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The latest Housing Market Outlook for the Saskatoon area, which was released by Canada Mortgage and Housing Corporation (CMHC) last week predicts that the Saskatoon will experience its “highest number of sales on record” during 2008 before sales begin to “moderate somewhat…due to rapidly escalating prices and weaker speculative demand.”


Based on February statistics, CMHC notes that the average selling price of a resale home in Saskatoon had already reached $262,000 and predicts further gains of 18% through 2008. That would bring us to about $275,000, easily $25,000 behind the roughly $300,000 averages that we’ve seen posted over the past three months. According to CMHC, we can expect to see prices rise another 8.2% in 2009 to nearly $300,000.


At the end of April, the second consecutive month where sales were down over the previous year, resale unit sales were just slightly ahead of last year (for the year). May is likely to show some larger declines in total unit sales. It seems overly optimistic at this point that we could finish 2008 ahead of 2007.


Read the CMHC Housing Outlook for Saskatoon 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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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In the latest “Canadian City Trends” report, released last week by RBC Economics, economist Amy Goldbloom makes the case for a “cooling” but fairly stable Canadian real estate market. Following six years of double-digit gains, sales activity is starting to moderate and listings are growing in most major cities causing sellers to “lose some bargaining power.” According to Goldbloom, “the risk of significant price declines is still low, and Canada’s housing market is expected to eke out modest price gains in 2008.”


Goldbloom does make some comments about western markets, and addresses Saskatchewan’s situation head on.


“The slowdown is not shared evenly among cities. The markets that soared well above their underlying economic fundamentals are the very ones with the most downside potential. Calgary and Edmonton have moved from chart-toppers to the bottom-of-the-heap in only a matter of months on a range of key housing market indicators, including house prices and sales.


“Saskatchewan jumped into the spotlight in 2007 as a commodity-led expansion attracted an influx of migrants and led to a major housing boom. Regina and Saskatoon continue to clock year-over-year price gains that are several multiples above the pace of their local wage growth. This lends evidence that the current momentum is unsustainable, with a similar fate to Alberta’s likely for both of these cities within a years time.”


Goldbloom made similar comments about Saskatoon in October of 2007 when she said Saskatoon homes were overvalued and “out of whack with the underlying fundamentals.”


Read the RBC City Trends 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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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It took some time for the Saskatoon Region Association of REALTORS to work the kinks out of a new MLS system, launched in late February, but some monthly numbers for the Saskatoon real estate market have finally been put together, along with the following media release.


Residential Housing Market Remains Steady in the Month of April


Saskatoon REALTORS® assisted 418 home buyers to find their dream home in the month April. That number was down 12% from April 2007 when 476 homes were purchased. Year to date home sales are on par with 2007 with 1480 homes have sold.


The average residential selling price for April was $306,268.00 up 39% from April 2007 when the average was $220,776.00. The year to date average residential selling price is $281,360.00. This average selling price for the month of March was $289,440.00.


The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comprehensive market evaluation.


Saskatoon still remains one of the most affordable places to live when compared to larger centers such as Edmonton where in the month of April a single family home sold on average for $386,033.00. That average selling price down .4% from April 2007. Saskatoon again looks good when compared to Calgary were in the month of April a single family home sold on average for $474,564.00. Calgary’s average sales price number is on par with 2007. An additional reality check comes when comparing Saskatoon home prices to Fraser Valley BC where a single family home sold on average for $547,590.00.


Housing inventories have risen across the country and Saskatoon is no exception. REALTOR® listed 898 properties in the month of April that number up 73% from last year at this time when 520 homes were available for purchase. Year to date REALTORS® have sold $416,412,879.00 of residential real estate in Saskatoon that number up 42% from April 2007.


Communities around Saskatoon including Martensville and Warman experienced sales levels on par with 2007 with 104 properties selling. The average price took a jump similar to the city with an average selling price of $244,642.00.


Markets across Canada are seeing inventory levels increase with sales remaining on par with 2007. All indicators point to a strong completion of the second quarter as consumer confidence and in migration continues at steady levels.


