if you are selling something – I don’t think any of us realized that he was putting our quality of life up for sale.
April 7th, 2009 at 10:58 AM
Saskaberry:
True enough, Alberta is still much further into this than we are.
As for Lorne…Judging from his demonstrated intelligence and empathy, I don’t think he knew either!
Norm:
Thanks but no thanks. I lived in a poor area in Winnipeg and my car got stolen. One of those areas all the pushers call “up and coming” or a “bubble”. I grew up in your fabled “sweet spots” and it just gets worse over time. The denial has no weight, and thus never is enough to tip the balance against the reality of the area.
I’d love to put work into a home I own, but truthfully I’m not a handy man and would do more harm than good. I don’t want to buy a house to sell it – that’s the problem, nobody wants to live in their home. I don’t have that greedy approach.
As well, if it’s so great, why aren’t you there still?
April 7th, 2009 at 10:59 AM
Norm, THANK YOU, for your comment on the “Westside” generalization that is rampant in this city.
I admit, I too was guilty of this. I rented in the north end for almost 10 years, and foolishy thought I had time to save up for a home. When prices began to skyrocket, we were forced to buy now or perhaps not buy at all. When we started our search, I was rigid in my stance that I would not live on the “westside”. I’d heard all the stories too. But as time went on, I quickly saw that I could purchase a 600 sq foot house from 1912 with a small yard on the “eastside” for the same price I could purchase a 1000 sq foot bi-level with garage build in the 80′s on the westside. So, I grudgingly expanded my search. When our realtor took us to look at listings once we’d expanded our area, I was admittedly surprised. The neighbourhoods were beautiful, quiet, and most importantly reasonably priced. We bought our home and love it. We’re out of a crazy market and have realized our dream.
So buyers, I understand your desire to live in a safe neighborhood. I do too. I still wouldn’t live in one of the “downtown core” areas. When it comes to safety, I border on paranoia. But remember this: I lived in the North End for 10 years. Our cars got broken into twice, electronics stolen, I witnessed numerous domestic disputes, and the week before we left a drunken/high teenager was screaming at the top of his lungs on our lawn until the police had to come at 3am. On a Wednesday. Problems exist everywhere in this city. What about Boychuk Dr. this weekend? Two houses slammed into by stolen vehicles, homes on the “eastside”.
Saskatoon’s beauty does NOT end at Idylwyld. There are wonderful neighbourhoods like Parkridge, Pacific Heights, Dundonald, and the west end of Confederation Park that deserve a look too.
I’m happily eating my words about the westside now.
April 7th, 2009 at 11:00 AM
Alex,
Why do you feel the need to judge me and others in this way?
I did buy my first home to “live in” but because I started at the bottom, it was only a two-bedroom which my family eventually outgrew.
We did not fix up the property because we were “greedy.” We fixed it up because it needed attention and we had some pride in our property and wanted to enjoy it as best we could afford to.
We sold the home at fair market value for the time and paid fair market value for our next one.
April 7th, 2009 at 11:01 AM
Can we just stop calling sellers who accept the highest bid ‘greedy’? Please. People need to take care of themselves and look after their needs, and they don’t do that by turning down money. If you were offered a raise at work, would you be ‘greedy’ for accepting it? I doubt it.
Most sellers need to buy another home somewhere, and they don’t do that by needlessley disposing of equity they are entitled to.
In the end, the buyer decides the price, and makes the bid, not the seller.
Also, let’s lay off Calvert. I cannot believe people moan and complain about his efforts to promote our province. For years all I heard was whining about how we were losing people to Alberta, with the blame being laid on the government. Now all I hear is whining about how we are gaining people from Alberta (with the blame being laid on the government). If he had dared to hold-off on the promotion for some sort of careful planning on housing supply, this initiative never would have taken off to begin with.
April 7th, 2009 at 11:01 AM
New Westsider, thanks for sharing a bit about your situation. I’m glad to hear that you found a nice home. Best wishes for a happy future in your home.
April 7th, 2009 at 11:01 AM
New Westsider, I am with you regarding the Westside. I was also hesitant at first because as others I let myself fall into the “westside” “eastside” stereotype. However we drove around areas such as Parkridge, Dundonald, Montgomery and the end of Confederation, those are beautiful areas, nice family oriented neighbourhoods, beautiful well cared for houses.
