A true perspective on deteriorating affordability in Saskatoon housing

When real estate prices see rapid and substantial change, it’s easy to lose sight of what that really means in terms of affordability. I thought it might be interesting to look back a few short years to show you how very different the Saskatoon real estate market looks today.

The two Saskatoon homes featured in this post sold approximately 3 years apart, following a reasonable period of time on the market.

The property pictured at left, sold at the end of November in 2004. It was on the market for about a month and sold for $212,500. Built in 1983, it’s located in Lawson Heights on a nice cul-de-sac featuring a wedge shaped lot of approximately 7,900 square feet. It has a double attached garage with a direct entry to the home. It also offers a fully finished and heated workshop in the back yard which measures 18’ x 24’. The house itself has 1,960 square feet of living space, if you include the 12’ x 20’ heated sunroom with large windows overlooking the well landscaped yard. You can enjoy the pleasant and private view from inside of the included hot tub, or from the back yard deck. Most of the flooring has been replaced in recent years. All but a couple of windows have been upgraded and there’s a brand new natural gas furnace as well. Additional features included a developed basement, a three-piece ensuite and walk-in closet, central air conditioning, central vacuum, water softener, home security system and a wood burning fireplace surrounded by custom built oak cabinets in the main floor family room.

The property pictured at right sold in December of 2007. It sold for the asking price of $219,900 after three weeks on the market. Built in 1960, the home sits on a large landscaped lot of approximately 6,700 square feet. It’s situated on a busy Mount Royal area street. There is no existing garage. It’s 851 square feet on the main level, but it does have a full basement which is easily ready for re-development. It has some nice upgrades including laminate flooring and new light fixtures, and a “newer” furnace, windows and exterior doors. There’s a nice deck, in a pretty yard. It also has a functional central air conditioning system.

When we look at changes to the “average selling price” we see some pretty shocking changes over a short period of time. This little demonstration puts a proper perspective on how much things have really changed in the Saskatoon housing market. I can agree with those who say that this market was undervalued three years ago but given that incomes in this area have experienced fairly marginal gains over the same period of time one can easily understand why a few voices are saying, “enough already.” Something seems to have gone horribly wrong in Saskatoon housing.

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 Vidorra

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