Saskatoon recorded its third consecutive annual improvement in affordability according to Demographia’s study. It moved from a median multiple of 4.3 in 2010 down to 4.0 by the third quarter of 2011 to re-enter the ranks of the “moderately unaffordable” for the first time since 2007.

Calgary, Montreal and Victoria also showed modest affordability improvements during 2011 while Halifax, Ottawa, Regina, Toronto, Vancouver, and Winnipeg all became less affordable.

Vancouver once again reined for the largest income to price gap in Canada. In that area it now takes 10.6 times median income to purchase a home priced at the median, up from 9.5 times just a year ago.

Click image for a larger view.

See the entire Demographia survey for 2012 and past reports for 2011, 2010, 2009, 2008, 2007, and 2006.

*The median defines the centre point where half of all values are above and half are below that point. For instance, if the median income for an area were $50,000 then half off all income earners would earn more than that and half would earn less. In the case of home values, it’s the point at which half of all sales occur above the number, and half occur below.

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.

Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Highlights from CREA’s release

• Sales activity rose 1.8 per cent from November to December.
• Annual activity totalled 456,749 sales in 2011, up 2.2 per cent from 2010.
• The number of newly listed homes increased 3 per cent from November to December.
• A simultaneous increase in sales and new listings kept the national resale housing in balanced territory.
• The national average home price was up just 0.9 per cent on a year-over-year basis in December, marking the smallest increase since October 2010.

Read the complete release 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

SASKATOON, January 12, 2012 – The Royal LePage House Price Survey and Market Survey Forecast released today showed slight year-over-year price increases for all three housing types surveyed in Saskatoon.

Detached bungalows posted a modest gain of 0.9 per cent, selling for a fourth quarter average of $334,250, over the same quarter in 2010. Standard two-storey homes saw a 2.6 percent increase over the same quarter last year, selling for an average of $368,750. Standard condominiums sold for an average price of $232,333 – a 3.3 per cent year-over-year increase.

“Migration to the area continues to sustain Saskatoon’s balanced market,” says Norm Fisher, Royal LePage Saskatoon Real Estate. “In the fourth quarter we also saw a demographic shift. Although we see a range of buyers, typically the market is dominated by first-time buyers. In the fourth quarter, more established buyers took advantage of low interest rates to move-up from their previous homes.”

Fisher also noted that pockets of Saskatoon still had an ample supply of inventory and this led to the balanced conditions seen in the fourth quarter.

Nationally, despite calls in some quarters for Canadian house prices to soften in 2011, the market proved resilient as demand created by low interest rates and a relatively stable national economy created upward pricing pressure for all housing types surveyed. Further, recent high profile reports forecasting significant house price declines in 2012 are not supportable. In the fourth quarter, standard two-storey homes rose 4.2 per cent year-over-year to $375,427, while detached bungalows increased 6.1 per cent to $344,392. Average prices for standard condominiums increased 3.6 per cent to $234,680.

“In the recovery period following the 2008-2009 recession, I found myself repeatedly speaking of ‘irrational exuberance’ in the Canadian housing market,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “Expectations were too high and the pace of expansion unsustainable. With this report, I find myself in exactly the opposite position. Widespread calls for a major real estate correction in 2012 simply can’t be justified. The industry has significant momentum entering the year, and is buoyed by the stimulative effect of very low interest rates; we expect the market to continue to expand – albeit at a slower pace.”

Royal LePage expects average price growth to continue through 2012 and predicts national average prices to increase by 2.8 per cent by the end of the year.

Highlights from CREA’s release

• Sales activity rose slightly (+0.5 per cent) from October to November on a seasonally adjusted basis.
• Year-to-date sales remained in line with the 10 year average, but pulled further ahead of last year’s levels.
• The number of newly listed homes was down 3.4 per cent from October to November.
• The national housing market remains balanced, but is edging closer to seller’s market territory.
• The national average price posted a 4.6 per cent year-over-year gain in November, the smallest increase since January.

