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Canadian Housing Activity Sees Another Quiet Month in May of 2024: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for May 2024.

While May was another relatively uneventful month for many Canadian housing markets with national month-over-month home sales edging slightly lower and new listings moving only a little higher, the Bank of Canada’s recentrate drop will likely lead to increased activity moving forward.

“May was another sleepy month for housing activity in Canada, although it may prove to be the last of those now that interest rates have moved lower,” said Shaun Cathcart, CREA’s Senior Economist. “The Bank of Canada’s June 5 rate cut may have only been 25 basis points, but the psychological effect for many who have been sitting on the sidelines was no doubt huge. The question now turns to further rate cuts – specifically, how fast, and how far?”

Highlights:

• National home sales edged back 0.6% month-over-month in May.

• Actual (not seasonally adjusted) monthly activity came in 5.9% below May 2023.

• The number of newly listed properties ticked up 0.5% month-over-month.

• The MLS® Home Price Index (HPI) dipped 0.2% month-over-month and was down 2.4% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 4% year-over-year decrease in May.

 Read the recently released national sales statistics for May of 2024.

Read also: CREA’s Residential Market Forecast.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate


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Welcome to 208 Quessy Drive in Martensville, SK

Welcome to 208 Quessy Drive in Martensville, SK

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Welcome to 208 Quessy Drive in the town of Martensville. Located just eight kilometres from Saskatoon, you’ll love all of the conveniences of the ‘big city’ but with the quaintness of small town living. This great five bedroom, three bathroom home is developed on all levels. A spacious living room provides plenty of natural light that pours in from the large front windows. The kitchen is well appointed and has lots of cabinetry for storage, the u-shaped space provides plenty of room for all of your culinary endeavors. Four appliances are included. The dining nook is off of the kitchen and gives you access to your fully fenced outdoor space. Down the hallway you’ll find three bedrooms, including the primary bedroom with a walk in closet and four piece ensuite. Another four piece bathroom rounds out the floor. The basement is developed and you’ll love spending time with the kids in the large family room. Want to add a home theatre? There is a custom made large screen pony wall TV mount included with the house so you can choose to use the pre-wired 7.4.1 Dolby Atmos with eight surround speakers installed in the walls/ceiling and the Philips HUE lighting with Wi-Fi hub so that you control the lighting from a smartphone. There are two more bedrooms and an office/den down below, as well as the third bathroom. The laundry room and storage facilities are also downstairs. Outside, you’ll love the low maintenance of the front yard. In the back, you can spend our amazing Saskatchewan summers out on the amazing two tiered deck, it’s a great place for entertaining family and friends! The backyard is fully landscaped, fully fenced, and is the perfect outdoor space for kids and pets! This home has a double attached, heated garage with direct entry and tons of storage, air conditioning, and a natural gas BBQ hook-up.

 

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Welcome to 3702 33rd Street West in Confederation Park, Saskatoon, SK

Welcome to 3702 33rd Street West in Confederation Park, Saskatoon, SK 

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 Welcome to 3702 33rd Street West, a two storey home built in 2019 that has plenty to offer including an open floor plan on the main, modern finishes throughout, and so much more. Featuring three bedrooms and three bathrooms, this home is close to schools, parks, churches, and tons of other amenities in the neighbouring communities of Kensington, Dundonald, and Hampton Village. The large, bright living room is open to the spacious kitchen that overlooks the backyard. The kitchen provides an abundance of cabinets, quartz countertops, an island with breakfast bar and four appliances. A two piece powder room rounds out the main floor. Upstairs, there are three good sized bedrooms, including the primary bedroom with walk-in closet and three piece ensuite. There is also a four piece main bathroom and the laundry facilities on the second floor. No need to carry the laundry up and down the stairs! The basement is currently unfinished and is waiting for your inspiration. The backyard is fully fenced and landscaped. You’re sure to enjoy our amazing Saskatchewan summers with your morning coffee on the two-tiered deck. There is a double detached garage with back alley access. This great home won’t last long, book a showing with your favourite realtor soon!

 

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Saskatoon home sales remain strong as inventory sits at its lowest point since 2008: SRA

It was another exceptionally strong sales month despite continuing inventory challenges. Saskatoon REALTORS® reported 587 residential sales to top production last May by seven percent, and beating the average sales for the past five years by 20 percent.

Buyers are challenged to act quickly, or someone else will so there’s no time to waste, and even when you do put the pedal to the metal, you’re likely to encounter competitive bids, at least on the shiny polished listings that are priced realistically.

As is typical, detached homes accounted for a large chunk of total sales with 330 trades, up 36 from last week, and ten more than last May. Meanwhile, 207 condos changed hands, up 32 from April, and ahead of last May by 20 units.