Before we even considered putting on an offer for our new home, we did a lot of reasearch and I was very surprised to find out that the end of the city (southwest) portion, which entails all the previously mentioned neighbourhoods are the safest places to live in Saskatoon. Unfortunately though all these areas are on the westside and are also associated with “core areas”, it is important to distinguish the difference ALEX.
Not all West side is poor, so it would be very unfair for you to categorize these nice areas on the west side as “poor” or “unsafe”.
Norm I believe on your experience and knowledge about real estate and the potential of different areas (neighbourhoods) in Saskatoon. On previous discussions you have clearly stated what you thought about for example…. Riversdale. You encouraged me to feel confident about the choice I made regarding the area I bought my house in (Parkridge). As you, I do believe that in the near future all these areas will have a higher value and recognition due to the Blairmore Project, among other factors. Thank you Norm you were very honest about the choice I’ve made.
And again lets dont divide the city between west and east, evil and good, do a bit of reasearch to find out first before you stereotype. “Core areas” are different that nice family oriented areas on the far southwest
Take care Norm and again good luck to those of you who are still out there trying to find a home.
April 7th, 2009 at 11:02 AM
I’d also like to reiterate what New Westsider said. I was in the same situation just a few months ago. Prices of homes on the eastside that were in my price range were either 600 sq feet or extremely run down. My agent suggested looking into the Caswell/Westmount or Mayfair/Hudson Bay areas. I wasn’t sure at first, but I soon realized the people who were telling me not to buy there are people who had never even been there. We finally purchased a great house with double garage in Caswell, for less money than an eastside “apartment”. I have received all sorts of ridiculous comments from people ranging from “oh, isn’t that a dangerous area” to “aren’t you afraid of leaving your house?”. Simple answer is “no”. Crime can happen anywhere in a city – there are areas of the eastside as well that are not exactly “safe”. It’s easy to see that many people in this city are subject to stereotypes and racism about everything west of Idylwyld. My advice? Take a drive around those areas – you may be surprised. Those of us who caught on early haven’t regretted it – and saved plenty of money!
April 7th, 2009 at 11:02 AM
Jeff, good points. All sellers are interested in doing the best they can when they sell, just as all buyers want to do the best for themselves when they buy. In 14 years, I have yet to meet a buyer who said, “I’d like to give this seller a little extra” or a seller who was willing to take less because they felt that they owed someone. People should also remember that most sellers are buyers which probably means they’ve been through the nasty process of buying just prior to marketing their home and have likely paid top-dollar for their new place.
April 7th, 2009 at 11:02 AM
Calvin, congrats on your home purchase and thanks for sharing your new perceptions of the area you chose. It’s good to hear some of these happy endings. Best wishes for many happy years in the new place.
Maria. Hi! Long time. Thanks for adding to the discussion. Did you move yet?
April 7th, 2009 at 11:03 AM
Just out of curiousity, what is more important for most buyers (aside from location):
-Lot size
-# Bedroom/bathrooms
-Square footage
-condition
IE) what is an average selling price for a fully renovated 1400sqft corner lot 3 + 2 br(suite) in Adelaide/Churchill area?
April 7th, 2009 at 11:03 AM
Curious, “what is more important” really does vary significantly from one buyer to the next based on their own needs. Having said that, “3+1″ bedrooms seems to be a very common request, while homes with 2+ bedrooms are have more limited resale appeal. We’re not having much trouble selling them now but at times when the selection of inventory is greater they can be a little tougher to move.
There aren’t enough “Adelaide/Churchill” sales of the type of home you describe to provide an accurate “average.” You’re looking at $300,000 to $400,000 for the home you describe depending on location, condition and amenities.
April 7th, 2009 at 11:03 AM
For all those who are wallowing in self pity I’d like to make a make a few comments.
