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Canada’s housing boom has ended for the second time since Douglas Porter; deputy chief economist at BMO Nesbitt Burns officially declared it “over” in mid-April. Stay tuned for further endings as we move through summer and into the fall. :)


In a report released this week by TD Economics, economists Craig Alexander and Pascal Gauthier said, “The long-awaited end of the Canadian housing boom has occurred, reflecting more moderate demand and increased supply of properties for sale.”


In May, year-over-year price gains for existing home sales in Canada’s major markets fell to 1.1%, down from 8.6% just four months ago.


The report says that the cooling market is “nowhere as evident as in Alberta, with prices continuing to fall this year by eight to ten per cent from their peak.”


“The combination of significantly higher listings, reflecting the desire of homeowners to take advantage of the past increase in prices, and weaker demand, due to the past erosion in affordability, are leading to declining sales and softer price performance across the country, particularly in the west.”


“…Saskatchewan’s major markets offer an exception to the cooling trend on an annual basis, but this is mostly a question of timing. The price surge above 30% growth came late last year and much of the momentum is being carried into this year. But, if Regina and Saskatoon follow the path just recently threaded by Calgary and later Edmonton – and we think they will – Saskatchewan’s price growth will have come back down to earth by early next year. We are looking for 2-3% price growth in 2009, with a risk of a mild price correction.”


Not to be outdone, BMO economist Douglas Porter was quoted as saying, “Hey, I called it first!”


Well, not really, but he did throw this little gem forward in an interview with the Globe and Mail on June 27.


“It’s a bit unnerving to see how Canadian performance is beginning to look like that of the U.S. two years down the line.”


As disturbing as it is to see a “deputy chief economist” write reports in Comic Sans font, you have to admit that his graph is rather compelling.


“There is a litany of reasons why the Canadian market is different, but even a pale version of what we saw in the U.S. would not be good news,” said Porter.


The First “End” of Canada’s Housing Boom

TD Economics – Canada’s Housing Boom Comes to an End

Star Phoenix – Canada’s housing boom ends

Star Phoenix – National housing boom has come to an end

Globe and Mail – Housing Drop Looming in Canada?


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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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Saskatoon real estate: Week in review (June 23-27 2008)

New Saskatoon real estate listings came in at their lowest point in the past month with 199 residential properties listed for sale on the MLS including 41 condominiums and 145 single-family homes. Even still, the inventory of active listings pushed higher to settle at 1,440 units, a net gain of 53 properties compared to the close of the previous week. As of this morning, there are 931 single-family homes and 408 condominiums (1,339 total) in the “active” inventory.


You’d also have to go back a month to find a slower sales week. Total sales in the residential category sat at 72 units for the week with 65 of those properties falling in the single-family and condo categories.


Overbidding continued to slide off the map with just 3 of all sales recorded reporting an “above list” selling price. 11 sellers met their buyer at full list price, but 51 engaged in a negotiation which resulted in an average underbid of $12,026, the highest discount on record since we starting including this figure in the week in review.


Average selling prices remained remarkably high given the stiff competition sellers are facing but the gap between list and sell prices widened substantially to $9,263.

Saskatoon real estate: Week in review (June 23-27, 2008)


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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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Jason Warick wrote a story in the June 26 edition of the Saskatoon Star Phoenix titled, ”Sask. residents find Arizona opportunity.”


“The strong Canadian dollar, combined with rock-bottom prices for real estate in many cities such as Phoenix, means Canadians can snap up vacation homes or investment properties for less than half of the price of just one year ago. That’s attracted Saskatchewan buyers in droves.”


Two of my favourite Phoenix Realtors were quoted in the story.


Jay Thompson, also known as the Phoenix Real Estate guy writes about the article here.


Jonathon Dalton, the only “guest blogger” I’ve ever hosted here had this to say about his contribution to the story.


If you were considering a real estate purchase in the Phoenix area I would gladly vouch for either of these guys to treat you right and look after your interests.



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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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Saskatoon real estate: Week in review (June 16-20 2008)

Active residential listings in the Saskatoon real estate market saw a net gain of approximately 60 units this week, climbing from 1,326 units last week to finish the current week at 1,387 units, including 1,283 homes (houses and condos). 228 residential properties were listed on the Saskatoon MLS including 161 houses and 56 condos, bringing total available listings in those two categories to 891 and 392 respectively. Approximately 60 of those “new listings” were actually reintroduced as new listings following a cancellation of an already active MLS listing. An additional 49 properties are flagged as “conditionally sold.”


This graph represents the growth of the total active residential listing inventory (houses, condos, duplexes, semi-detached, mobile and vacant lot) over the past 16 weeks.

Graph representing the growth of active residential real estate lsitings in Saskatoon, SK

A total of 82 properties were reported as firm sales for the week, including 76 in the house and condo categories, which represents a drop of 17 homes when compared to the previous week.


Slowly, but surely, overbidding continued its downward trend with just 6 of 76 Saskatoon homes drawing offers that exceeded the asking price.The average overbid came in at just $4,214, the lowest number we’ve seen since the week of April 28-May 2. At the same time, the average underbid also fell, settling at $7,397, and reaching its lowest point since the week of January 28-February 1. 86% of the homes reported sold published sale prices below the seller’s asking price.


