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A true perspective on deteriorating affordability in Saskatoon housing

When real estate prices see rapid and substantial change, it’s easy to lose sight of what that really means in terms of affordability. I thought it might be interesting to look back a few short years to show you how very different the Saskatoon real estate market looks today.

The two Saskatoon homes featured in this post sold approximately 3 years apart, following a reasonable period of time on the market.


The property pictured at left, sold at the end of November in 2004. It was on the market for about a month and sold for $212,500. Built in 1983, it’s located in Lawson Heights on a nice cul-de-sac featuring a wedge shaped lot of approximately 7,900 square feet. It has a double attached garage with a direct entry to the home. It also offers a fully finished and heated workshop in the back yard which measures 18’ x 24’. The house itself has 1,960 square feet of living space, if you include the 12’ x 20’ heated sunroom with large windows overlooking the well landscaped yard. You can enjoy the pleasant and private view from inside of the included hot tub, or from the back yard deck. Most of the flooring has been replaced in recent years. All but a couple of windows have been upgraded and there’s a brand new natural gas furnace as well. Additional features included a developed basement, a three-piece ensuite and walk-in closet, central air conditioning, central vacuum, water softener, home security system and a wood burning fireplace surrounded by custom built oak cabinets in the main floor family room.

The property pictured at right sold in December of 2007. It sold for the asking price of $219,900 after three weeks on the market. Built in 1960, the home sits on a large landscaped lot of approximately 6,700 square feet. It’s situated on a busy Mount Royal area street. There is no existing garage. It’s 851 square feet on the main level, but it does have a full basement which is easily ready for re-development. It has some nice upgrades including laminate flooring and new light fixtures, and a “newer” furnace, windows and exterior doors. There’s a nice deck, in a pretty yard. It also has a functional central air conditioning system.

When we look at changes to the “average selling price” we see some pretty shocking changes over a short period of time. This little demonstration puts a proper perspective on how much things have really changed in the Saskatoon housing market. I can agree with those who say that this market was undervalued three years ago but given that incomes in this area have experienced fairly marginal gains over the same period of time one can easily understand why a few voices are saying, “enough already.” Something seems to have gone horribly wrong in Saskatoon housing.

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

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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