Read the complete release 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

The following is an excerpt from the report on Saskatchewan: Although RBC’s affordability measures for Saskatchewan continue to be above their long-term averages, widespread improvement was recorded in the third quarter. The measures fell for all housing types—between 0.8 and 0.9 percentage points—and reversed part of the increases (in some cases, substantially) from the previous quarter. Saskatchewan home buyers seem fairly comfortable with current affordability levels. Indeed, they were quite active in the third quarter, with resales rising nearly 6% from the second quarter to their highest levels in two years. Hefty gains were seen in Saskatoon and, to a lesser extent, Regina. Home prices in the province maintained their steady ascent, showing modest gains for most housing types. The Saskatchewan housing market will continue to be well supported by strong economic growth in the coming year.

Although the report lacks commentary on the Saskatoon market, the charts on page 8 of the report show slight improvements for the percentage of income required to carry a mortgage on a Saskatoon home, in spite of marginally higher prices.

Read the entire report 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.

Interested in the value of your Saskatoon home? Grab a FREE Market Snapshot that includes sale prices of recently sold homes in your area. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Highlights from CREA’s release

• Sales activity rose in October, marking the highest level since January.
• Actual (not seasonally adjusted) national sales activity in October stayed in line with the 10-year average for the month, as it has most months this year.
• Year-to-date sales are also even with the 10-year average.
• The number of newly listed homes remained little changed from levels in the previous three months.
• While the combination of stronger sales and stable new listings resulted in a slightly tighter balance of supply and demand, the national housing market remains firmly rooted in balanced territory.
• The national average price posted a 5.5 per cent year-over-year gain in October, the smallest increase since January.

Read the complete release 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Read the report titled, “Housing Evolution” 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Highlights from CREA’s release

• Sales activity rose 2.7 per cent in September from the previous month.
• Holding in line with the ten-year average, activity during the first nine months of this year pulled ahead of sales over the same period last year.
• The number of newly listed homes held steady when compared to the previous month.
• The national housing market tightened in September from the month before, but remains firmly entrenched in balanced territory.
• The national average price posted the smallest year-over-year increase since January.

Read the complete release 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Detached bungalows posted a modest gain of 1.9 per cent, selling for a third-quarter average of $335,000, over the same quarter in 2010. Standard two-storey homes saw a 2.5 percent increase over the same quarter last year, selling for an average of $358,750. Standard condominium sold for an average price of $235,000 – a 2.2 per cent year-over-year increase.

Prices in each of the three categories were affected by market supply, with an increasing number of higher-end properties being listed in the city. Supply was more balanced for condominiums and standard two-storey homes, resulting in slightly better returns for sellers in these categories.

“The supply of available homes in the most popular housing types has fallen in recent weeks, but we’re headed into some of our leanest sales months when demand typically starts to decline,” says Norm Fisher, Royal LePage Saskatoon Real Estate.

Fisher notes that August 2011 was the best August on record for the number of homes sold, which had a positive impact on total transactions for the third-quarter. “Our August numbers helped sales volume rise to 8 per cent over the five-year average,” said Fisher, “which may reflect the fact that Saskatoon continues to have a stronger employment scenario right now than many other cities.”

Nationally, the average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011, compared to the previous year. The strength of home price appreciation in the third quarter defied expectations as very low interest rates buoyed consumer confidence in a comparatively stable Canadian economy.  Year-over-year gains appear deceptively strong in comparison to a weak third quarter of 2010.

“The strength in Canada’s national housing market conceals signs of predictable softening in some regions,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “The third quarter saw a return to a normal seasonal business cycle as price appreciation slowed in many areas – with some average values even falling slightly – after the busy spring trading season. A broader slowdown is expected in the months ahead but fears of a US-style correction are completely unfounded.”

In the third quarter of 2011, the national average price of a detached bungalow rose 7.8 per cent year-over-year to $349,974, while standard two-storey homes rose 7.7 per cent to $388,218 and standard condominiums rose 5.7 per cent to $239,300.

