While remaining well above typical seasonal norms, Saskatoon home sales took a solid dip in November, sliding to 380 from 444 in October. That number remains higher by more than 21 percent compared to last November, and 32 percent above the ten-year average.

The brunt of the decline was seen in the single-family homes category which saw sales slip from 281 in October to just 224 in November. Condo sales, meanwhile, fell by eight units compared to the previous month.

The number of new listings offered for sale on the Saskatoon ML® continued to follow historical patterns dropping to 434 from 517 the month before. New listings were higher than last November by one percent and 16 percent below the ten-year average.

Meanwhile, the number of Saskatoon homes for sale on the MLS® reached its lowest point since March of this year as they fell from 803 at the previous month's close to just 693.

Total months of supply, while perilously low, remained stable at 1.8 as this strong seller’s market continued.

Again, supply levels of less than four months signal a seller’s market. A supply of four to six months is considered balanced. A supply larger than six months would be a buyer’s market.

The average sale price of a Saskatoon home came in at $399,965, about forty dollars where it was last month.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index saw its largest decline this year as it fell lower for only the second time in 2024. It slipped by $5500 to $454,900 to remain up annually by seven percent.

Townhome prices showed no signs of letting up as the benchmark price reached its highest level for the year growing $3500 from the previous month reaching $340,900 for an increase of 11 percent on a year-over-year basis.

Apartments prices, which have been on quite a tear all year came down from the big peak we saw occur last month and fell $13,205 to settle back at $242,700. The benchmark price of a Saskatoon apartment is still higher than it was a year ago by 11%.

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Royal LePage Saskatoon Real Estate

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

Home sales activity recorded over Canadian MLS® Systems increased 7.7% month-over-month in October 2024, reaching its highest level since April 2022.

“The jump in home sales last month was an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, CREA’s Senior Economist. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should also be close to their expected lows. With that in mind, you can think of the October numbers as a preview for what we might expect next year.”

Highlights:

• National home sales jumped 7.7% month-over-month in October.

•  Actual (not seasonally adjusted) monthly activity came in 30% above October 2023.

•  The number of newly listed properties were down 3.5% month-over-month.

•  The MLS® Home Price Index (HPI) edged down 0.1% month-over-month and was down 2.7% on a year-over-year basis.

•  The actual (not seasonally adjusted) national average sale price was up 6% on a year-over-year basis in October.

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

UPDATE - CREA’s Residential Market Forecast for 2025.

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

Saskatoon home sales remained strong through October, growing by 12 units when compared to numbers generated in September. Local REALTORS® closed 444 sales, another record number for the month, beating last October by 15 sales. That’s close to 30 percent higher than the ten-year average.

Year-to-date, sales are up about seven percent over last year.

The number of Saskatoon homes listed for sale continued to tumble lower falling from 654 in September to just 517 in October.

As buyers remained vigilant watching for opportunities, homes moved quickly and inventory continued to trend lower falling by 115 units through the month to close October with just 803 residential properties for sale on the MLS®.

Months of supply fell sharply from 2.1 in September, to just 1.8 by the time business closed on the final day of October as a strong seller’s market continued.

Again, supply levels of less than four months signal a seller’s market. A supply of four to six months is considered balanced. A supply larger than six months would be a buyer’s market.

Still, the average sale price of a Saskatoon home took a modest dip slipping from $409,474 last month to $400,032 to finish the month higher annually by four percent.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index also fell lower as it slid $5500 to $460,400. That’s still higher than it was a year ago by seven percent.

Townhomes continued on an upward trend with the benchmark price reaching $340,900, up $3500 from the previous month and higher than it was at this time last year by ten percent

Apartments prices continued to outperform the market by leaps and bounds as the benchmark price reached $255,905 for a monthly gain of close to 12K and an annual increase of a whopping 13 percent.

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Royal LePage Saskatoon Real Estate

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

Following the Bank of Canada’s third interest rate cut of the year, national home sales increased slightly in September compared to August. This follows a similar pattern of gains recorded in the months following the first two rate cuts.

“Sales gains are now three for three in the months following interest rate cuts, which is a trend even though the increases weren’t headline-grabbing,” said Shaun Cathcart, CREA’s Senior Economist. “That said, with the pace of rate cuts now expected to be much faster than previously thought, it’s possible some buyers may choose to hold off on a purchase for now. This could further boost the rebound expected in 2025 at the expense of the last few months of this year.”

Highlights:

• National home sales rose 1.9% month-over-month in September.

• Actual (not seasonally adjusted) monthly activity came in 6.9% above September 2023.

• The number of newly listed properties jumped 4.9% month-over-month.

• The MLS® Home Price Index (HPI) inched up 0.1 % month-over-month but was still down 3.3% on a year-over-year basis.

• The actual (not seasonally adjusted) national average sale price was up 2.1% on a year-over-year basis in September.

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

UPDATE - CREA’s Residential Market Forecast for 2025.

