Affordability of Saskatoon homes sparks demand
Local housing market shifts towards a balanced market
SASKATOON, October 10, 2019 -- According to the Royal LePage House Price Survey released today, the aggregate price of a home in Saskatoon decreased 2.0 per cent year-over-year to $357,979 in the third quarter of 2019.
During this period, the median price of a two-storey home decreased 4.3 per cent year-over-year to $387,830 while the median price of a bungalow remained relatively flat, increasing 0.9 per cent year-over-year to $334,087.
“The Saskatoon real estate market continues to show signs of a recovery,” said Norm Fisher, broker and owner, Royal LePage Vidorra. “We have moved toward a balanced market as buyers are responding to the affordability of entry-level units in the area. It’s an attractive time to enter the market.”
Fisher added that new construction declined significantly in 2018 after the province introduced a provincial sales tax on new homes.
Read also: CBC News - Increased condo sales leading Saskatoon towards a balanced market, realtor says
Nationally, the aggregate price of a home in Canada has continued to post steady year-over-year gains during the third quarter of 2019 as the real estate market sustained its recovery from the significant downturn of 2018 and early 2019, following the introduction of the federal mortgage stress test.
The Royal LePage National House Price Composite, compiled from proprietary property data in 63 of the nation’s largest real estate markets, showed that the median price of a home in Canada increased 1.4 per cent year-over-year to $630,335 in the third quarter of 2019.
Looking to the fourth quarter of 2019, Royal LePage forecasts that the aggregate price of a home in Canada will rise 1.5 per cent year-over-year to $632,226, which is a 0.3 per cent increase compared to the third quarter of 2019.
The 2019 fourth-quarter forecast is dependent on consistent economic conditions and no new housing policy changes.