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Canada Housing and Mortgage Corporation(CMHC) released their third quarter update on the Saskatoon housing market late last week. It takes a look at third quarter and year-to-date activity in new homes as well as resale activity.


Here are some highlights from the report.

  • Third quarter housing starts slipped lower to 735 units, down 4 percent from the same quarter in 2010.
  • Year-to-date starts (to September 30) sit at 2,231 units, up 27 percent from 1,755 starts in the same period of 2010.
  • Year-to-date gains are attributed to the production of multi-family dwellings.
  • In the multi-family category, 565 apartment units were started during the first three quarters of this year.
  • Low interest rates and a scarce supply of rental units helped support heightened demand in the resale market.
  • Resale transactions increased by 21.5 percent over the third quarter of last year.
  • Residential listings increased 2.9 percent over the previous year but the strong pace of sales negated increases to the supply.
  • Balanced market conditions prevailed through the quarter with average prices gaining just 2.7 percent compared to the same period last year.
  • The Saskatoon labour market softened during the third quarter with total employment declining 1.6 percent from the same time last year.
  • Saskatoon’s seasonally adjusted unemployment rate climbed to 5.7 percent, up from 5.5 percent at the same time last year.


Read the entire report here.


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.


Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.


Norm Fisher
Royal LePage Vidorra

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RBC’s third quarter Housing Trends and Affordability study showed “modest improvements” in housing affordability for Canadians as global financial markets continued to face uncertainty and interest rates crept lower.


The following is an excerpt from the report on Saskatchewan: Although RBC’s affordability measures for Saskatchewan continue to be above their long-term averages, widespread improvement was recorded in the third quarter. The measures fell for all housing types—between 0.8 and 0.9 percentage points—and reversed part of the increases (in some cases, substantially) from the previous quarter. Saskatchewan home buyers seem fairly comfortable with current affordability levels. Indeed, they were quite active in the third quarter, with resales rising nearly 6% from the second quarter to their highest levels in two years. Hefty gains were seen in Saskatoon and, to a lesser extent, Regina. Home prices in the province maintained their steady ascent, showing modest gains for most housing types. The Saskatchewan housing market will continue to be well supported by strong economic growth in the coming year.


Although the report lacks commentary on the Saskatoon market, the charts on page 8 of the report show slight improvements for the percentage of income required to carry a mortgage on a Saskatoon home, in spite of marginally higher prices.


Read the entire report here.


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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Rough transcript.


Condos purchases have increased substantially in recent years as the cost of housing has moved higher. Just ten years ago, condo sales accounted for roughly 16 percent of Saskatoon’s MLS® housing market. This year, condominiums account for roughly  27% of all residential resale activity on the Saskatoon multiple listing service®.


According to the Real Estate Insurance Exchange, a private company formed to provide errors and omissions insurance for real estate agents in several provinces, the majority of problems that arise in a condo purchase fall into four areas that they call the four P’s.


The four P’s are Pets, Parking, Payments and Paper.


When it comes to pets, it’s extremely important that all parties to the transaction are aware of the rules of the condo corporation. Don’t let the fact that the current seller has a dog or a cat give you comfort that you can bring yours. In some cases, grandfathering clauses allow current owners to have pets but prohibit new owners from bringing them. Some complexes have restrictions on certain breeds, or even size restrictions that you’ll want to be aware of if you plan on bringing or acquiring a pet in your new condo. A careful review of condominium documents, or a chat with the property manager should clarify whether or not you can bring your pet to you new home. In either case, request a copy of the condo corporation’s per policy in writing.


As far as parking is concerned, you’ll want to be sure you understand if it’s included with your unit, and if so, exactly where the parking stall is located. Is it assigned, and if so, by whom? Is the parking stall titled, and will you have the right to transfer it to a new owner when you’re ready to sell. The estoppel certificate should detail what rights you have to exclusive use of parking facilities, but occasionally we’ve seen estoppels that don’t address parking. Insist on having your parking rights detailed in that particular document.


