A Winnipeg property owner decided to visit a tenant in his revenue home to find out why they hadn’t been paying the rent. When he arrived on the scene, he discovered a parking lot where his house was supposed to be.

It seems that the owner was approached by a man in May of 2006 who was interested in purchasing the property so that it could be turned into a parking lot for the apartment building located next door. No deal was ever struck to sell the property. Nevertheless, the prospective purchaser must have felt confident that a deal could be done so he took it upon himself to evict the tenant and secured the necessary paperwork to facilitate the homes destruction. Not one to be bothered by details, he apparently moved forward with the demolition and completed his parking lot.

The accused faces charges of theft of property values at more than $5,000 and mischief causing more than $5,000 damage.

I’ve seen my share of motivated buyers over the years but this one truly takes the cake. You have to wonder how he ever thought that he might get away with this stunt. I guess some people just have more balls than brains.

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

While the Saskatoon real estate market “booms” and the net worth of Saskatoon property owners grows, something else is growing, and it’s not so pretty. It’s the growing gap between the rich and the poor.

In a front page story from today’s Star Phoenix titled, “Poverty in the Midst of Plenty,” Graham Andrews provides a compelling story about how this rapidly changing market is impacting those at the lower end of the earning spectrum. I’m talking about hard working people who bust their butts to earn $1,000 a month only to see their incomes gobbled up by increasing rents. As rents continue to climb, and wages remain stagnant or show little growth, there’s less money left for life’s little luxuries; like food for instance.

The Saskatoon Food Bank and Saskatoon’s Friendship Inn are both seeing a growing need for their services. Would it surprise you to learn that the number of seniors requiring assistance from the Saskatoon Food Bank has increased by more than 100% in recent months?

Are you pleased by your recent gains in the Saskatoon real estate market?Have you made a pile of money from your “real estate investments?” Perhaps you’re a local agent having the year of your career. Maybe you’ve recently sold your Saskatoon home for a price that leaves you feeling grateful. Why not give something back to the Saskatoon community?Why not send a cheque to one or both of these very worthy causes today?

The Saskatoon Food Bank

202 Avenue C South

Saskatoon, SKS7M 1N2

Friendship Inn

619 20^th Street West

Saskatoon, SKS7M 0X8

Norm Fisher

Royal LePage Saskatoon Real Estate

RED HOT HOUSING MARKET SEARING IN SASKATCHEWAN; CONDITIONS FORECAST TO CONTINUE TO YEAR’S END

– Significant price appreciations and strong demand will characterize the market through 2007 –

SASKATCHEWAN, July 5, 2007 – Intense demand, driven by the swell of in-migration of Saskatchewanians returning from prosperous Alberta, fuelled average house prices and market activity in Saskatchewan during the second quarter; the housing market is anticipated to continue at a similar tempo throughout 2007, according to a report released today by Royal LePage Real Estate Services.

Saskatchewan’s housing market led the country in highest average price appreciations, surpassing the typically frenetic market conditions of oil-rich Alberta.During the second quarter droves of buyers flocked east to Regina and Saskatoon where average house prices are considerably less than in the western provinces.Many buyers have returned home with sizeable equity and are now favouring the simpler life that Saskatchewan offers. Despite the rapid spike in average house prices, market activity has begun to stabilize at the end of the second quarter and is expected to continue at a slightly more temperate pace, albeit still very strong, for the remainder of the year.

The average house price in Regina is forecast to increase by 13.8 per cent to $150,000 by the end of 2007.Unit sales are projected to increase by 18.5 per cent to 3,500 units sold in 2007.

Regina’s booming job market and diversified economy will also continue to attract buyers.Employment in the natural resources sector including the production of oil, potash, uranium and agriculture are poised for steady growth, further strengthening consumer confidence in the economy and housing market.

“We’ve had a tremendous year so far, and all signs indicate healthy and robust conditions for the next six months.Our population will continue to grow, mainly due to the fact that compared to the rest of the country, Regina offers buyers an affordable standard of living, ideal for those looking to escape the burden of large or long-term mortgages,” said Mike Duggleby, manager, Royal LePage Regina Realty.

New to Regina’s housing landscape is the rapid growth in the condominium market.Due to their affordable prices, condominiums have become the favoured choice of first-time buyers entering the market, and despite new construction, demand is outstripping inventory.