“To best provide Canadians with an accurate look at the housing market, Royal LePage uses year-over-year comparisons as the housing market follows a seasonal pattern. It is important to note that our 2011 third quarter results benefit greatly by going head-to-head with what was by far the previous year’s weakest period,” continued Soper.

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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Highlights from CREA’s release

• Sales activity was stable from July to August, but posted another big year-over-year gain reflecting weakened demand last summer.
• Year-to-date sales pulled ahead of 2010 levels for the first time this year, and remain in line with the ten-year average.
• The number of newly listed homes was also little changed from July to August.
• The national housing market stayed firmly entrenched in balanced territory.
• There were more balanced local markets in August than at any other time on record.
• The national average price posted another year-over-year gain in August, but has moderated from elevated levels earlier this year.
• Upward skewing of the national average price is diminishing due to fewer expensive sales and a declining share of national activity in Vancouver and Toronto.

Read the complete release 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Highlights from CREA’s release

• Sales activity was stable from June to July, but posted a big year-over-year gain due to weakened demand in July 2010.
• Year-to-date sales continue to run in line with the ten-year average.
• The number of newly listed homes inched up by less than one per cent from June to July.
• The national housing market remains firmly entrenched in balanced territory.
• The national average price posted the largest year-over-year gain since April 2010, but was below where it stood in June.
• Upward skewing of the national average price is diminishing due to fewer expensive sales and a declining share of national activity in Vancouver and Toronto.

Read the complete release 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Highlights from CREA’s release.

• Sales activity climbed from May to June, with a big year-over-year gain reflecting falling demand in June 2010.
• Year-to-date sales remain in line with the ten-year average.
• The number of newly listed homes also rose from May to June.
• National housing market remains firmly entrenched in balanced territory.
• National average price still being skewed upward by the value of sales in expensive Vancouver neighbourhoods, with price gains in other markets providing additional loft.

Read the full release 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Citing an economy that “stumbled” through 2010 and deterioration of affordability that is worse than other regions of the province, the report calls for a slightly higher rate of price declines in Saskatoon than may be experienced nationally. TD is forecasting an 11.5 percent decline in unit sales and an 11.1 percent decline in the average sale price for Saskatoon.

Interested in learning more about the TD report? Read it 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

More from CREA’s release.

The number of newly listed homes edged up 1.3 per cent in April from the previous month on a seasonally adjusted basis, but remained well below levels in January and February, when impending changes to mortgage regulations were announced.

With fewer sales and an increase in newly listed homes, the national housing market moved further into balanced territory in April. The national sales-to-new listings ratio, a measure of market balance, stood at 52.5 per cent in April, down from 55.7 in March.

More than two-thirds of local markets in Canada were balanced in April. Almost half of the remainder could be classified as sellers’ markets based on a ratio of sales to new listings above 60 per cent.

The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand. The seasonally adjusted number of months of inventory stood at six months at the end of April on a national basis, up from 5.7 months in the previous month.

The national average price for homes sold in April 2011 was $372,544, up eight per cent from the same month last year. April marked the third consecutive month in which the national average price was up by eight per cent from year-ago levels.

The national average price has been skewed in recent months due to surging multi-million dollar property sales in selected areas of Greater Vancouver. Demand for these properties moderated in April from the previous month. A reduction in this source of upward skewing for the national average price was offset by fewer sales of lower priced properties.

Read the full release 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

More from CREA’s release.

Steady sales activity combined with fewer new listings tightened the national resale housing market. The national sales-to-new listings ratio, a measure of the balance between supply and demand, stood at 56.5 per cent in March. This kept the national housing market firmly entrenched in balanced territory, with March marking the firmest reading for national market balance in more than a year.

Based on sales-to-new listings ratios, more than half of local markets in Canada could be considered balanced in March, with two-thirds of the remaining markets considered to be as sellers’ markets.