The third P stands for payments. In this area, buyers or sellers may be confused about exactly what is included in the monthly condo fee. For instance, the buyer may be led to believe that the condo corporation covers electricity costs for each unit when they’re not covered. Buyers may also be taken by surprise regarding special assessments or one-time fees that are levied against unit owners, usually for the purpose of completing large and expense improvements that haven’t been provided for in the budget. Special assessments are normally known about in well in advance of being issued and a thorough review of meeting minutes can be a great way of learning about them when you’re considering a purchase. The estoppel certificate also contains information on special assessments that have been proposed or passed by the board.


Finally, the fourth P stands for paper. This is the stack of documents that a buyer will be provided after their offer has been accepted. Under the current legislation, a buyer has either five days or ten days to review the paper, depending on whether the unit is new, or a resale. At any point during the allotted time, they may rescind or withdraw their offer to purchase based on any information contained in the documents. It is the buyer’s responsibility to conduct their own due diligence and insure that they are aware of what they’re buying. Remember, you’re not just purchasing a home; you’re buying into a corporation that most typically has many owners. You’ll want to understand the by-laws and rules of the corporation, and you’ll want to have a good understanding of the corporation’s financial health. You will, after all, be responsible for some portion of it moving forward.


Thanks for watching. If you have questions about condos or any other Saskatoon real estate matter, feel free to give me a call at 306-241-6676, or drop me an email at norm@teamfisher.com.


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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Saskatoon real estate week in review: November 21-25, 2011
It was another reasonably strong week for Saskatoon real estate sales considering the time of year. A total of 71 detached house and condo sales were reported to the local MLS®. This week’s sales were up by 21 on the previous weekand finished higher by 12 compared against the same week last year.


New MLS® listings of houses and condominiums matched sales at 71 units for a weekly decline of just two, but finished higher by eight on a year-over-year basis.


Click the image for a larger version of the graph.


The total inventory of active MLS® listings in the residential category continued to trail lower as it fell by 30 units this week to finish at 1119, up 20 listings when compared to inventory levels at this time last year. This morning’s numbers show 668 single-family homes and 383 condominiums for sale within the city of Saskatoon. Those two categories stood at 633 and 408 respectively at this time last year. You may recall that for most of the year, single-family home inventory had been lower and condo inventory had been higher on a year-over-year basis so we are seeing a bit of a change there.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings slid lower to 29 homes with 14 of those doing a turnabout and re-entering the system with a new MLS® number, and in most cases, a new price. An additional 39 price adjustments were recorded on the system and 17 listings came to the end of their term and expired without a sale.


Weekly prices bounced higher this week with the average sale price moving nearly $18,000 to $323,173. The median picked up close to $19,000 on the week to finish at $313,000. The six-week average managed to inch lower by a few hundred dollars over the course of the past week and closed at $325,129 up from $307,651 a year ago. The four-week median moved in the opposite direction and gained $5,500 on a weekly basis to finish the week at $305,500 claiming an annual gain of just over $10,000.


Click the image for a larger version of the graph.


Overbid sales were fairly steady at four but the average overbid was up to $6,275. Another three Saskatoon home sellers found a buyer willing to pay what they were asking. Most sales (64 of 71) closed at a price that was lower than the list by an average of just $9,605.


Click the image for a larger version of the chart.


Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out here.


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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Saskatoon real estate week in review: November 14-18, 2011
Sales and new listings both continued on a downward trend this week, as is typical of this time of year.


Saskatoon real estate agents reported just 50 sales of single-family homes and condominiums to the multiple listing service®  over the course of the week. That marks a week-over-week decline of five units bringing one of just a handful of weeks, in recent months, where sales fell short on annual basis. During the same week last yeara total of 68 sales were recorded for those two housing types.


New listings followed, trailing lower and falling 10 on a weekly basis to just 73 homes. However, that was still enough to beat activity for the same week last year when just 66 Saskatoon homes were offered for sale.


Click the image for a larger version of the graph.