Average sale prices for houses and condos combined bounced back from $303,453 last week to $317,145 this week. So far in June, 248 residential properties have traded at an average selling price of $312,445. In those totals, there have been 164 single-family home (houses) sales averaging $339,238 and 70 condo sales averaging $251,657.

Saskatoon real estate: Week in review (June 16-20, 2008)


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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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Though almost everything that could be said about this topic has already been said, I thought I’d better bring the latest news release from the Canadian Real Estate Association (CREA) to the front page, lest I be accused of covering up the bad news. :)


In a press release issued Friday, CREA notes that new listing records have been set in Saskatoon for two consecutive months. May saw new listing activity reach 1,015 units compared to 706 properties that were listed in May 2007. Saskatoon’s total active listings inventory grew to an all time high of 1,154 properties by the close of May.


In an interview with Joanne Paulson of the Star Phoenix, CREA economist Gregory Klump describes recent changes as a “very dramatic evolution of the market.”


“The price increases that Saskatoon has seen are in the rearview mirror,” said Klump. You’re still going to get high year-over-year increases, but they’re going to shrink.


“That reflects the reality that the market is much more balanced than it has been for quite some time.”


Listing activity in Saskatoon and Regina saw the largest year-over-year increases compared to other major real estate markets across the nation, but it follows a trend that other western cities started to experience over a year ago. Nationally, new listing activity jumped seven percent to 67,628 units through May but ballooning inventory levels are causing the biggest problems in Calgary and Edmonton where average selling prices have fallen 2.4% and 4.8% respectively since this time last year.


For reasons that he doesn’t explain, Klump sees prices continuing to “rise at a slower pace,” and notes that CREA is “not forecasting price declines in Saskatchewan.”


Read Joanne’s Star Phoenix story here.

Read the Globe and Mail report here. (Thanks Crikey)




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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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Residential unit sales in Saskatoon fell again in May for the third consecutive month, losing 163 sales (-34%) in the “home” category, and finishing the month at 339 units, compared to 502 in May 2007. The average selling price of a Saskatoon home (houses and condos only) fell marginally and finished the month at $305,148, compared to $306,033 the month before. In May of 2007, the average was just $233,013.


Earlier this month, the Saskatoon Region Association of Realtors reported a drop in the average selling price to $301,527 in May from $306,268 in April. Our “closer look” reveals that properties outside of the “condo and house” categories were impacted most. The average in the remaining classifications (duplex, semi-detached, vacant lots, mobiles) fell to $259,698 in May, from $304,516 the month before, skewing the overall averages down. In fact, Saskatoon home buyers paid $276 per square foot for their homes in May, compared to $272 per square foot, the month before. Basically, they settled for a little less home, for a little less money.

Saskatoon real estate statistics for May 2008

Once again, houses took the biggest hit when examining the decrease in unit sales. 241 units changed hands this May compared to 383 during May of 2007. Average selling prices increased from $240,089 last May, to settle at $327,392, about $1,400 less than the average in April. Again, prices per square foot were up $4 from April to $280 per square foot.

Saskatoon house sale statistics for May 2008

Condominium unit sales fell for the first time, but to a lesser degree than single-family homes, moving from 119 units in May of 2007, to 98 units in May of 2008. Average selling prices finished the month at $250,447, sharply higher than $210,236 recorded last year, but down a pretty good bump from April when an average of $259,975 was recorded. The price paid per square foot was up a smidge, month over month from $261 in April to $262 in May.

Saskatoon condominium sale statistics for May 2008


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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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Saskatchewan to Lead Nation for Economic Growth: RBC EconomistHistorically high commodity prices will push Saskatchewan to a leading growth position amongst Canadian provinces this year, according to RBC economist Paul Ferley.


Speaking to a group of RBC clients in Saskatoon on Friday, Ferley noted that a “wide range of commodities” are experiencing higher prices. He’s predicting that uranium, potash, wheat and oil production will push Saskatchewan’s economy forward by 3.5 percent in 2008, and 3.25 percent in 2009, compared to national growth rates of 1.5 percent and 2.5% respectively.


The Saskatchewan economy was the subject of much speculation in 2007, but ultimately underperformed on the most bullish predictions, which had forecast real GDP growth between 4 and 4.8 percent. Saskatchewan’s real GDP growth came in at 2.8 percent, just slightly above the national average. However, Saskatchewan’s nominal GDP growth through 2007 was exceptionally strong at 11.4 percent, topping all provinces except Newfoundland and Labrador. Real GDP measures changes in production, while nominal GDP measures the actual dollar value of the economy. You might say that we worked 2.8% harder, but earned 11.4% more.


Read the Saskatoon Star Phoenix story by Wendy Gillis here.