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

Saskatoon home sales fell lower monthly dropping to 432 units, compared to 457 the month before. Still, that was enough to top sales numbers generated in September 2023 by almost 60 units. It was the strongest September in the past six years. Year-to-date, residential sales are higher by six percent from last year and up a staggering 19 percent when compared to the ten-year average.

Meanwhile, sales in the single-family homes category grew by four from last month to 262 for an annual increase of 42 while the number of condos to sell slipped lower from 163 last month to 150, claiming an increase annually of 20 units.

After two months of gains, the number of Saskatoon homes listed for sale slipped to 654, a drop of 63 from last month but higher than the same month last year by 79 units.

The increase in sales over last year quickly swallowed up the inventory preventing it from growing much at all, as often happens at this time of the year. We closed September with 918 active listings, up just four from August and lower annually by 58.

Months of supply grew from 2.0 last month to 2.1 in September, which while improved is still very firmly in seller’s market territory. Again, supply levels of less than four months signal a seller’s market. A supply of four to six months is considered balanced. A supply larger than six months would be a buyer’s market.

On the heels of a hefty dip in August, the average sale price of a Saskatoon home rebounded from $389,684 last month to $409,474, well up from $373,298 average recorded for the same month last year.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index slipped lower for the second consecutive month as it fell $4500 from the previous month to $458,900. That’s higher than it was a year earlier by 29K.

Townhomes took a dip to $332,800. That’s lower than last month by $1700 but higher annually by twenty thousand dollars, and I believe at a record high.

Apartment prices continued to cook growing by $1200 from the previous month to reach a new record high of $244,100. That’s higher than last year by $23,000.

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Royal LePage Saskatoon Real Estate

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

National home sales increased in June following the Bank of Canada’s first interest rate cut since 2020, and activity posted another small gain in August on the heels of the second rate cut in late July, but the bigger picture appears to be a market mostly stuck in a holding pattern.

“Despite some fledgling signs of life to kick off the long-awaited monetary policy easing cycle, Canadian housing market activity still looks to be stuck in the same holding pattern it’s been in all year,” said Shaun Cathcart, CREA’sSenior Economist. “That said, with ever more friendly interest rates now all but guaranteed later this year and into 2025, it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well-behaved in most of the country.”

Highlights of this report:

•              National home sales edged up 1.3% month-over-month in August.

•              Actual (not seasonally adjusted) monthly activity came in 2.1% below August 2023.

•              The number of newly listed properties ticked up 1.1% month-over-month.

•              The MLS® Home Price Index (HPI) was unchanged month-over-month but was down 3.9% year-over-year.

•              The actual (not seasonally adjusted) national average sale price was almost unchanged (+0.1%) on a year-over-year basis in August.

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

LAST UPDATED IN JUNE - 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

Saskatoon home sales took a downward dip in August falling by 63 units when compared to July’s impressive numbers. When the dust settled at the close of the month, 457 residential properties had changed hands, down a substantial 13 percent from the same month last year. Home sales for the local area remain higher on an annual basis by five percent.

Sales in the single-family homes category fell from 309 last August to 258 while the number of condos to sell slipped lower from 189 last year to 163.

For the second consecutive month, the number of new listings added to the MLS® grew, which is somewhat unusual at this time of the year. Saskatoon real estate agents added 719 residential properties to the database, up just a touch from 711 in July, and higher by 61 when compared to the new listings numbers from August of last year.

Softening sales and stronger new listings allowed the inventory of active listings on the multiple listing service® to grow to its highest point since September of last year. As the month drew to a close, there were 914 Saskatoon homes for sale, up 80 units from July, but lower than it was last year at this time when there were 1000 options for local buyers.

Months of supply grew from 1.6 last month to 2.0 In August, which while improved is still very firmly in seller’s market territory. Again, supply levels of less than four months signal a seller’s market. A supply of four to six months is considered balanced. A supply larger than six months would be a buyer’s market.

After reaching a new record high in July which led to a swift upward spike on our graph, the average sale price of a Saskatoon home headed lower and reported its lowest number since early this year at $389,684. This particular measure can tend to be a bit all over the place. Over time, it can trend one way or the other, but the sale of a handful of luxury homes can skew it higher, just as an absence can skew it lower.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index saw a softer downward shift as it came down $3300 from last month to settle at $463,400 to take a ten percent annual increase.

Townhomes continued to move higher reaching $334,500 for a monthly increase of $2000 and an annual gain of ten percent.

Once again, apartment prices grew the most picking up $6100 from last month to reach $242,900 and claim an annual increase of 14 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.

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Royal LePage Saskatoon Real Estate

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

While there were early signs of renewed momentum in June following the Bank of Canada’s first interest rate cut since 2020, activity in Canada’s housing market took a pause in July.