Over the month, 799 Saskatoon home owners listed a property for sale. That’s 71 more than last month, and it tops last May’s listing numbers by 34.

With that, active listing inventory did manage to grow by about 43 units from last month’s close, to reach 878 but finished 16 percent lower on an annual basis and 50 percent below the ten-year average. The high watermark for active listings in May over the past six seasons is 2019 when 1944 residential listings were available to buyers.

Months of supply fell again from 1.6 at the end of April to 1.5 at the close of May. Again, supply levels of less than four months signal a seller’s market.

The average price of a Saskatoon home grew from $394,232 lat month to $397,200 when the dust settled in May.

The benchmark price of a single-family home in Saskatoon rose nearly $5,300 from last month to hit $455,000 to establish a new all-time high, up seven percent from a year earlier.

Townhomes saw a more modest dip as they fell from $329,200 last month to $325,600 at the close of May, but handily gained ten percent year-over-year.

Apartments came down $4400 from last month to leave the benchmark price at $234,600 for an annual price increase of 15 percent.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

We’re always happy to answer your Saskatoon real estate questions. Click here to reach out.

TeamFisher, your Saskatoon real estate market specialists.

Royal LePage Saskatoon Real Estate


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Home Buyers Remain Cautious Amid Increasing Spring Listings: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for April 2024.

Canadian home sales dipped in April 2024 when compared to March, even as the number of properties available for sale rose to kick off the spring market.

Home sales activity recorded over Canadian MLS® Systems fell 1.7% between March and April 2024, coming in a little below the average of the last 10 years. 

“April 2023 was characterized by a surge of buyers re-entering a market with new listings at 20-year lows, whereas this spring thus far has been the opposite, with a healthier number of properties to choose from but less enthusiasm on the demand side,” said Shaun Cathcart, CREA’s Senior Economist.

Highlights of this report:

• National home sales declined 1.7% month-over-month in April.

• Actual (not seasonally adjusted) monthly activity came in 10.1% above April 2023.

• The number of newly listed properties rose 2.8% month-over-month.

• The MLS® Home Price Index (HPI) was unchanged month-over-month but dipped 0.9% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 1.8% year-over-year decrease in April.

 Read the recently released national sales statistics for April of 2024.

Read also: CREA’s Residential Market Forecast.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate


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Strong sales and low supply push active Saskatoon real estate listings to their lowest levels since 2008 in April 2024

Fueled by a surge in new listing activity, and after a lukewarm March, sales bounced back with a vengeance as 522 Saskatoon homes were sold through the multiple listing service® in April. That’s up a remarkable 29 percent compared to April of 2023 and tops the 10-year average number of sales for the month by 34 percent. Spring has sprung and the market is off to the races.

Frenzied buyer activity is again the norm as many homes attract multiple offers, often above the asking price.

The number of single-family homes to trade hands grew to 98 for a monthly increase of 79. Meanwhile, condo sales took even larger gains as they were up by 65 units compared to last month to finish higher at 188 units.

New residential listing activity took a welcome spike as 728 Saskatoon home owners listed their property for sale, up from 540 last month. That marks an 8.8 percent increase over last April when just 669 homes were offered for sale.

The number of active Saskatoon real estate listings on the MLS system grew to 835, up from 765 a month earlier. At this time last year, there were 1034 Saskatoon homes for sale.

Months of supply fell again dropping from 2.1 in March to 1.6 at the end of April. Again, supply levels 0f less than four months signal a seller’s market.

You may recall that the average price of a Saskatoon home took a rather wild bounce last month, due to a skewing in the market toward higher-priced sales. That measure headed lower in April falling close to 8K to settle at $394,232.

The benchmark price of a single-family home in Saskatoon rose nearly $5,200 from last month to hit $449,700 reaching its highest point ever, up seven percent from a year ago.

Townhomes saw a more modest gain monthly growing by $3700 from last month and reaching $329,200 to grow by ten percent annually.

Apartments saw the largest annual gains as the benchmark prices grew four thousand dollars from last month to reach $243,000 claiming a 13 percent increase from April of last year.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

We’re always happy to answer your Saskatoon real estate questions. Click here to reach out.

TeamFisher, your Saskatoon real estate market specialists.

Royal LePage Saskatoon Real Estate


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Hints of Active Spring Market in March Housing Data: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for March 2024.

While there are expectations the Canadian housing market will pick up on some level this year, home sales and prices were mostly unchanged on a month-over-month basis in March 2024, according to the latest data from the Canadian Real Estate Association (CREA).

Home sales activity recorded over Canadian MLS® Systems edged up 0.5% between February and March 2024, holding around 10% below the average of the last 10 years.