Read also: Saskatchewan Economy Underperforms on Expectations

Read also: The Rest of the Economic Growth Story

Read also: Saskatchewan Could Become an Embarrassment of Riches: RBC



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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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Saskatoon real estate: Week in review (June 9-13 2008)

New listing activity remained strong this past week as 221 properties were introduced to the Saskatoon real estate market, including 62 condominiums and 142 single-family homes (houses), pushing active listing inventories beyond record highs and settling at 1,326 units by the close of business Friday. Currently, there are 836 houses and 388 condominiums showing an “active” status on the Saskatoon Multiple Listing Service.


Sales in the single-family and condo categories took a big upward bounce, increasing from 67 homes last week, to 93 this week. Total residential sales came in at 99 units, showing their best performance since the last week of April. On the other hand, conditional sales were fairly low as of Friday with just 48 properties displaying the status.


Overbids were nearly non-existent in all of the major real estate areas, except area 3, where 25% of successful sellers bagged a sale at a price which was greater than their asking price. The average overbid ($6,438) reached its lowest level since the last week of January.


68 of 93 home buyers managed to negotiate a below list price purchase and the average underbid held steady, above the $10,000 mark, for the second week in a row.


The average selling price fell back to $303,453, a number that is likely more representative of our market than the figure of nearly $330K that we hit last week. Saskatoon real estate: Week in review (June 9-13, 2008)


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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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Saskatoon real estate: Week in review (June 2-6 2008)

Any perceived “moderation” of residential listing activity in the Saskatoon real estate market was busted big as a total of 253 properties were offered up for sale on the local MLS system including 161 single-family homes and 82 condos. Total active listings spiked up to 1,259 residential units, from 1,154 at the close of last week. Today, there are 797 houses and 365 condominiums displaying the active status. An additional 66 homes are listed as conditionally sold.


Sales activity was on the weaker side with a total of 70 units reported sold, 67 of those in the house or condo categories. That would mark the second slowest sales week in the past three months, and the second largest week for new listings this year.


Remarkably, sale prices remained on the high side of the average for the year, at $323,256, just $7,000 below asking price on average. 9 of 67 sales showed sale prices, which exceeded list price by just over $13,000, while 50 buyers managed to negotiate a bit of a break, averaging $10,635.


The odds of a successful sale during any given week now sit at about 1 in 18, considering average weekly sales and new listings. Sellers need to be aware that buyers have a growing selection of properties to choose from. Don’t fall short on preparing your home for sale, and be sure that you do your research when it comes to setting a price. A fabulous online presentation of your property is a must as inventory has reached levels where buyers can’t realistically view everything that meets their needs. You can bet that many are being eliminated from the “to view in person” list because they look bad online. Everything counts today!



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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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In a press release issued this morning, the Saskatoon Region Association of Realtors (SRAR) says, “Saskatoon’s housing market stabilized in the month of May.”


SRAR reports that 1,015 residential properties were listed for sale, up from 706 for the same period last year. Unit sales, on the other hand, fell 37% when compared to May of 2007 when record levels of demand pushed unit sales to 580 units. “This May’s sales number is more on par with 2006 numbers,” the release goes on to say.


The average residential selling price remained strong at $301,527, down from it’s peak of $306,266 in April, but 29% higher than the number recorded in May 2007 when the average selling price of a Saskatoon home reached $233,404. Year to date, the average came in at $285,523 and the six-month rolling average came in at $275,218.


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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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Saskatoon real estate: Week in review (May 26-30 2008)

New residential listing activity in the Saskatoon real estate market continued at a more moderate pace for the second week in a row with a 185 (197 total residential) single-family homes and condominiums being placed on the market. Active listing edged up slightly from 1,125 last week, closing out this week at 1,154 units including 1,059 single-family homes and condos.


There is some evidence that listing activity is beginning to moderate to a more normal, perhaps even below normal pace. While new residential listings in May 2008 came in at 783, compared to 707 in May 2007, a quick audit of our MLS system suggests that it’s likely that fewer properties were listed in May 2008, than last May. I note a total of 212 cancellations were processed last month. I checked the status of about two-dozen of these cancelled listings and all but one had been re-listed, causing them to appear in the “new listing” category more than once. This is a common strategy that agents use when adjusting the price of a listing. By cancelling and re-listing, the property has the benefit of a prominent location in our system and agents more easily notice the reduction. This kind of activity was almost non-existent in May 2007.


Yet, the database of active listings grew by more than 300 units through the month of May. Most of this growth can be attributed to a decline in overall demand. At this point, there are 368 sales reported for May. Last year, there were 581 sales for the same period. May 2008 will be the third month of declining unit sales, which shouldn’t come as a big surprise.


Anyway, I’ll get back to the past week by noting that 82 houses and condos were reported sold, up fairly significantly from last week but still below average when compared to recent weeks.


Overbidding activity cooled off again with just about 10% of the weekly sales reporting sale prices above list price. The average overbid on those sales dropped below $10,000 again. 57 home buyers managed to get a bit of a break, negotiating an average of $8,477 off of the asking price.


The average selling price of a Saskatoon home was $309,158 for the week, the strongest recorded in the past five weeks, excepting the week of May 12-16, when a $1.7 million dollar sale skewed the number to just over $326,000.

Saskatoon real estate: Week in review (May 26-30)


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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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