Read the full release 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon – Strong buyer demand offset by above-average inventory

The Royal LePage House Price Survey released today showed little year-over-year change in Saskatoon house prices. Sales activity was up year-over-year, but an above-average supply of listings tempered price increases.

Detached bungalow prices increased 0.9 per cent, selling for a first-quarter average of $331,250. Standard condominiums sold for an average price of $239,333 – a year-over-year gain of 0.4 per cent. Prices for standard two-storey homes fell 1.7 per cent, selling for a first-quarter average of $360,000.

“In the beginning of 2011, our inventory was 30 per cent higher than the same period last year although current levels sit at 20 per cent,” says Norm Fisher, Royal LePage Saskatoon Real Estate. “This has created significant competition among sellers.”

An over-supply of inventory helped create a buyer’s market, and Fisher believes mid-March changes to the mortgage rules helped boost sales by motivating first-time buyers to enter the market before the change took effect.

Nationally, low interest rates and a recovering economy continued to fuel activity in Canada’s housing markets over the past year, which has led to country-wide increases in average home prices. In the first quarter of 2011, the national average price of a detached bungalow rose 4.3 per cent year-over-year to $341,355, while standard two-storey homes rose 3.5 per cent to $379,388 and standard condominiums rose 4 per cent to $237,919.

“The rate at which Canadian homes are appreciating may well have peaked for the next year or so,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “We expect house prices will continue to creep up, but most of the excess demand created by the initial drop in interest rates has been satisfied, and affordability continues to erode slowly, allowing the listings supply to catch up.  In most markets, lower single digit percentage increases are more likely for the balance of the year.”

“Canada’s real estate market has maintained momentum coming out of 2010, indicating that the post-recession recovery is continuing,” Soper added. “While low interest rates continue to drive demand, the tepid pace at which employment levels are improving is tempering the rate of home price appreciation in many Canadian cities.”

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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

February was the fourth consecutive month during which sales were on par with the five-year average. CREA continues to characterize the national housing market as balanced but warned that average price gains could recede following mortgage rule changes that will take effect later this week.

From the CREA report:

The national average price for homes sold in February 2011 rose 8.8 per cent year-over-year to $365,192. “The average price has been skewed higher nationally and in British Columbia recently by a record number of multi-million dollar sales in a couple of areas in Greater Vancouver,” said Gregory Klump, CREA’s Chief Economist.

“When you take Vancouver out of the equation, the year-over-year increase in the national average price drops to 3.4 per cent,” added Klump. “While that’s still stronger than in the past six months or so, national average price gains may recede after tighter mortgage regulations take effect in March.”

Read CREA’s full release here.
National MLS statistics for the month of February is here.
A report from the Globe and Mail is here.
A report from the Financial Post is 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

It’s worth noting that the carrying costs for a typical detached bungalow in Canada required 39.9% of household income in the fourth quarter, significantly more than your lender would likely approve you for, but slightly less than what RBC says is the “long-term average.”

Here’s what the report has to say about Saskatchewan.

The Saskatchewan housing market finished 2010 on an enviable note. Home prices, for the most part, rose slightly in the fourth quarter, yet housing affordability improved for the second consecutive time. The provincial home resale market gained back solid forward momentum in the second half of last year (notwithstanding some softening in the final months), which contributed to re-establishing a stronger balance between demand and supply. Generally, the price increases in the fourth quarter more than reversed declines in the previous period but were too small to negate the beneficial effect of lower mortgage rates on affordability. The RBC Measures fell between 0.6 and 1.1 percentage points in the quarter, although the levels continue to be modestly above historical averages in the province. In our view, the Saskatchewan market will take its current affordability position in stride as a rebound in provincial economic growth, and, especially, continued strong migration inflows will support housing demand this year.

Read the full report 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

The overview of the report argues the following points, and others.

