Dwight Percy has an interesting article in the business section of today’s Star Phoenix titled, “High local housing prices are still below average” which is definitely worth reading.
Percy points out that while Saskatoon house prices have seen sharp increases over the last quarter, local homes are still trading well below the national average of $294,880 reported by the Canadian Real Estate Association at the end of February. The average selling price of a Saskatoon home topped $200,000 for the first time in March.
He asks, “Does it make any degree of sense that this market sits at only about two-thirds of the Canadian average?”
He makes some interesting points. If his prediction is accurate, the average price of a Saskatoon home will have doubled in just two years. The idea may have seemed outrageous just a few months ago but one now has to wonder given the momentum which this market seems to have. Consider that the averages we’re seeing now are likely skewed down by a large amount of activity in the entry-level condo and house market and the possibility seems even more realistic. It seems to me that there are a large number of pretty “average” homes trading at or above the quarter-million-dollar mark already.
I’m always happy to answer your Saskatoon real estate questions.
Royal LePage Vidorra