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 19-23 2008)

New listing activity softened some this week as 179 single-family homes and condominiums were offered up for sale on the Saskatoon real estate market, finishing under 200 for the first time in five weeks. A similar softening occurred in the sales column with just 69 residential properties changing hands including 61 houses and condos, the lowest level of sales recorded for any week since January 14-18. With just 260 sales recorded for May, and just one week remaining in the month, it’s clear that unit sales will be off significantly from May, 2007 when they reached 500 units.


Total active listings reached a new high at 1,125 residential units. At present, there are 715 single-family homes (houses) and 315 condominiums available to Saskatoon home buyers.


Overbidding returned to the lower levels we’ve seen in recent weeks with just 9 properties (14.75%) recording sale prices above the asking price. A full 75% of home buyers were able to negotiate with their chosen seller to the tune of about $11,000 on average. This is the first week where the average underbid crept above $10,000 and the second largest average since we started recorded underbidding last August.


The gap between list price and selling price continued to widen.While the average selling price remained pretty strong at $295,238, nearly 20% higher than it was at this time last year, sellers are starting to get the message that the market has softened. So far in May, 241 price adjustments have been processed on the local multiple listing service.

Saskatoon real estate: Week in review (May 19-23)


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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On April 30, I wrote a post titled, “Saskatchewan Economy Underperforms on Expectations,” following the release of StatsCan’s report on provincial economic performance, which showed Saskatchewan’s “real gross domestic product” at a disappointing 2.8% over 2007, well below the expectations of several Canadian economists. This post set off a fire storm of discussion with many concluding that Saskatchewan is a losing province, hardly able to top national GDP averages in spite of receiving all kinds of positive press across the country and around the globe.


The rest of the story followed this week as StatsCan released a report on “nominal gross domestic product,” which stated that Saskatchewan has “stepped into a new era of prosperity.”


It’s my understanding that real gross domestic product is a measurement of productivity in an economy, while nominal gross domestic product is a measurement of dollar volume generated by an economy. Apparently, it’s the latter that gives Saskatchewan much higher marks.


From the StatsCan Report


  • Newfoundland and Labrador's economy led the nation in terms of growth in nominal gross domestic product (GDP) in 2007, at 13.4%. Saskatchewan followed with growth of 11.4%, ahead of Alberta's 8.3%.
  • Newfoundland and Labrador's growth in nominal GDP of 76% between 2002 and 2007 also topped Alberta's gain of 73%. Saskatchewan posted the third highest gain over the period, its GDP advancing 49%.
  • Higher crude oil prices have been driving the boom in Newfoundland and Labrador and Saskatchewan. They are the top producers of crude petroleum in Canada after Alberta, accounting for almost one-third of Canada's production.
  • In 2007, Saskatchewan exported $21 billion to other countries, a 13% increase over 2006. This placed Saskatchewan behind only Newfoundland and Labrador for the title of fastest growing provincial exports. In addition to crude oil, agricultural products, potash, and uranium have made major gains since 2005.
  • Perhaps most significantly, both Newfoundland and Labrador and Saskatchewan have reversed their long-term trend of a declining population…Saskatchewan's population grew 0.8% in 2007, its first increase in over a decade, which put the population once again to 1 million. Moreover, the population of the 15 and over age group in Saskatchewan in April 2008 was 2.0% larger than it was in April 2007.
  • As incomes have risen and population growth has resumed, Newfoundland and Labrador and Saskatchewan consumers have gone on a buying binge, leading provincial growth in retail, housing and auto sales.

Read the StatsCan report on nominal gross domestic product here.

Read the StatsCan report on real gross domestic product 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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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According to a recent Real Estate Trends report issued by Scotiabank, Canada’s housing market is “moving towards more balance, but there won’t be a bust like we’ve seen in the U.S. housing markets.” Yet, there’s little question that the heat has come off in a fairly significant way. Resale activity across Canada has “fallen for four consecutive months and is running about 15% below last summer’s historic peaks,” the report’s author, economist Adrienne Warren said. The average resale price of a Canadian home registered its first “inflation adjusted” quarterly decline in seven years.


New home construction is also experiencing change as residential building permits saw “sharp declines” and inventories of unsold new homes are trending higher.


Warren goes on to say, “Canada’s recent record of price appreciation, averaging an annualized 10% from 2002 to 2007, was unsustainable, and a return to more historical norms is a welcome development.” In explaining her confidence that the market is unlikely to see major declines like it did following the last two Canadian housing booms, Warren makes the following points.


