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Saskatoon real estate: Week in review (July 21-25 2008)

It was just a slight push that produced a net gain of seven active residential real estate listings on the Saskatoon multiple listing service but it was enough to push the total inventory past the 1,500 mark for the first time. At the end of the week there are 1,506 residential properties displaying the “active” flag including 976 single-family homes (houses) and 430 condominiums. While inventories are at an all time high, it seems clear at this point that listing activity has started to moderate through July. I expect that when the dust settles, July will likely produce the smallest gains we’ve seen in several months.


Residential real estate sales also weakened some last week with just 61 units trading hands including 59 single-family homes and condos, a drop of 12 units compared to the week before. Area 1 remained fairly strong in comparison to recent weeks claiming 22 of 59 Saskatoon home sales recorded. Another 43 properties are marked “conditionally sold.”


Overbidding activity almost fell off of the map with just one sale recorded above the asking price. There was only one other week this year where overbids fell to one, and this week’s average overbid of just $100 is the lowest on record this year.


The average underbid increased to $11,763, one of the highest points on record this year but it was largely skewed by two exceptional area 2 sales, one of which sold $50K below list, and a second at more than 80K below.

Saskatoon real estate: Week in review (July 21-25, 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’s population has seen a decrease of 2,000 people since January 2007 according to an estimate just released by a Toronto analytics firm. Generation 5 provides population estimates for the City of Saskatoon between census periods.


According to the Star Phoenix, “The firm uses census figures as a starting point, adjusted by databases of consumer spending, home sales, and address information to arrive at its estimates.


Information from various sources suggests Saskatoon’s population grew from 202,340 in 2006 to 214,034 by the beginning of 2007, and receded to 212,000 by mid-2008.


Anyone else have any thoughts on how these measures could lead to the conclusion of a population drop, given that 2007 produced a record number of homes sales, and Saskatoon has been the nation’s leader for consumer spending?


Read the Star Phoenix story 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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On July 4, the Saskatoon Region Association of Realtors released their monthly statistics for the Saskatoon real estate market. Those statistics provide an overview of activity for all property types in the “residential” category. This “closer look” is intended to provide an overview of activity for single-family homes (houses) and condominiums that were sold in the Saskatoon area, to the exclusion of semi-detached, duplexes, vacant lots and mobile homes. My primary focus as a Realtor is Saskatoon homes, and it’s my objective, through this report to provide detailed data on properties that meet that criteria.


During the month of June 2008, 299 properties identified as single-family homes and condominiums were reported as firm sales on the Saskatoon MLS. Unit sales were down 34% from June of 2007 when 452 homes changed hands. The average sale price was up 2.6% from May of this year, and 24.7% when compared with June of 2007 when it passed the quarter million dollar mark for the first time. At the same time, the average cost per square foot fell $5.00 from $276 in May to $271 in June, an indication that Saskatoon home buyers got a bit more for their dollar this June, when compared to last. While the average selling price was greater in May than June, the average size of the homes which sold, was also slightly larger.

Saskatoon house and condo sales for June 2008

Of the 299 properties reported sold, 212 were single-family homes. Unit sales in this category decreased by 35% when compared to sales in June of last year. Average selling prices increased 3.7% over May of 2008 and 29.5% compared to the same month, one year ago. The average cost per square foot fell by $3.00 on average, with area 1 seeing the largest decline, dropping $29.00 per square foot compared to sales recorded in the previous month.

Saskatoon house sales for June 2008

Saskatoon condos saw a decline in unit sales of 30% when compared to June 2007. Month over month, the average selling price saw a decline of .7% and a drop of $9.00 when examined on a cost per square foot basis, with area 2 experiencing the largest decline at $32.00 per square foot. Year over year, condos experienced the smallest increase in the average selling price at just 12%. During June of 2007, condos were selling at an average of $221,958, compared to $248,681 this June.

Saskatoon condo sales for June 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 (July 14-18 2008)

Total active residential listings on the Saskatoon real estate market fell just short of breaking the 1,500 mark and settled at 1,499 by the end of the week, a net gain of 38 units when compared to the previous week’s end. A total of 175 properties hit the new listings board, including 35 that were cancelled and re-listed during the same week, and about 20 condo conversion units that went MLS. At present, there are 961 single-family homes and 433 condominiums displaying the active status on the Saskatoon MLS. The balance of available units included vacant lots, mobiles, semi-detached and duplexes.


Unit sales in the single-family homes and condos category came in at 71. Overbid sales edged up marginally from last week with 5 homes selling above list, but the average overbid dropped substantially to reach its lowest level since the week of January 14-18. 59 buyers managed to negotiate a purchase price below the seller’s asking price with an average underbid of just over $10,000.


Average selling prices took a large jump from the previous week, up just a little more than $12,000 to settle at $304,254.

Saskatoon real estate: Week in review (July 14-18, 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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Media releasefrom the Canadian Real Estate Association yesterday.


“Over the past six months, easing sales activity and a surge in new listings caused the resale housing market to become considerably more balanced in many major housing markets. Vancouver, Regina, and Saskatoon were the most balanced major markets in June.”


Read CREA’s release 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 (July 7-11 2008)

Total active residential listings on the Saskatoon real estate market saw a net gain of 28 units this week, increasing to 1,461 from 1,433 last week. A total of 194 properties were listed for sale, including 51 that made a repeat entry into the system (cancelled and relisted). Today, there are 943 single-family homes and 412 condos bearing the “active” status. An additional 41 homes are flagged as “conditionally sold.”