“We’ll have to wait for the April data to really understand how buyers are responding to all these new properties for sale, but if you look at last spring as a guide and add to that record population growth in the last year and a central bank that is far more likely to cut this summer than raise like it did last year, it could get interesting,” said Shaun Cathcart, CREA’s Senior Economist. “Will the story be high interest rates keeping a lot of people on the sidelines this year, or the much expected and anticipated first rate cuts enticing a lot of people back into the market? Probably a bit of both.”

Highlights of this report:

• National home sales edged up 0.5% month-over-month in March.

• Actual (not seasonally adjusted) monthly activity came in 1.7% above March 2023.

• The number of newly listed properties declined 1.6% month-over-month.

• The MLS® Home Price Index (HPI) dipped 0.3% month-over-month but was up 0.7% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 2% year-over-year increase in March.

 Read the recently released national sales statistics for March of 2024.

Read also: CREA’s Residential Market Forecast.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate


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Above-average sales continue in March 2024 despite inventory woes

Following an explosion in residential sales in February, sales continued to grow through March as local REALTORS® reported 364 firm sales to the Saskatoon MLS® for a monthly gain of 55 units. While sales for the month were 1.8 percent above the ten-year average, they were lower by 8.3 percent when compared to sales for March 2023. However, an unusually robust market over the first two months of 2024 allowed us to finish this first quarter, year-with sales up by 11 percent year-over-year.

The number of single-family homes to trade hands grew to 219 for a monthly increase of 39. Meanwhile, condo sales took even larger gains as they were up by 12 units compared to last month to finish higher at 123 units.

Residential listing activity grew as 540 Saskatoon home sellers opted to take advantage of limited inventory and high demand. That’s higher than the previous month by 175 units, but lower annually by 40.

The number of Saskatoon homes listed for sale on the MLS system grew to 765 from 687 a month earlier. That number is lower than a year ago by just over 200 units or 21.4%.

Months of supply fell again dropping from 2.3 to 2.1 as March closed

The average price of a Saskatoon home jumped to $402,832 for a year-over-year increase of seven percent, due in part to heightened activity at the upper end of the market.

The benchmark price of a single-family home in Saskatoon rose nearly $6,700 from last month to hit $443,500 reaching its highest point ever, up five percent from a year ago.

Townhomes saw a more modest gain monthly growing by close to 5K reaching $325,500 to grow by six percent annually.

Apartment prices grew the most, up $7200 from last month as the benchmark price hit $239,000 to finish higher on a year-over-year basis by ten percent.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

We’re always happy to answer your Saskatoon real estate questions. Click here to reach out.

TeamFisher, your Saskatoon real estate market specialists.

Royal LePage Saskatoon Real Estate


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Welcome to #601 - 430 5th Avenue North, in City Park, Saskatoon, SK
 

Welcome to #601 - 430 5th Avenue North, in City Park, Saskatoon, SK

 
 
Welcome to #601 - 430 5th Avenue North, a spacious two bedroom condo with a gorgeous view of Kinsmen Park in the ‘Park Avenue’ building. Living in City Park allows you easy access to all the amenities of the downtown area, including retail and restaurants, as well as close proximity to the amazing Meewasin Valley trail system, City Hospital, Royal University Hospital and the University of Saskatchewan campus. This condo features a large primary bedroom with walk-in closet plus a second bedroom that could be easily used as an office or guest bedroom. Large windows provide tons of natural light and spectacular views of the park and river valley. A patio door takes you to an oversized balcony where you can enjoy your morning coffee. There is a good sized kitchen with newer white appliances included, as well as convenient in-suite laundry. Building amenities include a newer elevator, a heated pool and jetted spa, a rec room with pool table & shuffleboard, as well as his/her saunas. This condo includes one exclusive use surface stall. Come check out this great condo today!
 
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Canadian Home Prices See Sudden End to Declines in Advance of Spring Market: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for February 2024.

Canadian home prices as measured by the seasonally adjusted Aggregate Composite MLS® Home Price Index (HPI) were flat on a month-over-month basis in February 2024, ending a streak of five declines that began last fall, according to the latest data from the Canadian Real Estate Association (CREA).

The fact that prices were unchanged from January to February was noteworthy given they had dropped 1.3% from December to January. Considering how stable the seasonally adjusted MLS® HPI tends to be, shifts this abrupt are exceedingly rare.“The market has been showing some early signs of life over the last couple of months, probably no surprise given how much pent-up demand is out there,” said Larry Cerqua, Chair of CREA. “There’s a consensus that the market will probably look quite a bit different this year compared to 2022 and 2023, so if you’re hoping to buy or sell a property in 2024, contact a REALTOR® in your area and get your game plan ready today,” continued Cerqua.