Based on the surveyed markets in Regina, the average price of a detached bungalow increased by 42.4 per cent to $204,000, while the average price of a standard condominium rose by 25.2 per cent to $118,300, year-over-year.The average price of a standard two-storey home rose by 19 per cent to $181,917, year-over-year.

Added Duggleby: “Proactive media campaigns in the western provinces promoting Regina as a great place to live appear to be successful based on the strong market activity during the second quarter.”

In Regina North, detached bungalows experienced the largest appreciation, with the average price rising by 42.9 per cent to $195,000, followed by the average price of a standard condominium, which rose by 31.3 per cent to $111,600, year-over-year. Standard two-storey homes increased by 20 per cent to $163,000, year-over-year.

In Regina South, detached bungalows showed significant gains, rising by 42 per cent to $213,000, year-over-year.The average price of a standard two-storey home rose by 18.1 per cent to $200,833 while the average price of standard condominiums in the area rose by 47.1 per cent to $125,000 over the same period last year.

With the same fundamental conditions in tact as in Regina, market activity in Saskatoon was frenetic during the second quarter; with even more significant price appreciations recorded.Very limited supply, coupled with fierce demand drove prices up in all housing categories, with huge appreciations in the condominium sector.

“While strong demand dramatically pressured prices upwards for much of the second quarter, the market has begun to temper.Moving into the third quarter and onwards, we expect to see slightly fewer buyers, as first time buyers retract due to the erosion of affordability,” said Norm Fisher, sales manager, Royal LePage Saskatoon Real Estate.“However, our strong employment rates and abundance of job opportunities in diverse sectors like small business, sciences and construction will continue to keep the market buoyant and operating at conditions unparalleled to what we have ever experienced in recent years.”

Based on the surveyed markets in Saskatoon, the average price of a standard condominium rose by a dramatic 84.7 per cent to $205,000, followed by detached bungalows, which increased by 56 per cent to $281,250, year-over-year.The average price of a standard two-storey home rose by 55.2 per cent to $305,000, year-over-year.

The brisk activity and rising prices have also had a ripple effect into neighbouring areas.The typically slower market in Swift Currant has been invigorated by a spill over of buyers from Saskatoon.

Added Fisher:“During the second quarter increased demand drove listing periods down to mere days and stimulated aggressive multiple offer situations, conditions that are not typical of this market.In fact, in recent weeks, as many as 80 per cent of properties reported sold went above the asking price – by an average of $26,000.”

In Saskatoon North, the average price of a standard two-storey home rose by 48.8 per cent to $305,000, year-over-year.Detached bungalows rose by 50.5 per cent to $280,000, while the price of a standard condominium saw a huge price appreciation rising by 101.9 per cent to $210,000 – the highest price appreciation recorded in all housing types in Saskatoon in the second quarter.

In Saskatoon West, the average price of a standard two-storey home rose by 61.7 per cent to $270,000, while the average value of a detached bungalow also increased, rising by 58.1 per cent to $245,000, year-over-year.

In the East End, the average price of a detached bungalow rose by 59.8 per cent to $310,000, year-over-year.The average price for standard two-storey homes increased by 51.4 per cent to $330,000, from the same period last year.

In East Central, the price of a standard two-storey home rose by 60.7 per cent to $315,000 compared to last year, while the average price of a detached bungalow rose by 55.9 per cent to $290,000.Standard condominiums rose significantly by 80.2 per cent to $200,000.

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

The average selling price of Saskatoon homes took another substantial jump during the month of June passing the quarter million dollar mark for the first time ever. A total of 452 single-family homes and condominiums changed hands in June at an average of $251,120.

328 single family homes (houses) were sold by Saskatoon real estate agents at an average of $262,145, up from $243,006 in May.

124 condos were sold in Saskatoon at an average selling price of $221,958, an increase of over $12,000 compared to those sold during the month of May.

Note: My research shows that in May only three houses which were larger than 2,500 square feet were sold in Saskatoon. There were seven such homes sold in June. These additional sales added almost 2.5 million dollars to the total sales volume which does have an impact on average prices. For instance, if you took those 4 additional sales out of the equation you’d see average selling prices of $245,989 in the “houses and condos” category and an average of $254,523 for “houses.”

No matter how you look at it they’re still pretty big increases over a thirty day period. July and August typically bring some relief for buyers. Will the Saskatoon real estate market continue to see these dramatic increases over the summer months or are we nearing the end of this bull run? Please let me know what you’re thinking.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here Data collection and calculation for our statistical reports

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