Builders in Saskatoon started construction on 1,608 single-family homes and 1,386 multi-family dwellings for a total of 2,994 homes, up from 2,381 last year to mark an annual gain of roughly 26 percent.

Meanwhile in Regina, construction got underway on 958 single-family homes and 736 multi-family dwellings to close the year with 1,694 starts and a year-over-year gain that also reached 26 percent.

“Saskatchewan’s expanding economy and labour market continued to attract elevated numbers of migrants into the province’s centres. This bolstered housing demand in 2011 and fuelled a pace of starts rarely seen across the province,”  Michael Fabiyi explained in the CMHC media release.

Read the coverage in today’s Star Phoenix.
See CMHC’s Preliminary Housing Start Data report.

The primary recommendation in the report is a relaxing of the current direct control zoning regulations that limit the types and numbers of businesses that can operate in suburban areas.

City administration will study the report and bring their recommendations to council in the near future.

Read: Report forecasts major growth from the Star Phoenix 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 more from the Saskatoon Star Phoenix here.

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

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

In the included form letter that CREA is asking members to sign and send to their MP, the mortgage rule changes that took effect earlier this year were characterized as “measured and balanced.” The author argues that those changes have had the desired effect and warns that a further tightening of the rules could destabilize Canadian housing markets and the economy.

From CREA’s letter.

“Additional changes to mortgage financing rules would raise the barrier to homeownership excessively and destabilize housing markets and the economy. In particular, we are concerned about the negative impact modifications to the allowable amortization period or minimum down payment requirements would have. These changes would create affordability problems, especially for first-time buyers. First-time buyers are the first link in a chain reaction of real estate activity. They allow existing home owners to change properties or rent. Creating burdensome barriers for first-time buyers will seriously impact the rest of the market, including retirees looking to downsize.

Further tightening of mortgage rules would have other far reaching consequences for the economy. It risks causing a home price correction, a drop in the net worth of Canadian households, lowered economic growth and reduced tax revenues. Consumer confidence would be damaged, labour mobility would be impeded, and unemployment would stay elevated.”

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

This is not your typical CMHC report. Rather, it’s an extensive review of the “state of Canadian housing” that goes well beyond a basic market update. In fact, the market update component is relatively small and looks back to 2009. Certainly, you’ve “been there, done that.” What you’ll find in this year’s Housing Observer is a pretty exhaustive presentation on the following seven topics that I pulled from the table of contents of the report.

Housing and the Economy
Housing Finance
Current Market Developments (if you can call 2009 current)
Demographic and Socio-economic Influences on Housing Demand
Recent Trends in Housing Affordability and Core Housing Need
An Exploration of Alternative Measures of Housing Need
The Equilibrium Initiatives

Download and read the 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

Meanwhile, Statistics Canada released some income figures from the tax returns of Canadians and Saskatoon, with a median income of $77,740, recorded the largest year-over-year income gain to enter the top ten list of the highest income earning cities at number nine.

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.

Norm Fisher
Royal LePage Saskatoon Real Estate

Canadians are becoming increasingly concerned that, like our neighbours to the south, there may be a housing bubble in Canada.

While the prospect of a bubble has been downplayed by the Bank of Canada, a number of economists have warned that Canada’s housing market is overvalued, which is bankers’ conservative way of suggesting a housing bubble may be afoot.

The CIBC warns a housing correction is in the cards, which is a milder alternative to a full- blown bubble bursting — though there are signs of trouble on the horizon.  For instance, the OECD finds Canada has the highest consumer debt to financial asset ratio among 10 OECD countries, including the U.S.  The Canadian Association of Accredited Mortgage Professionals estimate about 375,000 mortgage holders in Canada are already challenged by their current payments and may not be able to handle higher rates.

Read the CPPA report titled, Canada’s Housing Bubble – An Accident Waiting to Happen here.

Hot on the heels of CPPA’s report, the C.D. Howe Institute releases its own analysis of Canadian housing market and concludes that there is “little likelihood” of a US style housing crash occurring in Canada.

To evaluate the likelihood of a US-style housing market crash in Canada, one first needs to understand what caused the US housing boom and bust. As argued elsewhere, the Canada-US comparison suggests that a decline in underwriting standards played an essential role in the US housing market boom and dramatic bust. While monetary policy was very similar in both countries from 2000 to 2008, housing markets (especially the subprime component) were structured and regulated somewhat differently in each. Unlike in the US, the Canadian subprime market never expanded significantly into newer products, such as interest-only or negative-amortization mortgages, whose popularity grew rapidly in the US from 2003 to 2006. Moreover, while subprime lending increased rapidly in both countries over 2000 to 2006, the Canadian subprime market remains much smaller than that in the US, as subprime lenders accounted for roughly 5 percent of mortgage originations in 2006 – compared to 22 percent in the US (Mortgage Architects 2007).

Mortgage delinquencies support the key role of underwriting standards in what transpired. While mortgage delinquencies began to climb before the recession in the US, they only began to rise in Canada after the economic slowdown began. Moreover, the decline in Canadian house prices between August 2008 and April 2009 did not result in a large increase in mortgage delinquencies.

Read the C.D. Howe Institute’s report, Not Here? Housing Market Policy and the Risk of a Housing Bust 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.

Norm Fisher
Royal LePage Saskatoon Real Estate

Housing starts are rocking the charts once again and you can’t go anywhere in this town without running into some massive non-residential construction project. They’re everywhere.

According to the City of Saskatoon’s most recent population estimate, roughly 223,200 people were calling Saskatoon home as of June 30, an increase of approximately 5,000 from a year ago. That “estimate” is pretty consistent with Statistics Canada’s most recent numbers for Saskatchewan that indicate our provincial population grew by more than 16,000 in the past year to reach its highest point ever.

One can only assume that our ability to continue expanding employment is a driving force in that growth.

New entrants need not fear a sudden adjustment on the lifestyle scale. We know how to have a good time. We know how to blow the dough. A new study (via JenCT), published in the Sask Trends Monitor for June says household spending between 2006 and 2008 grew at three times the national average in Saskatchewan. We found a way to increase spending by an average of 7.3 percent during each of those years as the value of our homes skyrocketed. Credit was cheap and easy to come by. It still is, really.

Now before you start wagging your finger and talking your neighbours down for their financial recklessness, you should know that another new study (via Larry) says that the household net worth of those living in Saskatoon saw a huge increase over the past year, that our household debt is well below the national average and that we’re looking pretty good when it comes to our investment portfolios.

On the surface, this appears to be one recession the people of Saskatchewan won’t soon forget.

Generally speaking, would you say your family is better off or worse off than it was five years ago? I would love to hear your thoughts.

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.

Norm Fisher
Royal LePage Saskatoon Real Estate

Discovery Plaza is Saskatoon’s latest Class-A project. Completed in 2009 it brought more than 50,000 square feet to the market, all of which was quickly scooped up by BHP Billiton.

The redevelopment of the Capitol 4 site on First Avenue North is currently underway and will bring an additional 31,000 square feet in a building that will be known as the Capitol Centre.

More recently, Pillar Properties Corp. has just released plans for a four-storey office building at 141 Pacific Avenue. Construction will depend on some successful pre-leasing efforts. If sufficient interest exists the new building would bring another 50,000 square feet of Class-A office space to Saskatoon’s downtown core.

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.

Norm Fisher
Royal LePage Saskatoon Real Estate

If the budget is ultimately passed, a 3.86 percent property tax hike will be required to fund the initiatives which include a $1 million dollar increase for snow removal, a $1.5 million increase for policing and $750,000 in added transit services to new neighbourhoods.

The preliminary budget will be tabled with the Budget Committee for deliberation on Wednesday, April 14, starting at 1:00 p.m. in Council Chambers.

View the City of Saskatoon Preliminary Operating Budget here.
Read the Star Phoenix coverage here.

Update: April 15 – Council decides not to trim budget-for now; 3.96% tax hike proposed

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.

Real estate geeks can follow our daily updates on Twitter @norm_fisher.

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

“If we see further evidence that there’s excessive demand in the housing market, or that there’s an indication that people are taking on obligations that they will not be able to handle in the future when interest rates do rise, then we’ll take some action,” Flaherty told the CTV.

Historically low interest rates intended to spur economic activity have pushed demand for homes higher resulting in sharp price increases in many Canadian markets. Near record level activity in our largest and priciest markets, Vancouver and Toronto has helped push the average selling price of a Canadian home to $368,665 (according to the Canadian Real Estate Association) , roughly twenty-percent higher than it was at this time last year.

“The likely action we would take is to increase the size of the down payment from five percent to a higher amount and probably, once again, reduce the amortization period. So, bring it down from a maximum of thirty-five years to something less than that,” Flaherty said.

I’m going to guess that December’s sale numbers will continue to fuel concern and bring us closer to seeing at least one of these changes implemented. Also uncertain is whether these changes would take effect immediately or if they would be effective at some future date.

Thanks to @JenCT for the heads up.

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.

Real estate geeks can follow our daily updates on Twitter @norm_fisher.

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

While in the thick of a recession, the strongest countervailing force that set the stage for the mother of all rebounds, apart from lower prices, was lower interest rates.

All said, the housing market has gone beyond retracing its steps and fully recovering from the end of 2007 – which had marked the peak of a half-decade long boom, concentrated in Western Canada…As of October, both sales and the average price stood 5% higher than their respective 2007 peak…But now that home values are already past their previous peak in such short order, we estimate that the typical home remains overvalued by 12% at the national level. Unfortunately, sheer momentum suggests that this overvaluation is likely to increase over the course of the next few quarters, peaking at 13-15% in H1/2010.

The misalignment of home prices with their fundamental drivers, such as demographics and income, cannot last. That much is known…Because a necessary realignment has been erased so quickly without support from income growth, another adjustment must take place – although it could take many forms. As of our writing this note, early signs of market cooling are emerging and our analysis still suggests the most likely outcome is a soft landing and relative stagnation of home values in real-terms along with a resumption of stronger income growth over the 2011-13 time frame.

As the central bank begins to hint at a tightening monetary policy cycle in the second half of next year, sales could well see a last gasp of strength. Moreover, by that time, the availability of units on the supply side should provide a relief valve helping to cool price growth. And, by 2011, while the overall economy will have improved significantly, housing markets will be losing momentum.

While current price levels are above what we estimate to be long run fundamental values, they do not appear so dramatically out of line as to warrant a sharp correction in the near-term…As for price momentum, it is more clearly unsustainable…Recall that every price increase that is not matched by a commensurate income gain increases the overvaluation gap. Second, more supply should come online in the first half of 2010 in the form of new home and condo completions.

The current market tightness, as measured by the sales-to-listings ratio (limited inventory), while expected to ease gradually over the course of 2010, will not turn on a dime. As a consequence, it will be supportive of price growth in 2010 that is stronger than fundamentals can support over the long haul. After climbing by an estimated 4-5% on an annual basis this year, the average existing home price is expected to gain another 9-10% in 2010 as sales climb to 475K.

In closing, we note that the most important downside risk to our near-term forecast is not that the market cools more than we anticipate. While this risk certainly exists, it would not cause significant market disruptions, and it would ensure that affordability does not continue to erode at the current pace. The risk is rather that the market remains as hot as it currently is for too long, eventually running head-on into monetary policy tightening (and longer term bond yields rising). There is more than adequate time for the housing market to cool before then, but history suggests that if it fails to do so, the ensuing adjustment would be a rude awakening.

Thanks to Larry Yatkowsky of Vancouver’s Yatter Matters for the heads up on this report. See Larry’s overview, “Green Chair Talks.”

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.

Real estate geeks can follow our daily updates on Twitter @norm_fisher.

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

Release: Immediate
Date: Friday October 30, 2009
Contact: Mike Lobsinger, Chief Executive Officer Lake Placid Group of Companies

(Saskatoon, SK, Canada): Michael E. Lobsinger, Chief Executive Officer of the Lake Placid Group of Companies, announced today that Lake Placid is in a situation where delays have arisen around the deadline with the City of Saskatoon. For this, Lake Placid sincerely apologizes.

International finance is a complex and time consuming process. Lake Placid continues to work with its international financier to provide the $200 Million credit facility that is required for the development of Saskatoon River Landing.

All development and legislative approvals were not obtained until May 2009. Pursuant to the lender’s written financial commitment, the financing is still expected to arrive but will not do so in time to meet the October 30 deadline. The City of Saskatoon will be advised that although Lake Placid is not in a position to meet today’s deadline, it may be in that position very shortly.

It is particularly unfortunate that circumstances beyond the control of Lake Placid have resulted in missing this important deadline. Lake Placid has spent two years and over $7 Million planning this premier development which includes payment to the City of Saskatoon of over $700,000. Lake Placid has received significant interest from the local community for the purchase of residential properties, and from commercial tenants and hoteliers. They will be contacted directly.

Lake Placid would like to thank all of the supporters of this project including the City of Saskatoon administration, City Council and the Mayor’s office for their significant support in the progress made to date. In addition, Lake Placid would like to thank the Premier of Saskatchewan and the appropriate Ministers who worked diligently to pass the necessary amendments to the Condominium Properties Act and the Land Titles Act which allow for the development of mixed use projects in Saskatchewan. Without those legislative amendments which were passed in May 2009, this project could not have proceeded.

Lake Placid believes in the future of the great city of Saskatoon and has every intention of developing there in the near future. The company thanks everyone for their patience and understanding in this matter.

A British Columbia businessman, Rexy Silva and his daughter, Tabitha will operate the Uptown Market and offer a full selection of fresh produce, meats, eggs, dairy products and other essentials. They hope to have the 5,200 square foot grocery store open by Christmas of this year.

Saskatoon’s Central Business District has been without a grocery store since late 2004 when the Extra Foods on 3rd Avenue North closed its doors.

Learn more about the Central Business District.

If you live in Saskatoon we’d sure appreciate hearing your comments about your neighbourhood. Please visit our “Saskatoon neighbourhoods” page and let us know what you love about your community.

Norm Fisher
Royal LePage Saskatoon Real Estate

“In order to ensure we continue our economic growth and to build a more diverse, dynamic and cosmopolitan community, both in Saskatoon and right across the province, we need to make sure that more people have more education and more skills training and that way they can help to sustain the growth. The Saskatoon Trades and Skills Centre Inc. will help meet the demand for skilled tradespeople in the province and expand Saskatchewan’s economic opportunities,”  said Rob Norris, minister of advanced education, employment and labour.

Star Phoenix story here.Learn more about the Mount Royal area of Saskatoon.
Visit the Saskatoon Trades and Skills Centre website.

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 @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

The Home Renovation Tax Credit is a federal non-refundable tax credit based on eligible expenses for improvements to your house, condominium, or cottage. The 15% tax credit applies to eligible expenses that exceed $1,000, but not more than $10,000. For instance, if you installed new windows at a cost of $5,000 and new shingles at a cost of $5,000 your tax credit is calculated as follows. ($10,000 – $1,000) x 15% = $1,350 tax credit.

You must get your contracts in writing, keep your receipts and claim the credit on your 2009 tax return.

Eligible expenses must be of an enduring nature and integral to your property.

Examples of eligible expenses

Renovation of a bathroom, basement, or kitchen
New windows, doors, or flooring
Building an addition, garage, deck, shed or fence
A new furnace, fireplace, water softener, or water heater
A new driveway, or a new surface on an existing driveway
Re-shingling a roof, or painting a house
Landscaping projects like new sod, perennial shrubs and flowers, trees, etc.
Swimming pools (permanent – in-ground and above ground)
Fixtures – blinds, shades, shutters, awnings, lights, fans, etc.
Associated renovation costs such as permits, professional services, equipment rentals, etc.

Examples of non-eligible expenses

Improvements made to rental units even if located with your primary residence
Furniture, appliances, tools
Audio and visual electronics
Routine repairs, maintenance and cleaning costs
Financing costs

For more information on the Home Renovation Tax Credit click 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.

Real estate geeks can follow our daily updates on Twitter @Norm_Fisher.

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

In a letter to the city, the developer requested an extension to June 30, 2010. City manager, Murray Totland will recommend to city council on Monday that the extension be granted.

Read the Star Phoenix story 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 @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Dear Norm,

“The legislation needed to move forward with two of the biggest private developments in the province, both slated for downtown Saskatoon, was passed this week.”

Star Phoenix, May 02 2009

We have very exciting news! We are now offering the Residences at River Landing Village for sale! For those of you that have reserved a unit, this is your opportunity to make that unit yours with a 10% deposit. If you have not reserved a unit we encourage you to visit our sales centre, as we have many great suites still available. Please call Richard or Gail at (306) 683-4350 to make an appointment.

As you may know, we have experienced delays due to the current land titles act. As you can see in the quote above from the Star Phoenix, we have overcome these issues.  In simple terms, the Government is going to allow multiple strata’s (owners and users) on a single title (parcel of land). We are very excited about this progress, and we will begin construction as soon as these changes are complete.

We hope to hear from you soon and encourage you to visit us, as suites are selling quickly!

Sincerely.

Lake Placid River Landing

The River Landing Village website 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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

On a year-to-date basis (January and February), housing starts are down 50% across Canada. Saskatchewan leads the provinces showing the largest decline, off 74% with just 152 starts this year compared to 578 for the same period in 2008.

Saskatoon’s year-to-date housing starts sit at 57 units, a decline of 85% over the same period last year. Kelowna was the only Canadian city to post a larger drop with starts falling 96%, year-over-year, from 735 last year to just 28 this year.

Paul Caton, CMHC senior market analyst told the Saskatoon Star Phoenix that new home construction is off to a slow start this year as developers work to finish and sell the houses they began building in 2008.

CMHC’s Preliminary Housing Start Data is here.
The Star Phoenix story 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.

Norm Fisher
Royal LePage Saskatoon Real Estate

Check the CNN story here.
Cassandra Kyle’s coverage 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.

Norm Fisher
Royal LePage Saskatoon Real Estate

“Saskatoon resales will decline almost 20 per cent by the end of 2008 with a further 11 per cent reduction occurring in 2009. Notwithstanding 2008’s forecast decline, resales will still be in excess of the ten-year average of 3,170 sales.”

“Our forecast calls for the average price to reach $287,000 in 2008 and approach the $300,000 mark in 2009 as price gains cool from the 2007 pace. Higher listings and buyer resistance to higher prices will result in relatively weaker price gains compared to 2007 for the balance of 2008 and 2009.”

Hmmm.

Read CMHC’s Fall Housing Outlook for Saskatoon 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

The sales jump, which took economists by surprise pushed active listing inventories down by 1.6% and brought the second consecutive month of inventory declines. Still, a near 10-month supply of residential property is available for purchase across the United States.

Home prices continued to post losses and reached their lowest level since April 2004. The median price of a U.S. home fell to $191,600, down nine percent from one year ago.

According to a story in the Globe and Mail, Lawrence Yun, chief economist for the National Association of Realtors (NAR) attributes increased unit sales to a “rise in foreclosure and other ‘distress sales’ in regions of the country hard-hit by the ongoing housing downturn.”

“In some regions, the lower prices are seeing buyers return to the marketplace,” he said. “This was a nice jump, and hopefully this trend can continue because the first step to stabilizing the market is an increase in home sales.”

Read the Globe and Mail story here.
Read NAR’s media release here.
See the current U.S. real estate stats 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

Flahrety insists that not a single Canadian bank is at risk of failing but that liquidity is the primary issue threatening the unimpeded flow of credit for Canadians.

“It is important to underline that Canada’s banks and other financial institutions are sound, well capitalized and less leveraged than their international peers,” he said.

Read the Globe and Mail story 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