 “With another rate cut announced on July 24, we’ve now seen two rate cuts in a row, and the expected pace of future policy easing has steepened considerably, with markets now anticipating rate cuts at every remaining Bank of Canada decision this year,” said Shaun Cathcart, CREA’s Senior Economist. “Combine that with a record amount of demand waiting in the wings, and the forecast for a rekindling of Canadian housing activity going into 2025 has just gone from a layup to a slam dunk.”

Highlights of this report:

•              National home sales edged back 0.7% month-over-month in July.

•              Actual (not seasonally adjusted) monthly activity came in 4.8% above July 2023.

•              The number of newly listed properties ticked up 0.9% month-over-month.

•              The MLS® Home Price Index (HPI) edged up 0.2% month-over-month but was down 3.9% year-over-year.

•              The actual (not seasonally adjusted) national average sale price was almost unchanged (-0.2%) on a year-over-year basis in July.

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

UPDATED IN JUNE - 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

On the heels of a rare month that failed to produce annual gains,  the Saskatoon real estate market regained whatever momentum had been lost as we moved through July. Saskatoon REALTORS® reported 520 homes sold to the multiple listing service®, down 20 units from June, to beat last July’s numbers by almost five percent. As the month closed, sales were up 8.4 percent annually.

The single-family homes category slipped from 309 sales in June to 298 in July. That’s higher by 11 units compared to sales for the same month in 2023. Condo sales fell lower from 203 to 189 monthly, growing by 12 over last July’s numbers.

After a soft showing in June, new listing activity grew in July, which is a bit unusual but we’ll take it!

706 residential listings were added to the MLS®, an increase of 38 from June, and matching numbers produced last July.

Active listing inventory remained stable and at the end of the month, buyers had 834 listed properties from which to choose, 28 percent fewer options than could be found a year ago.

Months of supply grew modestly from 1.5 last month to 1.6 as July closed. Again, supply levels of less than four months signal a seller’s market.

Once again, the average price of a Saskatoon home pushed to a new high this month reaching $411,400, an increase of nearly 10K compared to June, and up ten percent annually.

The benchmark price of a single-family home in Saskatoon grew by about $3500 from last month to hit $466,700 to establish a new all-time high, up eight percent from a year earlier.

Townhouse prices picked up nearly $7k from last month to close July at $332,500 and claim an annual increase of 11 percent.

Apartment prices remained stable from last month at $237,800 and also grew annually by 11 percent.

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Royal LePage Saskatoon Real Estate

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

Activity in Canada’s housing market saw some early signs of renewed life in June 2024, following the Bank of Canada’s interest rate cut at the beginning of the month.

“It wasn’t a ‘blow the doors off’ month by any means, but Canada’s housing numbers did perk up a bit on a month-over-month basis in June following the first Bank of Canada rate cut,” said Shaun Cathcart, CREA’s Senior Economist. “Year-over-year comparisons don’t look great mainly because of how many buyers were still jumping into the market last spring, but that’s a story about last year. What’s happening right now is that sales were up from May to June, market conditions tightened for the first time this year, and prices nationally ticked higher for the first time in 11 months.”

Highlights of this report:

• National home sales climbed 3.7% month-over-month in June.

• Actual (not seasonally adjusted) monthly activity came in 9.4% below June 2023.

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

• The MLS® Home Price Index (HPI) edged up 0.1% month-over-month but was down 3.4% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 1.6% year-over-year decrease in June. Read the recently released national sales statistics for June of 2024.

UPDATED - 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

The Saskatoon real estate market lost some of the strong momentum it’s been showing all year during June, as just 540 homes traded hands through the multiple listing service®. That does match sales for last June, but most months this year have shown solid year-over-year growth. Still, that was enough to close the first half of the year with year-to-date sales gains of 9.2 percent.

The single-family homes category held its own with 309 sales, down one from last June, while condo sales grew from 294 last year to 304 this June.

The remaining categories (lots, semi-detached, duplexes, etc.) lost a handful of sales to bring even the totals for the two successive Junes.

After showing promising growth for two consecutive months, new listing activity slowed falling more than 15 percent compared to last June to 668 homes. That’s about 25 percent below the ten-year average, but higher annually by 3.2 percent.

After reaching peak numbers in May, the inventory of Saskatoon homes for sale began to decline. We finished June with 834 active listings on the MLS®, down 43 from the previous month’s close, and down 228 from the same time last year.

Months of supply were steady at just 1.5 as the month closed. Again, supply levels of less than four months signal a seller’s market.

The average price of a Saskatoon home grew to a new all-time high this month reaching $401,949. That’s up from $397,200 at the close of May, and higher than it was at the end of June last year by 3.3 percent.

The benchmark price of a single-family home in Saskatoon rose by $7600 from last month to hit $462,500 to establish a new all-time high, up eight percent from a year earlier.

After a modest dip in May, townhomes came back from $325,600 at the close of May to $329,500, holding on the a ten percent year-over-year gain.

Apartments also recovered from a bit of a slide in May growing by $3500 to reach $237,800 and claiming a 14 percent annual gain.

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Royal LePage Saskatoon Real Estate