Sales of Saskatoon houses and condos were up about 10% from last week with a total of 75 properties hanging a sold sign. At the same time, demand was down about 37% compared to the same week last year when 119 houses and condos changed hands.


The average selling price of a Saskatoon home dropped again for the third consecutive week to $292,185, the lowest number we’ve seen since the week of April 28 - May 2. Most often, I’m warning about the potential for skewing in the weekly stats, but I don’t see that so much over the last couple of weeks. I think there’s little doubt that prices have dropped some as motivated sellers battle it out for a limited number of buyers. There actually seems to be a decent selection of single-family homes in some nice areas available for under $300,000.

Saskatoon real estate: Week in review (July 7-11, 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.

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CNN: The Federal Reserve is expected to overhaul lending rules on Monday in an effort to prevent another mortgage crisis.


Good idea Ben! It would be foolhardy to encourage a second mortgage crisis while you’re busy dealing with the first one.


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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Canadian Government Says, “No More 40-year Mortgage for You!”In a move aimed at “protecting and strengthening the Canadian housing market,” the Government of Canada today announced pending adjustments to the policies of Canada Mortgage and Housing Corporation’s (CMHC) mortgage insurance programs.


At the top of the do not approve list is the 40-year mortgage. Effective October 15 of this year, CMHC, Canada’s housing agency won’t be insuring mortgages with amortization periods of more than 35 years.


Zero-down mortgages also meet their end when the new policies take effect. All CMHC insured mortgages will require a minimum down payment of 5%.


Other changes include the establishment of “consistent minimum credit score requirements” and the introduction on “new loan documentation standards.”


“Today’s announcement marks a responsible and measured approach by the Government to ensure Canada’s housing market remains strong and to reduce the risk of a U.S.-Style housing bubble developing in Canada.”


Prior to November of 2006 when CMHC relaxed its standards, the maximum amortization period allowed on a government insured mortgage was 25 years and a minimum down payment equal to 5% of the purchase price of the home was required. Introduced as “financial innovations,” zero-down mortgages and 40-year mortgages added fuel to a housing market that was already out of control in a number of Canadian cities.


Record house price increases followed in a number of Canadian cities including Saskatoon and Regina.


How do you see these changes affecting the Saskatoon real estate market?


Read the announcement here.

Read the Globe and Mail coverage 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 (June 30–July 4 2008)

New Saskatoon real estate listings dropped again for the second week in row, by just enough to prevent inventories from climbing for the 20th consecutive week. There are currently 1,433 residential listings showing an active status, down just slightly from 1,440 last week. This is the first week during which inventory has declined since the week of February 11-15 when total active listings sat at just 361 units. A total of 171 new residential listings entered the system this week including 163 single-family homes and condos (127 & 36 respectively).


Total sales came in at 70 units, just below last week’s number of 72. Of those reported sales, 68 were houses or condos, an increase of just three units compared to last week.


The average selling price of a Saskatoon home came in below the $300,000 mark for the first time since the week of May 19-23. Condo sales accounted for a higher percentage of total sales this week when compared to previous weeks, driving average sale prices down.


Overbids were nearly non-existent with just three homes reporting sales above the asking price, but the average overbid spiked to its highest level this year, skewed by one massive $66,000 over list offer. Underbidding occurred in 53 of 68 house and condo transactions, with the average underbid falling below $10K once again.


I was really struck by the low numbers of transactions coming out of areas 4 and 5 over the past few weeks. Since around the middle of May, these two large geographic areas have been hard pressed to crack the 20-unit mark collectively. Together, the two area have just 323 house and condo listings, which is also a relatively small percentage of total listings, but hey, 8 sales on the entire west side? Ouch!

Saskatoon real estate: Week in review (June 30 – July 4, 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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This release regarding Saskatoon real estate activity for the month of June was just released by the Saskatoon Region Association of REALTORS® (SRAR).


Home buyers enjoyed an increased level of inventory to select from in the month of June. Saskatoon REALTORS® listed 905 residential homes during the month of June that number up 49% from June 2007 when 609 properties were placed on the market for sale.


REALTORS® assisted 321 buyers to purchase their next home that number down 33% from June 2007 when 479 properties were purchased. June’s sales number brings sales activity more in line with 2006 when 385 homes were purchased and 2005 and 2004 when 352 properties were sold in June. Year to date 2,156 homes have been purchased.


The average residential sales price in June was $310,386.00. That number up 23% from last spring’s more than active market when the average sales price was $252,703.00. The year to date average selling price is $289,165.00 up 32% from 2007.


In the month of June Saskatoon REALTORS® sold $99,633,000.00 of real estate that number down 18% from 2007 when they sold $121,004,000.00 of real estate. Year to date $623,438,000.00 of real estate has exchanged hands.


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.


Home sales in areas surrounding Saskatoon were down 22% in the month of June with 87 units selling as compared to June 2007 when 111 units exchanged hands. The average selling price in areas around Saskatoon increased to $207,180.00 that number up by 4% from 2007.


Similar market conditions exist in other western provinces for example Edmonton Alberta where the average price for a single-family home was $381,384.00 that number down 8.6% from June 2007. Unit sales are also down 17% with just over 2000 homes selling in June.


Strong optimism in the Saskatchewan economy continues to fuel in migration and housing industry activity. The Saskatoon and area job market remains strong, which generally influences home buying and new home building.


Read also: Average price of Saskatoon home rises: Kassandra Kyle, Star Phoenix



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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