Three months ago I saw a small apartment in a high rise near St Paul’s hospital for 20k, and I though it would be a good investment, my wife who grew up in Saskatoon informed me that was the hood and we can’t buy there. Well just this week I noted that 4 condos in the same building were listed for 90-100K. Three months ago with $1000 down (5%) and 90 day possession you could made 70-80K after 1 day of owner ship…good down payment even in today’s market. Saskatchewan’s home prices are just coming in line with the rest of the country they are not going fall provided communist government out there does not put brakes on the exploration and development of your natural resources. Saskatchewan is a have province in street persons clothing. There are more natural resources Saskatchewan than in Alberta. It appears Saskatchewan is tired of having it’s sons and daughter move out of the province to make it. It is Saskatchewan’s time to shine, and your opportunity part of it. Buy now what ever you can afford; it will be a bargain in next week. The wage will follow it take longer for industry to ramp up. Next year you will not see the volume of commercial and retail for lease signs. Act NOW or miss you ship… it’s come in! The fall of communism was not easy in USSR either but some made millions. “The future belongs to those that can see it” (Bill Gates) Don’t live in the past, it’s gone!
April 7th, 2009 at 11:04 AM
Not sure if this is the right place but could anyone comment on building costs in Saskatoon? I already have a lot with an existing house I would like to tear down. I wanted to get an approximate price on a 1500-1600 sq. ft. 2 level house, basement unfinished. I have already got a couple prices from builders but wanted some comparisons.
April 7th, 2009 at 11:04 AM
Hun,
In sask we’re actually proud of our government that considers welfare a priority thanks. And on the housing front… High housing prices isn’t an indication of money in our economy. And having resources in the ground doesn’t always mean it’ll be ripped out tomorrow. It requires significant infrastructure to get at, not to mention transport… roughly 5 years out at best. What should we do until then? I’m moving to Edmonton at the end of the summer because my rent is going up $400 in 3 months. On my 35K salary, I can’t cut it. Just a glance at jobs in edmonton and rent, I’m going to be much better off. I might go bonkers with the conservatives in AB who’ve opened the flood gates and created an economy based on one market but, alas, I’ll be out of there before it implodes on itself
I sure hope I don’t return to a saskatchewan economy in the same condition by then.
April 7th, 2009 at 11:04 AM
Hun,
Thanks for stopping by.
You make some good points for a bright Saskatchewan future but I’m afraid your potential investment returns on the Pleasant Hill condos is a little misleading. First, there have never been any units listed in this building for $20,000. The cheapest unit offered there this year (532 square feet) was $39,900, twice what you’ve suggested. Secondly, just because someone has “listed” a property for 90-100k does not make it worth that. While one lucky seller did manage to get out of there with a sale price of $96,500 (886 square feet), there is strong evidence to suggest that this windfall is more of an anomaly than anything. The three units currently offered for sale from 90-100k have been on the market between 30 and 60 days. In a market which is seeing average selling times of around 10 days, these listings actually send a strong message that the value is not there yet.
April 7th, 2009 at 11:04 AM
John, sorry I can’t help you with current building costs. You’re probably best to continue shopping with a couple more builders.
Check out the Saskatoon Region Home Builder’s Association here for a list of reputable builders.
April 7th, 2009 at 11:05 AM
Lee,
Thanks for the input.
$400 rent increase in 3 months? Can I ask where you’re living and what the total rent is now?
Good luck in Alberta.
April 7th, 2009 at 11:05 AM
Lee, don’t count me in as one of those people who “proudly” considers welfare a priority. While it is most certainly needed, there is so much abuse the whole system is abused.
And, soon I will be a proud “westsider.” The first real estate agent I talked to would NOT show me anything on the west side. I ended up buying in Parkridge for $260,000. $20,000 above asking in February. I really like the area and the home is a real gem. I move in this coming week and am very excited. When I see the stats climbing (overbids, etc) I am so glad I am out of the rat race.
I couldn’t agree with you more, Norm, about the idea of first time buyers. The first house I bought was in Moose Jaw for under $60,000. It was a beautiful home that had original hardwood floors, central air, 4 bedrooms, a huge yard, etc. It was in a nice area of South Hill, but just like the “westside” here, some people look down their noses at the idea of living on that side of the bridge. It is ridiculous. The home served me well and after 5 years (when I relocated here) I made $30,000 from it. Who ever said you have to start at the top? It’s no different than a vehicle. I’ve gradually upgraded through the years as my salary allowed. First I bought used, then “almost” new, then new.
April 7th, 2009 at 11:06 AM
Nice to see you Carrie. Thanks for sharing your experience.
Good luck with your move!
April 7th, 2009 at 11:08 AM
Norm, first and foremost, I’m not judging.
