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Saskatoon recorded its third consecutive annual improvement in affordability according to the 8th Annual Demographia International Housing Affordability Survey: 2012. Demographia’s estimates suggest that Saskatoon home buyers can expect to pay four times the country’s median income to purchase a home priced at the median,* a number which the survey authors consider “moderately unaffordable”.


Calgary, Montreal and Victoria also showed modest affordability improvements during 2011 while Halifax, Ottawa, Regina, Toronto, Vancouver, and Winnipeg all became less affordable.


Vancouver once again reined for the largest income to price gap in Canada. In that area it now takes 10.6 times median income to purchase a home priced at the median, up from 9.5 times just a year ago.


Click image for a larger view.


See the entire Demographia survey for 2012 and past reports for 2011, 2010, 2009, 2008, 2007, and 2006.


*The median defines the centre point where half of all values are above and half are below that point. For instance, if the median income for an area were $50,000 then half off all income earners would earn more than that and half would earn less. In the case of home values, it’s the point at which half of all sales occur above the number, and half occur below.


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: January 15-21, 2012
The second full week of the new year wrapped itself up looking a lot like the first. Saskatoon real estate agents reported a total of 52 house and condominium sales to the local MLS®, for a weekly decline of three homes and a year-over-year increase of four. New listings in the same housing categories slipped by seven units from last week to just 96 and finished two units shy of last year’s numbers. For those who can’t read between the lines, the most recent numbers show three consecutive weeks of increasing sales and decreasing new listings when viewed on a year-over-year basis. It’s far too early to draw any conclusions from that because we’re dealing with some pretty small numbers but it will be interesting to watch and see if any notable trends develop in the weeks ahead.



The total inventory of active residential listings on the Saskatoon multiple listing service® continued to edge higher growing by 16 homes over the course of the week to 918, just nine fewer than were available at the same time in early 2011. Today’s total inventory shows 535 active single-family home listings and 305 condominiums. At the same time last year, those Saskatoon housing categories stood at 503 and 376 respectively. The year-over-year decline in available condo listings continues to widen moving from 15 percent last week to 19 percent by the close of this week.



Cancelled and withdrawn listings slipped lower to just 21 with eight of those returning to the system on the same day they were removed, most at a lower price. This week, an additional 15 sellers adjusted the asking price on their existing MLS® listing. Another 15 properties expired from the system without a sale.


Fewer sales at the upper end of the real estate market brought the average selling price of a Saskatoon home lower this week by $45K to $305,680. The median sale price followed along and in fact, slid a bit more to $283,000. The six-week average still managed to push a little higher, gaining less than a thousand dollars on the week to close at $318,244 while it claimed an annual increase of just over seven thousand dollars. The four-week median price slipped about twelve thousand dollars to $309,500 finishing above the close of $298,000 recorded during the same week of 2011.


Overbid activity was pretty scarce as just one lucky seller found a buyer who was prepared to bid up their price.  That particular sale closed $2,000 above the asking price. Seven sellers closed with a full price offer while 44 of 52 recorded sales resulted in a sale price that was $8,640 below the asking price, on average.



I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.


Norm Fisher
Royal LePage Vidorra

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In a short report from CIBC economist Benjamin Tal says there are "clear signs that the Canadian housing market is softening." He points to a small decrease in the national sales to listings ratio and the smallest year-over-year price increases since October 2010as leading indicators of a softening real estate market.


"While we do not see house prices crashing, we do believe that house prices in Canada will level off in the near future and might start trending downward modestly. Further out, the most likely scenario is that the eventual increase in interest rates will lead to a decline in prices (probably in the magnitude of 10%-15%). But given the current balanced affordability position, the more significant adjustment will be in housing market fundamentals that are likely to catch up with prices in the coming years—paving the way for a healthier housing market later in the decade."


Indeed a softening in house prices in the next year or so is a necessary condition for such a soft-landing scenario. If the pace of house price increases accelerates during that period, then a year or two from now the likelihood of a violent price correction will be higher than it is now. "


Read the CIBC 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 of email me.


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


Norm Fisher
Royal LePage Vidorra  

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Here’s a link to an article that’s part of a series that appears in Bridges in which Charles Hamilton gets a feel for a Saskatoon neighbourhood from a resident of the area. This one is about the Brevoort Park area of Saskatoon.


Iris says of Brevoort Park, "Just one block down and you are at the park and the schools are at either end of the park. Just a couple blocks walking distance you’re at Walter Murray or Holy Cross (high schools), so it’s very handy. It’s very comfortable and convenient for walking. Anything and everything you want to do..."