• The now inevitable downturn in the housing sector will severely constrain economic growth over the next couple of years, as consumption expands at a more muted pace and housing investment shrinks back towards a more normal size. Economic growth will rely increasingly on business investment and net exports.
• Over the last several years, growth in consumption has far outstripped income gains, as households have gone on a spending binge, funded by credit growth and home equity extraction.
• With household balance sheets stretched and house prices expected to fall, however, we forecast that growth in consumption spending will lag income growth for the next couple of years, as households focus on rebuilding their saving rate.
• House prices have been growing rapidly for nearly a decade now and it has reached the point where housing is so overvalued relative to incomes that a downward correction seems unavoidable. We fear that house prices could fall by as much as 25% over the next three years.

The complete report from Capital Economics can be found 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

More from CREA’s release.

Seasonally adjusted national home sales activity rose 4.5 per cent in January 2011 compared to the previous month, reaching the highest level since April 2010. Led by Vancouver and Toronto, seasonally adjusted sales activity posted monthly gains in more than half of all local Canadian markets in January. National sales activity has improved steadily since last summer, and now stands almost 25 per cent above the low point reached in July 2010.

We anticipated the recent announcement of tighter mortgage regulations, which will come into effect this March, would pull forward sales activity into the first quarter of 2011, particularly in some of Canada’s more expensive housing markets,” said Gregory Klump, CREA’s Chief Economist. “The sharp rise in sales activity in Toronto following the announcement provides early evidence confirming this,” said Klump.

Read the full release 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Madani, in a report released this week titled, “Canada Economics Focus, house prices likely to fall for several years” says rising interest rates and near stagnant wage growth resulting from low inflation will cause housing affordability to deteriorate substantially in the years ahead taking values down an estimated twenty-five percent.

The report is an interesting read addressing some of the typical, “Can’t happen here because” arguments while taking a look at how such significant declines might effect the economy and Canada Mortgage and Housing Corporation.

Read it 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Click image for a larger view.

Most Canadian markets managed to record some improvements on a year-over-year basis. The greatest changes were seen in Calgary and Edmonton, both of which moved into, or significantly towards, the moderately unaffordable territory. Both markets shaved a half-year off of the median income multiplier that Demographia uses to measure affordability. Nationally, we saw an improvement in the median multiple of 0.3 from the survey released a year ago.

Once again, the major British Columbia markets win the prize for the largest income to price gap. In Vancouver, it’s estimated to take 9.5 times median income to own a home priced at the median for the city.

See the entire Demographia survey for 2011 and past reports for 2010, 2009, 2008, 2007, 2006.

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.

Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

The new rules also impact upon homeowners who seem all too eager to cash out their equity to “buy boats and cars and big-screen TV’s,” Mr. Flaherty said as he announced that home equity loans will be capped at eighty-five percent of the home’s value, also on March 18. CMHC will discontinue its practice of insuring home equity loans and lines of credit a month later on April 18. Home equity lines of credit have grown by 170% in the last ten years, doubling the rate of growth seen in the mortgage market.

The moves were widely applauded by a number of bank leaders who have recently expressed concern about the rapid expansion of household debt and called upon the government to tighten lending rules. Frank Techar, president of commercial and personal banking for the Bank of Montreal called the actions “prudent, measured, responsible and timely.”

The Bank of Canada has been reluctant to raise interest rates from record low territory as the Canadian economy continues to perform sluggishly. Analysts at Scotia Capital suggest that tightening of lending rules is the more effective way of curbing debt without risking a further slowing of overall economic growth.

Predicting that the rule changes will moderate housing demand across the country, Flaherty announced that the minimum down payment required for a CMHC insured mortgage will remain at 5%. “We do not want to create any shock in the market or any sort of dramatic pressure. We want to be moderate,” Flaherty told reporters at the early morning briefing.

New mortgage rules could price some out of the market – Financial Post
Debt worries trump home sales – Globe and Mail
Buying a home about to get tougher – Financial Post
Flaherty details new mortgage rules – Globe and Mail

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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate