Click the image for a larger version of the graph.

A brisk week for new additions to the MLS® system brought the total number of residential properties for sale in Saskatoon higher by nearly 50 units over the course of the week. The end result was a listing inventory that was on par with what was available a year ago, 973 residential listings. Today, buyers have 559 single-family homes and 330 condos to choose from. At this time last year, those numbers stood at 537 and 387 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings remained fairly low at just 19 homes. This week, 22 home sellers adjusted their asking price. Another 35 MLS listings expired from the system without finding a buyer.

All five house price measures that you see on this site edged higher this week as the average selling price of a Saskatoon home gained more than 10K to reach $329,829. The weekly median price followed along but didn’t move as far. It grew by $6,500 from the previous week to close at $309,950. The six-week average price pulled ahead by just over $2,000 to reach $320,337 for an annual gain of almost $15,000. Meanwhile, the four-week median price bounced back from last week’s decline and grew by more than 6K from to hit $309,900. That’s good for an annual gain of about $16,000.

Click the image for a larger version of the graph.

Overbid sales continued to represent just a fraction of the market, and those that did sell over their list price didn’t reach the craziness of last week’s numbers. Just three of 56 sellers got more than they were asking this week. Another nine cashed in with a full price offer while 44 buyers managed to grind their seller for a bit of a deal achieving an average discount of $8,460.

Click the image for a larger version of the chart.

Highlights from the news this past week

Canadian home prices slide for first time in a year – Financial Post
Blueprint plans city growth – Star Phoenix
Real estate may do an encore – Financial Post
Littler houses on the prairie – Star Phoenix
Canada facing subprime mortgage risk – Financial Post
Low interest rates may shield housing market from bubble – Globe and Mail
CMHC backing fewer loans – Financial Post
No housing crash for Canada: BMO – Globe and Mail
Housing bubble is really a balloon: BMO – Financial Post
Canada’s economy shrinks – Financial Post
Canadians teeter on edge of debt cliff – Financial Post
Trump opens Canada’s tallest condo tower with $6 million suites – Financial Post
Flaherty concerned by mortgage lending – CBC News
Canada’s jobless rate rises – Financial Post
Jobs up, unemployment down in Sask. – Star Phoenix
Will Canada’s Housing Boom Forge On, Fizzle Out, or Flame Out? – BMO
In a cooling housing market should you wait to buy and hurry up to sell? – MacLean’s

A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out 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

In 2012 we are starting out with a market that favors sellers. The number of residential properties listed in Saskatoon was 528 units, down only 1% from last January while the MLS® sales were up 20% to 310 units (247 units within the city limits, an increase of 27% compared to January 2010). This resulted in an increase in the average selling price of 6% to $318,163. There were a total of 951 active listings for January 2012, which was also down 1% from last January.

The $300,000 to $349,999 price range recorded the most sales at 68 units, an increase of 51% from 45 units in January 2011. The highest average sale price of $377,757 remains in the neighborhoods on the far East side of Saskatoon, which also has the most active listings and units sold.

Activity was slower in the areas surrounding Saskatoon. There were only 185 residential properties listed compared to 213 properties in January 2011 for a decrease of 13%. The number of sales was down 26% from 57 to 42 units year over year. In spite of this quieter activity the average residential sales price in the areas surrounding Saskatoon was up 3% from last January to $279,171.

The number of days to sell remained almost unchanged at 46 within Saskatoon while listings in the area surrounding Saskatoon took 75 days on average to sell which is an increase of 25%. The area with the shortest time to sell continues to be the North end, West of the river, at 33 days on average.

If the supply of product continues to remain consistent with last year and if the anticipated increase in demand occurs, our city will remain in a seller’s market with buyers competing for their purchases. It is expected that Saskatoon will continue to buck the softening price and activity trend taking place across Canada.

Jason Yochim
Executive Officer
Saskatoon Region Association of REALTORS®

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

The Saskatoon real estate market continued to push ahead with sales finishing up and new listings closing down on a year-over-year basis. Local agents reported 64 firm sales of houses and condos to the multiple listing service®, an increase of 12 compared against last week, to finish eight units ahead of the same week last year. New listings moved in the opposite direction falling by eight units from the previous week to close the week sixteen properties behind the number of new home listings for the same week in 2011.

Click the image for a larger version of the graph.

The total inventory of active MLS® listings in the residential category failed to gain much traction over the past seven days. The week closed with a total of 924 properties, up just six from the previous week’s close and 42 units below the levels seen a year ago. The inventory of both single-family homes and condominiums also remained fairly steady on a weekly basis at 537 and 307 respectively. Last year at this time, buyers also had 537 single-family homes to choose from. The condo category continues to loose ground on last year’s numbers. At the same point in 2011 there were 387 Saskatoon condos offered for sale on the MLS®.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings slid lower to just 19. An additional 33 price adjustments were recorded on the system and 11 listings came to the end of their term and expired without a sale.

The average selling price of a Saskatoon home gained some ground climbing almost $13,000 from last week to $318,251 while the median sale price moved up by more than $20K. The six-week average slipped a little less than one hundred dollars to $318,149 to claim an annual gain approaching fourteen thousand dollars. The four-week median price managed to slip as it lost about six thousand dollars from last week to finish at $303,450 for an annual gain of about nine thousand dollars.

Click the image for a larger version of the graph.

Overbid sales were pretty soft at just two, but those that did sell for more than list price went over big. Apparently, one of the two homes attracted fourteen offers and eventually sold for a $55,000 premium, more than twenty percent above the list price. This is something we haven’t seen much of for a few years and it shouldn’t likely be taken as a sign of things to come this spring. In fact, at the close of January, inventory, when analyzed using the supply/demand formula showed a substantial increase of close to a month’s supply of homes. This lucky seller had east side home priced around $250,000 that was ready for some upgrades so there’s no surprise that it would have been a popular choice for first-time buyers, and perhaps property flippers. Another five property owners closed a deal for all they were asking while 57 0f 64 firm sales fell short of the asking price by an average of $8,318.

Click the image for a larger version of the chart.

A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out 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 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

Fewer sales at the upper end of the real estate market brought the average selling price of a Saskatoon home lower this week by $45K to $305,680. The median sale price followed along and in fact, slid a bit more to $283,000. The six-week average still managed to push a little higher, gaining less than a thousand dollars on the week to close at $318,244 while it claimed an annual increase of just over seven thousand dollars. The four-week median price slipped about twelve thousand dollars to $309,500 finishing above the close of $298,000 recorded during the same week of 2011.

Overbid activity was pretty scarce as just one lucky seller found a buyer who was prepared to bid up their price.  That particular sale closed $2,000 above the asking price. Seven sellers closed with a full price offer while 44 of 52 recorded sales resulted in a sale price that was $8,640 below the asking price, on average.

Highlights from the news this week

Big banks warn on housing market - CBC News
Saskatoon housing prices see slight increase in fourth quarter – Star Phoenix
Canadian home sales edge higher in December – CREA News
Locking in never looked better - Financial Post
Housing appears set for a soft landing, but not Vancouver? - Globe and Mail
Low rates boost home sales - Financial Post
Is now the time to lock in my mortgage? – Globe and Mail
More expensive homes selling in Saskatoon – Star Phoenix
Mark Carney sees consumer debt burdens growing fatter - Globe and Mail
Our love affair with home ownership might be doomed – Globe and Mail
Canadians fueling Phoenix housing recovery – Financial Post

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

The report states that existing zoning is appropriate for the proposed development which will meet the city’s long-term plans to encourage a mix of housing types in all neighbourhoods. Currently, single-family homes are the only type of housing available in the Montgomery area. Further, the report explains that the development will contribute to a “more compact and efficient urban form and make effective use of existing community infrastructure,” an important consideration given the rapid population growth that Saskatoon is experiencing.

Once the approval process has been completed, five acres of the 18-acre parcel of the land owned by North Ridge Developmentswill become home to a 192 unit apartment complex. The remaining 13 acres will likely be developed as demand dictates. The current plan calls for up to 750 housing units when complete.

The project met resistance from the area’s community association who feel that the development is “out of step with the character of adjacent Montgomery Place,” according to a story in the Star Phoenix. Many residents of the historic area that was developed in honour of Second World War veterans feel that the neighbourhood has been “under siege” as the area around them changes to accommodate and expanded landfill, a new bus barn and city yards site, and the extension of Circle Drive South.

In one seemingly over-the-top expression of concern, Councilor Pat Lorje, speaking about Second World War veterans, declared the move as an end to “the recognition of their sacrifice.”

I’m going to go ahead and make two bold predictions. Saskatoon will continue to honour the sacrifice of our Second World Wars veterans, and Montgomery Place will maintain its unique charm for years to come in spite of this development. It’s a beautiful area now and so it will remain.

Learn more about beautiful Montgomery Place.
Read: Montgomery development can proceed; Lorje says decision ‘dishonours’ veterans.
Read also: Montgomery plan approved.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Cancelled and withdrawn listings ramped up about 25 percent from the previous week to 25 units with 14 of those making a quick, same day return to the MLS® system with a new price and showing zero days on the market. An additional seven properties reached the end of their term without finding a willing buyer and expired from the system. Over the course of the week, 22 Saskatoon home sellers adjusted their pricing strategy in hopes of capturing a buyer before the spring rush of listings ensues.

A couple of huge sales in the luxury category (two that averaged close to one-million dollars each) pushed the average sale price of a Saskatoon home to levels rarely seen. In stark contrast to last week’s unusually low number, the average surged higher by more than 50K to close the week at $349,753. It has only been higher one time when it barely cracked the $350,000 in October of last year. Both of our longer term measures moved in the same direction, though much more modestly. The six-week average price gained about $4,500 over the week before to reach $317,694 and captured an annual gain of about $8,000. The four-week median picked up a little more than $7,000 on the week to finish at $321,492 and claimed a year-over-year gain of more than $26,000. Much of the growth in median prices appears to result from a growing number of higher end sales, as opposed to a diminishing number of lower end, or entry level sales.

Just two Saskatoon home sellers found a buyer willing to pay them more than their asking price. Those two deals were reported to have sold at an average of $800 above list price. Another five sellers bagged a full price offer. Meanwhile, most of the week’s activity required a little back and forth magic to come to an understanding that resulted in a sold sign. Those deals saw an average discount of $10,589 or roughly 2.5 percent of the asking price.

Highlights from the news this week

First-time home buyers lean on bank of mom and dad – Financial Post
Non-residential construction up 118 percent in November – Star Phoenix
Building permits fall in November after big gain - Globe and Mail
Bank chiefs sound alarm over housing market - Globe and Mail
Saskatoon to lead nation’s growth: Conference Board - Star Phoenix
Saskatoon house prices edging up – Star Phoenix
Assessing Canadian bank risk with a ballooning mortgage portfolio - Globe and Mail
Expect homes prices to keep rising in 2012: Royal LePage – Financial Post
Ahead of crash, Fed saw little threat from housing – Globe and Mail
Fixed rates hit the basement - Financial Post
BMO move spurs rivals to drop mortgage rates - Globe and Mail
Does new BMO rate spell the end to 30-year ammortization? - Canadian Real Estate Wealth
Is real estate overheated? The bubble discussion rages on - Financial Post
Big banks warn on housing market - CBC News

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

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.

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.

Read it here.

See our neighbourhood page for Nutana here.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Construction is underway on the new Affinity Credit Union offices which will be located at 710 Duke Street in Saskatoon’s City Park. The construction plan, managed by Meridian Development will make use of the existing 49,000 square foot building on the site. Some additional space is being added at the North end of the building to accommodate what appears to be the main entrance to the offices.

Three Saskatoon home sellers managed to find a buyer willing to pay a bit more than their asking price, all in area five, which garnered than its fair share of the market activity this week, 22 out of 39 sales. Those who paid more than the list price placed offers that were almost $5K above the asking price on average. Another seven sellers got their full asking price while 29 of 39 sellers gave up an average of $8,891 at the negotiating table to close a sale early in the year.

Once again, happy new year to all of you. I appreciate your regular visits and hope to spend a bit more time in discussion with you this year.

Highlights from the news this week.

Investing in property: a young person’s game – Globe and Mail
Saskatoon mayor hopes for strong, vibrant downtown – NewsTalk 650 CKOM
Saskatoon asking prices highest in The Willows – Star Phoenix
Montgomery battle brews - Star Phoenix
CIBC economist: More like 15% overvalued – Canadian Real Estate Magazine
Canadian unemployment rate creeps up – Financial Post
Sask. unemployment rate up slightly in December - CTV News
New SRAR leader excited about future – Star Phoenix
Will the housing decline be mild or ‘something much nastier’? – 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 of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Vocal residents of Montgomery Place argued that the turbine would be an eye-sore in the historic area and that noise generated by the turbine would be troublesome to those living in the area.

Read also: Health concern (Reader’s Opinion) Star Phoenix
Read also: Turbine opponents not just tilting at windmills
Read also: Turbine continues to stir up opposition
Read also: Saskatoon wind turbine gets final approval
Read also: Council approves landfill wind turbine

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Montgomery residents seem to be feeling a bit “under siege,” according to a recent story in the Star Phoenix. Other recent concerns include a proposed 120-metre wind turbine which would be erected at the landfill, the development of Circle Drive South, and the plan to relocate the city yards and the public transit headquarters, all of which will be adjacent to the area.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

The ideal balance of buyers and sellers in 2011 resulted in a modest 5 percent increase in the average residential selling price of a home in Saskatoon which increased to $309,835. This was a record setting year for the total residential sales volume which totalled $1,247,705,573. The total number of residential sales for 2011 of 4027 units was up 13 percent from 2010. The increase in the average selling price continues to make investing in real estate attractive without driving buyers out of the market place.

The average selling price in the month of December was $312,834, up 4% from December of 2010 when it was $299,897. December saw 254 houses change hands, taking 45 days to sell on average. This was a whopping 37 percent above December of 2010 which recorded 186 sales. However, the year to date increase in sales was 13 percent. There were 275 homes added to the Saskatoon inventory in December which was consistent with the previous December.

Year to date 7051 homes were listed for sale, up 4 percent from 2010 when 6757 homes were placed on the market. There were 820 residential properties for home buyers to select from at the end of December.

The change in market activity surrounding Saskatoon was less than that of the city in December. The number of properties that sold was up 8 percent from December of 2010 when just 38 homes changed hands. The average price in these areas in December was $261,852, a sharp decrease of 12 percent from 2010 when it was $295,905. The year to date average selling price, was $279,861, up 8 percent when compared with 2010. REALTORS® listed 91 homes in the areas around Saskatoon, that number down slightly by 2 percent from December of 2010 when 93 homes were listed.

It is anticipated that 2012 will be very similar to 2011 with steady increases in the average sale price. The city of Saskatoon continues to work toward meeting the demand for serviced lots. Our population will continue to see a steady in migration as the availability of jobs remains strong. Interest rates should continue to remain low due to struggling economies in some Canadian cities as well as our trading partner countries.

Jason Yochim
Executive Officer
Saskatoon Region Association of Realtors

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

The next two charts show all activity in the residential category of the Saskatoon Multiple Listing Service. The numbers include single-family homes (houses), condominiums, duplexes, semi-detached dwellings, vacant lots and even mobile homes. These are the numbers that are commonly used when you hear the media and the Saskatoon Region Association of Realtors quote numbers on our market.

The next two charts show the same statistics for single-family homes. Generally, these are the numbers that are used when people are talking specifically about detached houses.

The final two charts provide the same statistics for the condominium categories. Included in these numbers would be units commonly known as apartment style condos and attached townhouse (row house) dwellings.

Any surprises?

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

The total inventory of active MLS® listings in the residential category continued on a downward trend and fell below 1,000 units for the first time since totals moved above that number in early February. As of this morning, there are 953 residential listings showing an active status on the system for a weekly decline of 55 units, but up when compared against the close of the same week last year by 31 properties. There are currently 540 single-family homes (detached houses) and 354 condominiums for sale in Saskatoon. At the close of the same week last year, those housing categories stood at 506 and 363, respectively.

Cancelled and withdrawn listings slipped lower to just 18 homes with eight of those immediately returning for another go at the market, most bearing a new price. Price changes were nearly non-existent at just three. Over the course of the week, 19 listings expired having reached the end of their term without finding a willing buyer.

The average selling price of a Saskatoon home inched up, ever so slightly, gaining just a few hundred dollars on last week to finish at $319,111. The weekly median sale price grew by $19,000 to close at $324,000. The six-week average dropped about fifteen hundred dollars to $314,274 to claim an annual gain of just over three thousand dollars, while the four-week median pushed higher by roughly two thousand dollars on the week, closing at $304,000.  That brings an annual gain of $15,000, the largest in several weeks.

Overbidding was once again out of fashion. Just one lucky Saskatoon home seller finished a deal for more than the asking price. That overbid sale came in $1,100 above the asking price. Another seven sellers found a buyer willing to pay them their full asking price while 55 of 63 completed deals required some back and forth at the negotiating table for an average discount of $10,467.

Highlights from the news this week

A shifting market stings Chinese home owners - Bloomberg
Canadian home prices to fall 5 percent: BofA report – Yahoo Finance
Quint raises concern on housing report - Star Phoenix
Look for a 5-10 percent drop in home prices in first half of 2012 – Financial Post
Micro condos, major ruckus – CBC News
Canada’s housing boom among longest in Western world – Globe and Mail
Saskatoon drawing newcomers away from bigger cities – Yahoo News
Saskatchewan population reaches new high – Star Phoenix
BMO’s five fearless forecasts for the next year – Globe and Mail
Get ready for a housing market correction: TD – Financial Post
Housing correction big risk for Canada - Financial Post
Saskatchewan continues to grow, but where will everyone live? – CTV News

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

According to the story in the Star Phoenix, the $84 million gallery was selected from “163 submissions judged by a jury of Canada’s top architects.”

The gallery will be constructed at River Landing in Saskatoon’s Central Business District beginning in 2012 with an anticipated completion in late 2014.

Read: Remai gallery receives national award.

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

New listings came in lower than sales this week as would be sellers delayed their entrance to the market until after the holidays pass. Total house and condo listings came in at 52, a drop of seven from the previous week to finish roughly on par with new listings for the same period a year ago.

Click the image for a larger version of the graph.

Total MLS® listings in the residential category took a fairly good drop but still finished the week at levels above last year’s. As of this morning, there where 1,008 residential listings showing an active status for a weekly decline of 54 properties and an annual gain of 41. Today, buyers will find 571 single-family homes and 373 condominiums available for purchase. Last year at this time, those categories stood at 527 and 382, respectively. You may recall that over the past couple of years, single-family home inventory has rarely been up on a year-over-year basis. It currently sits eight percent higher than it was at this time last year.

Still, these numbers strike me as fairly healthy, assuming that sales in the first quarter of next year are able to match the five-year average for this area, which I expect will be the case. By contrast, look to Regina’s inventory that currently sits at only 421 residential units including 334 single-family homes and just 63 condominiums. Unless those numbers see a sharp increase in the early next year, we could see some sharp price increases there in early 2012. Looking back about ten years, Saskatoon home prices where at about a twenty percent premium compared to Regina. This year, we’ll wrap the year up with a difference of around eight percent. I expect that we’ll see that gap close even more by spring of next year.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings pushed a bit higher this week at 30 units. In a rare twist, surely related to the holidays, fewer than half of those returned to the market as a new listing. An additional 17 Saskatoon home sellers adjusted the asking price on their home. Meanwhile, 27 MLS® listings came to the end of their term and expired without a sale.

Following a fairly sharp decline last week, the average selling price of a Saskatoon home bounced back to $318,716. The weekly median sale price also bounced back in a big way picking up about $30K to finish in the more normal range of $305,000. The six-week median price slipped a little more than a thousand dollars from last week to $315,874 for an annual gain of just four thousand dollars. The four-week median gained about as much on a weekly basis to finish at $301,888 claiming an annual gain of just under five thousand dollars. Prices appear to be wrapping up the year very close to where they were at the close of 2010.

Click the image for a larger version of the graph.

One lucky Saskatoon home seller managed to complete a deal for $5,000 more than their asking price on the first day that the home was offered for sale. An additional seven found a buyer who was willing to offer the full asking price. The remaining 55 sellers sharpened their pencils to wrap up a firm sale at an average discount of $10,230.

Click the image for a larger version of the chart.

Highlights from the news this week

How the rich are investing in real estate right now – Globe and Mail
Mark Carney passes the buck – National Post
Study says Canadians are scrounging – Star Phoenix
Canadian house resale prices climb higher – Financial Post
Home sales and prices climb in November – Globe and Mail
November home sales up – Star Phoenix
Housing industry shy on new rules – Financial Post
Prices will keep rising, experts agree – National Post
Variable rate mortgage discounts disappearing – Financial Post

A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out 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

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

Coming off of the strongest week for new listings in two months time, numbers fell sharply by 44 units compared to last week but finished five units lower than the new listing total for the same time period in 2010.

Click the image for a larger version of the graph.

Total active listings in the residential category slipped lower again, but they’re moving lower at a slower pace than is typical at this time of year. The numbers slipped by just 13 from last week to 1062 and finished higher on a year-over-year basis for the fourth consecutive week, this week logging the largest annual gain of 66 properties. Today’s active inventory shows 602 single-family homes and 396 condominiums. Last year at this time, those two categories stood at 544 and 395 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings continued to decline as just twenty-four properties were pulled for the market. Eleven of those reappeared the same day as a new listing. An additional 32 sellers adjusted their price hoping for an early Christmas gift in the form of a sold sign. Another 17 listings came off of the market when they expired at the end of their term without a sale.

Weekly prices slipped lower again as the average sale price of a Saskatoon home fell more than fifteen thousand dollars from last week to $303,521. The median price slid even more dropping almost thirty thousand dollars from last week to close at just $275,100. Still, the six-week average sale price managed to increase by two thousand dollars to $317,007 for an annual gain of over seven thousand dollars. The four-week median price slipped two thousand dollars from last week to $297,850 and finished marginally lower on an annual basis for the second week in a row.

Click the image for a larger version of the graph.

For the first week in almost a year, there were no overbid sales reported. Eleven sellers did manage to close a sale at their full asking price while 45 of 56 sales required some pencil sharpening to close. In those instances, buyers managed an average discount of $10,659.

Click the image for a larger version of the chart.

Highlights from the news this week

MVA green lights art gallery and River Landing Village – Star Phoenix
Five reasons why a fixed-rate mortgage may be your best bet – CBC News
Housing market continues to defy logic – Financial Post
Building permits rise in October – Globe and Mail
Why the Bank of Canada is torn – Financial Post
Brookfield pumps up with U.S. acquisition – Globe and Mail
Canadian homes sales bedevil Remax – Financial Post
Canada’s housing starts slow in November – Globe and Mail
Construction boom will reshape 2012’s skyline – Star Phoenix
Crisis triggers Bank of Canada red alert – Financial Post

A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out 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

Read: Westmount fitness studio can dance on – Star Phoenix

Victory Major Investments took over the project from Lake Placid Developments last year when the developer failed to secure adequate financing. Initially, Victory promised quick action on getting the project started but later petitioned the city for changes to the previously approved project.

The approved changes have the potential building height increasing to 95 meters, from 68 meters, commercial space increasing from 30% to 40% and the allowable floor space increasing by as much as 50 percent.

The MVA is a conservation organization dedicated to conserving the natural and cultural heritage resources of the South Saskatchewan River Valley in Saskatoon. As such, all of the development at River Landing in Saskatoon’s Central Business District must meet their approval.

Read: Zoning changes approved for River Landing project.
Read: MVA greenlights art gallery, Nasar Magaproject in River Landing.

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