The inventory of active listings in the residential category of the Saskatoon MLS® continued to hug last year’s trend line as the week closed showing 1149 properties for sale, down 25 from the close of the previous week, and up just 14 units from where it stood at the same time last year. The inventory bubble that formed in the back half of 2008 seems to be ancient history as far as Saskatoon home buyers and sellers are concerned. I expect that the inventory levels seen through 2010 and 2011 represent the new “normal” for this real estate market. Sales, by the way, appear quite “normal” as well. Sure, we are seeing some impressive numbers compared to last year, but 2010 saw sales fall below the five-year average by close to ten percent. Total residential sales for 2011, so far, put us just 2.5 percent ahead of the five-year average. Most agents that I’m speaking to on a daily basis feel that the market is balanced and that prices are fairly stable, even though the average has been climbing lately.


Turning to more specific housing categories, today’s inventory contains 686 detached single-family homes (houses) and 397 condominiums shosing an active status on the Saskatoon MLS®. Houses are up just 17 units on a year-over-year basis, while condos are down by just six.


Click the image for a larger version of the graph.

Cancelled and withdrawn listings remained steady at 36 homes with 20 of those returning to the system on the very same day for another go at the market. An additional 46 Saskatoon home sellers adjusted their asking price in hopes of wrapping up a deal before the holidays begin. Another 18 MLS®  listings reached the end of their term and expired from the system without a sale.


Compared to recent weeks, a lack of sales at the high end of the market brought a lower average sale price by almost ten percent on a weekly basis. That number came in at $295,386 to make its first appearance below the $300K mark since late July. At the same time, the median price for the week inched up and gained almost 5K from the week before. The six-week average price slipped lower by about five grand compared to the previous week and closed at $325,432 for a year-over-year gain of about $17,000. The four-week median price took a slide falling 10K from the previous week to reach $300,000 for an annual gain of just $10,000.


Click the image for a larger version of the graph.


Overbid sales came in a three but buyers resisted any urge they may have felt to pay wildly more than list price. The average overbid on those three sales was just $133. Another three sellers accepted offers at their full asking price while 44 of 50 sales completed required a little back and forth resulting in a deal that closed $10,238 below the asking price, on average.


Click the image for a larger version of the chart.


Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out here.


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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Saskatoon real estate week in review: November 7-11, 2011
Sales of Saskatoon homes through the multiple listing service® continued on a downward trend as we would expect at this time of the year. Saskatoon real estate agents reported seven fewer sales than last weekat 55 units for a year-over year gain of just one sale.


New listings of houses and condos moved higher on a weekly basis, gaining on the previous week by six units for a total of 83 to trump new listings taken over the same period of the previous yearby 12.


Click the image for a larger version of the graph.


Total active MLS® listings in the residential category made an upward move for the first time in six weeks as it grew by 13 units this week to 1174. That’s just three fewer listings than were available on the system at the same point in 2010. The listings line for 2011 has pretty much identically matched last year’s numbers since late September. This morning, buyers can find 701 single-family homes and 402 condominiums showing an active status on the system. Last year, at this time, those numbers sat at 708 and 408, respectively.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings fell to just 36 homes with 19 of those returning to the system on the very same day bearing a new MLS® number, and in most cases, a new price. An additional 35 Saskatoon home sellers completed a price adjustment. Another 13 listings expired from the system having failed to sell during the contract period.


The average selling price of a Saskatoon home edged slightly higher this week gaining about $2,500 to finish at $328,015 while the weekly median plummeted lower, falling nearly $20,000 to just $290,000. The six-week average sale price grew by about $4,500 this week to reach $330,436 and hit another record high for the year. That’s roughly $28,000 higher than it was at the same point on last year’s calendar. The four-week median price slid lower by just over one thousand dollars to finish the week at $310,000 for an annual gain that matched that of the six-week average.


Click the image for a larger version of the graph.


Overbid sales made a come back in the stats as four lucky sellers completed a deal above their asking price, by an average of $11,313. That large average overbid was driven higher by one area 4 sale that closed at more than $40K above the list price. Another three sellers found a buyer willing to pay exactly what they were asking while 48 of 55 sellers had to sharpen their pencil a bit to get their home sold with an average underbid on $10,414.


Click the image for a larger version of the chart.


Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out here.


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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Saskatoon home values have increased by 163 percent since the turn of the current century, claiming one of the highest levels of price growth in Canada, according to a report released today by Remax. Only Regina and Edmonton saw greater appreciation over the same period of time as prices climbed 175 percent and 165 percent, respectively. Canadian home values increased 106 percent during that time.