“It’s looking like February may end up being the last relatively uneventful month of the year as far as the 2024 housing story goes,” said Shaun Cathcart, CREA’s Senior Economist. “With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts and more about how many homes come up for sale this year.”

Highlights of this report:

  • National home sales dipped 3.1% month-over-month in February.

  • Actual (not seasonally adjusted) monthly activity came in 19.7% above February 2023.

  • The number of newly listed properties edged up 1.6% month-over-month.

  • The MLS® Home Price Index (HPI) was flat month-over-month and was up 0.8% year-over-year.

  • The actual (not seasonally adjusted) national average sale price posted a 3.5% year-over-year increase in February.

 Read the recently released national sales statistics for February of 2024.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate


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Strong sales and rising demand push inventory to their lowest levels since February 2006:SRA

Saskatoon home sales exploded in February, climbing to 309, up 64 units from January and ahead by 56 units when compared to sales for the same month last year. This, despite continuing struggles with low inventory which reached their lowest levels for any February since 2006.

The number of single-family homes to trade hands grew to 178 for a monthly increase of 28 and an annual gain of 32. Meanwhile, condo sales took even larger gains as they grew by 35 units compared to last month to finish higher on an annual basis by 23.

The number of new listings to hit the Saskatoon market in February showed strong gains over January, which is typical, as 434 Saskatoon homeowners offered a residential property for sale on the MLS®, up from 364 the previous month. That’s also higher than last February’s listings, but only by eight.

Active listing inventory grew modestly from January when it was 687 to reach 710 by the end of February. That’s the lowest level for February since 2006.

As you can see on the Active Listings chart below, listing inventory falls lower steadily each year. We are just about to enter a period where new listings will be coming on the market, but I see nothing on the horizon that is going to contribute to higher levels of inventory in the short term, and 2024 will likely continue to see levels that fall below previous years. 

As governments wring their hands over “affordable housing” they continue to tax new housing at unsustainable levels and insist on immigration policies that are limiting housing opportunities for everyone. It doesn’t take a rocket scientist or a mathematician to see the massive imbalance here.

It’s going to get worse.

“Months of supply” fell from 2.6 to 2.3. Anything below a four-month supply is a seller’s market, which we are firmly in.

With such strong condo sales, the average price of a Saskatoon fell lower on the month by close to 19K, settling at $366,485 for an annual increase of roughly ten thousand dollars.

The impact of low supply and high demand can be clearly seen when we compare apples to apples and examine prices more closely by category.

The benchmark price of a single-family home in Saskatoon rose nearly $20,000 from last month to hit $436,900 reaching its highest point ever, up 24K from a year ago.

Townhomes saw a more modest gain monthly growing by just $1400 to $320,800 to claim an annual gain of $32,800. 

Apartment prices were up $7300 from last month as the benchmark price grew to $231,700 to finish higher on a year-over-year basis by more than $16,000.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

We’re always happy to answer your Saskatoon real estate questions. Click here to reach out.

TeamFisher, your Saskatoon real estate market specialists.

Royal LePage Saskatoon Real Estate


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Canadian Home Sales Showing Signs of Recovery in January 2024: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for January 2024.

Following a weak second half of 2023, home sales over the last two months are showing signs of recovery, according to the latest data from the Canadian Real Estate Association (CREA).

“Sales are up, market conditions have tightened quite a bit, and there has been anecdotal evidence of renewed competition among buyers; however, in areas where sales have shot up most over the last two months, prices are still trending lower. Taken together, these trends suggest a market that is starting to turn a corner but is still working through the weakness of the last two years,” said Shaun Cathcart, CREA’s Senior Economist.

“The market has been showing some early signs of life over the last couple of months, probably no surprise given how much pent-up demand is out there,” said Larry Cerqua, Chair of CREA. “There’s a consensus that the market will probably look quite a bit different this year compared to 2022 and 2023, so if you’re hoping to buy or sell a property in 2024, contact a REALTOR® in your area and get your game plan ready today,” continued Cerqua.

Highlights of this report:

  • National home sales were up 3.7% month-over-month in January

  • Actual (not seasonally adjusted) monthly activity came in 22% above January 2023.

  • The number of newly listed properties edged up 1.5% month-over-month.

  • The MLS® Home Price Index (HPI) fell by 1.2% month-over-month but was still up 0.4% year-over-year.

  • The actual (not seasonally adjusted) national average sale price posted a 7.6% year-over-year increase in January.

Read the recently released national sales statistics for January of 2024.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate


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The Saskatchewan REALTORS® Association (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
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MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.