That being said, I see people taking up a perspective that suits them better than it suits those who’d have to live with the decisions based on them.
Truthfully, and respectfully I asked you why you weren’t living there still, and you didn’t answer. It was perfectly legitimate.
Do you think it’s fair to expect others to live somewhere where you might not be so inclined to?
I’m not saying I should be able to get a 5 bedroom 3 bathroom mansion. In fact, what I’m saying has multiple points!
First that I should not be restricted from buying somewhere I feel safe and can enjoy
Second, I should not be expected to incur the amount of debt we’re seeing people accept. I’m not a lemming in that sense.
Third, these predictions of gentrification of the West end have yet to manifest tangible change. Again, I speak from experience when I say seldom does an area truly recover. It is more the expectation and denial that evolves.
Fourth, it seems like the West End is out of reach now as well. Again, compounded by the fact that I know what it’s like to wake up with sand in your gas tank. (I’ve got hundreds of these scenarios that I’ve had to live through)
Fifth, because of the frenzy of Alberta & BC buyers coming in and getting homes with zero debt, they’ve superimposed their economy onto ours.
They can come here, owe ZERO on their houses, and be fine living off of the same wage I get because they don’t have mortgages. Thus, no red flags are raised.
Is this really fair? I’m not going to get paid more at this point.
I’m basically forced out of Saskatoon if it continues like this. Which is rather contradictory given intentions to keep young people in Saskatchewan. It seems to me you have to graduate AND make $50-60k a year to own a home comfortably.
I mean really, anything going against this is just spin to further fuel the market or dismiss concerns of affordability.
April 7th, 2009 at 11:09 AM
Norm, first and foremost, I’m not judging.
That being said, I see people taking up a perspective that suits them better than it suits those who’d have to live with the decisions based on them.
Truthfully, and respectfully I asked you why you weren’t living there still, and you didn’t answer. It was perfectly legitimate.
Do you think it’s fair to expect others to live somewhere where you might not be so inclined to?
I’m not saying I should be able to get a 5 bedroom 3 bathroom mansion. In fact, what I’m saying has multiple points!
First that I should not be restricted from buying somewhere I feel safe and can enjoy
Second, I should not be expected to incur the amount of debt we’re seeing people accept. I’m not a lemming in that sense.
Third, these predictions of gentrification of the West end have yet to manifest tangible change. Again, I speak from experience when I say seldom does an area truly recover. It is more the expectation and denial that evolves.
Fourth, it seems like the West End is out of reach now as well. Again, compounded by the fact that I know what it’s like to wake up with sand in your gas tank. (I’ve got hundreds of these scenarios that I’ve had to live through)
Fifth, because of the frenzy of Alberta & BC buyers coming in and getting homes with zero debt, they’ve superimposed their economy onto ours.
They can come here, owe ZERO on their houses, and be fine living off of the same wage I get because they don’t have mortgages. Thus, no red flags are raised.
Is this really fair? I’m not going to get paid more at this point.
I’m basically forced out of Saskatoon if it continues like this. Which is rather contradictory given intentions to keep young people in Saskatchewan. It seems to me you have to graduate AND make $50-60k a year to own a home comfortably.
I mean really, anything going against this is just spin to further fuel the market or dismiss concerns of affordability.
April 7th, 2009 at 11:09 AM
Yes Carrie, abuse… I’d love to get the opportunity to step over a 60 year old man asking me for money in the streets every day, like those in Alberta. Stupid welfare.
April 7th, 2009 at 11:09 AM
Lee, the availablity of welfare doesn’t do much to change homelessness. If you look at studies done many homeless people have psychological conditions that lead them to turn away from help that is offered. Of course, that isn’t in every case, but many. Pretty much every single person I know of who is on welfare is sitting at home on their butt when they are fully capable of working. This is what I mean about the system being abused. Perhaps if the whole “system” was modified we could help those that really needed it (i.e. the homeless who are willing to accept assistance) and boot those off that are just using it for a free ride.
But, I take it you are saying that what is happening in our economy right now in regard to housing is going to create more homelessness. Lee, people make choices in life. I know of not one single person in Saskatoon who is hard working that is homeless. Maybe you might want to talk to Lorne Calvert about his social handouts in an effort to win votes rather than being responsible as to where that money goes. A little bit can go a long way but a lot will do nothing if it is misused.