  • Home prices in Canada are not substantially overvalued
  • There is little evidence of widespread speculative home buying that often accompanies the later stages of a housing boom
  • Canada’s real estate market is not overbuilt
  • Canadian households are not overleveraged
  • Overall mortgage quality is still sound.


“From a regional perspective, the cooling in overall activity is most notable in many of Canada’s hottest urban housing markets in recent years, including Calgary and Edmonton. Both centres have officially moved into buyers’ territory as soaring prices weaken demand and fuel new listings. More generally, however, economic conditions continue to favour the resource-rich markets in the West over manufacturing-dominated centres in Central Canada hampered by a strong Canadian dollar and softening U.S. import demand. Regina and Saskatoon are currently in the strongest sellers’ position nationally, supported by good affordability, rising population inflows and tight supply.”


Read the Scotiabank Real Estate Trends 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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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The latest release of CMHC’s Housing Market Outlook forecasts declining resale activity and housing starts on a national level, but predicts Saskatchewan will buck the trend showing increases in both categories.


While existing home sales across Canada will experience an 8.5% decline, resale activity in Saskatchewan is expected to “facilitate a record number of transactions in 2008, reaching 13,400 units,” according to the report. Nationally, housing starts will decrease by 6% while Saskatchewan experiences an increase of 17% to 4,600 units, “the highest total in nearly 30 years.”


CMHC believes positive migration trends, expanded production of potash and oil, higher commodity prices and surging government expenditures will continue to drive Saskatchewan’s economy forward in the years ahead.


“The province’s changing economic fortunes are clearly reflected in the 2007 migration figures. After 22 consecutive years of decline, net migration in Saskatchewan rebounded with a record high of 13,583 migrants. Last year’s performance erased all of the losses in the preceding three years.”


Does Saskatchewan have the goods to buck this national trend?


Read CMHC’s Housing Market Outlook 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.


Follow our daily updates on Twitter @SaskatoonHomes.


Norm Fisher
Royal LePage Vidorra

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Saskatoon real estate: Week in review (May 12-16 2008)

This past week produced the second highest number of new residential listings this year with a total of 244 properties offered up for sale including 162 single-family homes and 67 condos. Total active listings available on the Saskatoon real estate market now sits at 1,051 units, the highest level that I can recall in the past 15 years. Last year, at this time, we were celebrating as active listings briefly broke the 300 mark. Based on weekly sales at that time, we barely had a two-week supply. Today, we easily have enough property to satisfy demand for about two months, even if another home wasn’t offered for sale during that time. It’s a different market indeed.


Total recorded unit sales came close to the 100 mark and settled at 89 in the single-family and condominium categories, up just a smidge from last week, and down from 154 units during the same week last year. Given the diminished demand and the growing number of active Saskatoon home listings, sellers have about a one in fourteen chance that their property will make the “sold” category by the end of next week. Just a few months ago, you had enough market clout to name the place and the time of the sale. If your home has been on the market for more than three weeks, your price is too high and you’re headed toward an expired listing without an adjustment to your price. Again, it is a different market today.


Remarkably, the percentage of Saskatoon homes that sold above the asking price took a pretty solid jump from around 15% last week, to 26% this week. The average overbid also increased and crossed the $10,000 mark for the first time in four weeks. Last year at this time, 75% of the homes sold went above list price by an average of $27,000.


In spite of rising inventories and lackluster sales, the average selling price of a Saskatoon home hit a new high this week at $326,544. The average was skewed significantly higher by one remarkable residential sale that recorded a price of almost $1.8 million dollars. Remove that sale from the equation and the average is closer to $310,000. On the average, selling prices stayed below list prices for the fourth consecutive week, but again, the difference was marginal given the expanded options that exist for Saskatoon home buyers.

Saskatoon real estate: Week in review (May 12-16)


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 April for the second consecutive month, losing 51 sales in the “home” category, and finishing the month at 390 units, compared to 441 in April 2007. The average selling price of a Saskatoon home (houses and condos only) continued to increase and finished the month at $306,033, up sharply from $287,959 last month. In April of 2007, the average was just $207,436.

Saskatton house and condo sale stats for April 2008

The entire drop in unit sales can be found in the single-family home category, which saw sales decline to 261 units, compared to 337 for the same month last year. Prices spiked 40% from $234,406 last April, to $328,798 this year, but there was little change over last month when Saskatoon single-family house sales averaged $326,633. While the average selling price was up a little more than $2,000, Saskatoon home buyers got a little more house for their dollar, paying $276 per square foot, compared to $279 per square foot in March.

Saskatoon house sale stats for April 2008

Condominium sales actually increased over last year with 129 units trading hands, compared to 104 during April 2007. Average prices took a huge jump when compared to March ($219,173) but experienced smaller year over year gains (compared to houses) of 34%. The average price per square foot increased to $261 in April from $242 in March.

Saskatoon condo sale stats for April 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 (May 5-9 2008)

This past week delivered more of the same to the Saskatoon real estate market as new residential listings continued to be offered up at a pace we haven’t seen in quite some time. In total, 265 new listings were entered to the Saskatoon MLS system including 193 single-family homes (houses) and 55 condos. The total residential listing inventory finished the week at 962 units, up from 844 last week. Home buyers are encouraged by a fairly decent selection of homes in almost every area of Saskatoon.


86 sales of houses and condos were recorded, down slightly from last week but matching the performance that we saw during the same week last year. Demand remains remarkably high given the sharp price increases that we’ve experienced over the past year, but it’s not hard to see how significantly the market has changed as we quickly move towards balance. Saskatoon homes are still selling well, but stiff competition amongst sellers drove average selling times to 23 days last week, up from just 9 days for the same week last year.


I note though that expired listings remain quite low. There have only been 10 in this category since April 1, which leads me to believe that there is a lot of recycling going on in the listing arena. Often times, agents will cancel and re-list a property if the seller has chosen to reduce the asking price.They do this because “new listings” have a special place of prominence in the local MLS system and the change is more likely to be noticed by buyer’s agents. 100 listed properties did make price adjustments last week so some sellers are obviously keen on getting a deal done before inventory climbs much higher, and perhaps fearing that we’ll pass right by “balance” and enter a buyer’s market.


The number of homes that were “overbid” remained fairly consistent with last week, as did the average dollar amount.


Average selling prices crept up some, settling at $297,067 compared to $290,346 the week before.

Saskatoon real estate: Week in review (May 5-9)


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 (April 28–May 2 2008)

Residential sales in the Saskatoon real estate market resumed a fairly modest pace this week with 92 single-family homes (houses) and condos reported sold to the Saskatoon MLS, down from 117 last week, even further off of the 123 that sold during the same week last year, but still well above the weekly average year to date.An additional 60 properties in the same two categories were reported as conditionally sold.


New listings on the Saskatoon Multiple Listing Service saw their biggest week since I started recording the weekly numbers back in mid-February of 2007. A total of 249 residential properties were introduced to the market including 159 single-family homes and 69 condominiums. This week’s new listings pushed residential inventory to 844 properties including 524 single-family homes and 241 condominiums.


Overbidding fell out of fashion in a serious way. Only 18% of Saskatoon homes sold managed a price that was above list and a full 70% actually sold below the asking price. That’s only half as many as we’ve seen over the past couple of weeks. Overbid activity was weakest in Area 1 which pretty consistently has the highest average selling prices, and strongest in Area 5 where the percentage of homes selling above asking price was closer to $30%.


The average selling price of a Saskatoon home inched up from last week to $290,346, but still remained well below the $300K plus numbers we had seen the three weeks prior. Average sale prices were below average asking prices in all areas except area 5.

Saskatoon real estate: Week in review (April 28 – May 2)

Active buyers are relieved to have a little more time to think about homes they’ve seen, and they have some confidence that something else will come along soon if this one sells while they’re thinking. They’re no longer fearful that they might have to pay more if they wait. This is a welcome and healthy development. It feels good to be back to reasonable mindsets.


Sellers will need to take greater care in pricing their homes in the weeks ahead. The standard practice of reviewing recent sales and slapping on an extra $10,000 is bound to leave you waiting. For the first time in quite some time, the little things matter. So, price it right, paint up that front door, and scrub the place clean. Your prospective buyer has a fair number of homes to choose from.


I’m always happy to answer your Saskatoon real estate questions.Feel free to drop me an email.


Norm Fisher

Royal LePage Vidorra

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