This release came out today from Saskatoon Region Association of Realtors, Executive Officer, Harry Janzen.

Record Setting Month for Saskatoon Real Estate

Saskatoon REALTORS® assisted 367 home buyers fulfill their dream of home ownership. That number is up 14% from 2007 when 321 homes were purchased. The average selling price continues to climb as demand fuels the market. The average residential selling price in the month of February was a record setting $264,269.00 up 41% from last February, which in its self was a very busy month.

The six-month rolling average sales price is at $254,648.00.

The average selling price is derived by dividing the month’s unit sales number into the dollar volume of real estate sold for that period. The percentage change should not be used unilaterally as prices due vary from area to area. Home owners wishing to determine an accurate value for their home should contact a REALTOR® member.

Increased inventory was welcome in the month of February as 483 homes were listed by Saskatoon REALTORS® up 40% from February 2007 when 344 properties were placed on the market for sale. At the end of February home buyers had 369 properties to choose from as compared to last year at this time when only 252 properties were available for sale.

REALTORS® sold $96,986,000.00 of real estate in February that number up 61% from February 2007 when only $60,217,000.00 of real estate exchanged hands. Year to date $174,820,000.00 of real estate has been purchased up 72% from last year.

Residential real estate sales in the smaller communities around Saskatoon continue to be very strong with 99 properties being purchased last month that number up 21% from last year.

The average sales price in these areas also continues to climb with the average price in February being $218,931.00 up 37% from February 2007 when the average was $159,814.00.

Similar to last spring REALTORS® are starting to see multiple offer sales take place. The market is being fueled from many fronts, out of province and out of country buyers are looking to invest in our city and area. Local investors are more content than ever in developing in Saskatoon and area.

All indicators point to a very high demand spring sales market. New home construction is strong and demand for all types of properties continues to grow not limited to residential, multi family, acreages and commercial investment property.

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

Murray Prokosh, owner of CCL Classic Communities, a home builder operating out of Medicine Hat Alberta believes that prosperity shouldn’t always be measured by the bottom line. Addressing a crowd of locals at a National Affordable Housing Conference in Saskatoon this week, Prokosh promoted the ideas a quality build, at an affordable price, with the ultimate reward of helping those who might not otherwise find a way to home ownership.

Since 2002, CCL Communities has built over 1,000 homes in Medicine Hat and High River, Alberta. In a Star Phoenix article published on February 28, the builder claims to have sold those units from $23,000 to $67,000 below market value. Their corporate website states that over $8,000,000 in profits have been given back to home buyers through reduced sale prices and incentives.

“If you just want to build affordable housing and do it for a profit-you’re just not going to do it…You wouldn’t believe the amount of tear we’ve seen shed over these houses,” Prokosh told the crowd.

Prokosh is “considering” bringing his mission and vision to Saskatoon.

Thanks to Jedi for the prompt on this one.

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

In spite of the fact that approval has been obtained and the Kelsey Apartments have been separately titled, the building’s owner, Victory Majors Investment Co. has decided to abandon its plans to sell the units off. Kay Nasser, founder of the company has announced that they will hold onto all 77 units and rent them out.

The original plan was to create “luxury condo units,” but skyrocketing construction costs got in the way. Nasser told Star Phoenix business editor, Murray Lyons, “The market wasn’t there and we couldn’t get people to do the work. It was getting prohibitively expensive.”

The Kelsey has been renamed, the “Phoenix” and the property manager will begin showing the vacant 1, 2 and 3-bedroom apartments to prospective renters this weekend.

Given the extremely low vacancy rates for apartments in Saskatoon, I think we can see this as a pretty positive story. Does it finally make more sense for owners to hold and rent the apartments that they own? Could this be the first sign of a turn around that works in favour of local renters? Only time will tell, but in the mean time, 77 new apartment vacancies certainly can’t hurt.

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