Read the report titled, “Housing Evolution” here.


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.


Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.


Norm Fisher
Royal LePage Vidorra

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Saskatoon real estate week in review: October 31 – November 4, 2011
Saskatoon real estate sales slipped this week falling 14 units from the previous week for a total of 62 house and condominium sales. Still, they managed to maintain an edge over the same week a year agowhen just 49 sales were reported to the multiple listing service®.


New listings fell further, dropping 17 units from last week to just 77 properties, well below the 100 houses and condos that were listed for sale by Saskatoon real estate agents over the same period last year.


Click the image for a larger version of the graph.


The total inventory of active MLS® listings in the residential category continued edge lower as 51 property listings expired without a sale as the month of October closed. Today, there are a total of 1161 residential properties displaying an active status on the MLS®, 54 fewer then were available at the close of the previous week, and just nine fewer than we had at this time last year. Among those listings, buyers will find 698 single-family homes and 390 condominiums. At this time last year, those two categories of Saskatoon housing stood at 703 and 404, respectively.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings came in higher on a weekly basis at 47 units with 23 of those homes making a same day return to the system, most at a lower price. An additional 37 sellers took a more direct route and simply adjusted the asking price of their home. As I mentioned earlier, 51 listings expired, having reached the end of their term without obtaining an acceptable offer.


On the heels of a fairly significant decline last week, the average sale price of a Saskatoon home inched higher again picking up almost $5,000 this week to reach $325,487. At the same time, the median price spiked higher gaining more then $25,000 from the previous week to hit $310,250. The six-week average price slipped just a few hundred dollars on a weekly basis falling to $325,972 to maintain a year-over-year gain of just over $21,000. The four-week median price pushed higher by close to $2,000 compared to last week and reached $311,680 to come within one thousand dollars of its peak for this year. Last year at this time, the four-week median was lower by more than $31,000.


Click the image for a larger version of the graph.


Overbid sales were almost a non-factor again with just one lucky seller closing a deal for more than their asking price. That seller pocketed an extra $4,000 as a bonus. An additional seven buyers offered full asking price to close their deal while 54 of 62 closed deals required some give and take, with the seller dropping an average of $10,380 to wrap things up.


Click the image for a larger version of the chart.


Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out here.


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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Slightly quieter Saskatoon residential real estate market in October, 2011: SRAR
The Saskatoon Region Association of REALTORS® (SRAR) released the residential real estate statistics for October, 2011today, accompanied by this release.

Heading into the fall, activity was down slightly for Saskatoon REALTORS® in the month of October with 309 residential properties changing hands compared with September which saw 365 sales. The trend of sales increasing over the same month last year continues however as we saw a 19% increase over October 2010 when 260 properties sold. Currently the total residential sales to date this year is 3,491 up 13% from 2010 when the total stood at 3,083 for the end of October. The $300,000 to $350,000 price range continues to be the most active with 80 sales. The average number of days to sell in the month of October was 41.

The average residential selling price in October increased to $327,245 from $294,133 in October of 2010 reflecting an 11% increase. At the end of October, the year-to-date average selling price was $309,197 up 5% from year-to-date numbers at this point in 2010 when it was $294,690. Properties listed in October totaled 557, up 23% from the same month a year ago. Year-to-date, 6,326 homes have been listed for sale, up 4% from this time in 2010 when 6,080 had placed on the market. There were a total of 1,172 active listings available at the end of October, down just slightly from October 2010 when 1,219 were available to purchase. There was a slight increase in sales activity in areas surrounding Saskatoon (e.g. Martensville, Warman, Clavet, etc.) this October with 82 sales compared with 76 homes sold in October 2010. REALTORS® listed 223 properties in these areas in the month of October. That number is up 18% from 2010 when 189 properties were placed on the market. The average selling price in these areas was $276,475 up 12% from October 2010 when the average was $245,778. During the month of October in areas surrounding Saskatoon it took 64 days for a property to sell on average. New construction continues to be strong in the City of Saskatoon and outlying communities. The employment opportunities remain strong attracting individuals to our area from across Canada as well as from outside our borders. 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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