Read the entire article here.


See our neighbourhood page for Brevoort Park.


I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


Norm Fisher
Royal LePage Vidorra

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Last week, Montgomery Place residents scored a bit of a win when the City of Saskatoon announced that a proposed wind turbine at the nearby landfill would not go ahead as planned. This week, they weren’t so lucky as city administrators prepared a report for council that states a proposed multi-family development on land just North of 11th Street can move forward in the approval process.


The report states that existing zoning is appropriate for the proposed development which will meet the city’s long-term plans to encourage a mix of housing types in all neighbourhoods. Currently, single-family homes are the only type of housing available in the Montgomery area. Further, the report explains that the development will contribute to a “more compact and efficient urban form and make effective use of existing community infrastructure,” an important consideration given the rapid population growth that Saskatoon is experiencing.


Once the approval process has been completed, five acres of the 18-acre parcel of the land owned by North Ridge Developmentswill become home to a 192 unit apartment complex. The remaining 13 acres will likely be developed as demand dictates. The current plan calls for up to 750 housing units when complete.


The project met resistance from the area’s community associationwho feel that the development is “out of step with the character of adjacent Montgomery Place,” according to a story in the Star Phoenix. Many residents of the historic area that was developed in honour of Second World War veterans feel that the neighbourhood has been “under siege” as the area around them changes to accommodate and expanded landfill, a new bus barn and city yards site, and the extension of Circle Drive South.


In one seemingly over-the-top expression of concern, Councilor Pat Lorje, speaking about Second World War veterans, declared the move as an end to “the recognition of their sacrifice.”


I’m going to go ahead and make two bold predictions. Saskatoon will continue to honour the sacrifice of our Second World Wars veterans, and Montgomery Place will maintain its unique charm for years to come in spite of this development. It’s a beautiful area now and so it will remain.


Learn more about beautiful Montgomery Place. Read: Montgomery development can proceed; Lorje says decision ‘dishonours’ veterans. Read also: Montgomery plan approved.


I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.


Norm Fisher
Royal LePage Vidorra

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I happened across a video that was shot at the 2012 Consumer Electronics Show in Las Vegas, which showcases Samsung’s Smart Window technology. It’s amazing!


As a window, it does everything that you might expect, allowing light into the home and keeping the weather out. At it’s core, it’s so much more. The transparent touchscreen is home base for the display of digital media and widgets including weather, twitter, web browsing, and so on.


At the right price, it’s got great potential as the family media centre where a large screen television might be difficult to incorporate into the room.


The video that I initially saw said that Samsung intends to enter a mass production stage in the next couple of months. A post on Engadget says it’s still in the concept stage. In any case, check it out.


I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


Norm Fisher
Royal LePage Vidorra

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Saskatoon real estate week in review: January 8-14, 2012
...and we’re off. The Saskatoon real estate market recorded its second week of year-over-year sales gains for 2012, accompanied by annual declines in new listings.Local agents reported 55 firm house and condominium sales to the Saskatoon multiple listing service®, up sixteen sales when compared against the previous week, and ahead of sales for the same week last yearby 13 units. Meanwhile, new listings inched higher on a weekly basis growing by just four to close at 103 houses and condos, down ten from 113 homes listed during the same period of 2011.
 
 
For the first time in nine weeks, the total inventory of active residential listings grew, closing the week at 902 units, well up from 862 at the end of the previous week. That said, it also closed lower than it had the previous year for the first time in as many weeks. Presently, MLS® inventory sits just three units below the 905 residential properties that were for sale at the same time in 2011. On an annual basis, all of the losses can be counted in the condo category, which has slipped from 363 available units a year ago to just 309 units today, a fifteen percent decline. Conversely, availability of single-family homes continues to see some improvement for buyers on a year-over-year comparison, growing from 492 a year ago to 510 active listings today.



Cancelled and withdrawn listings ramped up about 25 percent from the previous week to 25 units with 14 of those making a quick, same day return to the MLS® system with a new price and showing zero days on the market. An additional seven properties reached the end of their term without finding a willing buyer and expired from the system. Over the course of the week, 22 Saskatoon home sellers adjusted their pricing strategy in hopes of capturing a buyer before the spring rush of listings ensues.


A couple of huge sales in the luxury category (two that averaged close to one-million dollars each) pushed the average sale price of a Saskatoon home to levels rarely seen. In stark contrast to last week’s unusually low number, the average surged higher by more than 50K to close the week at $349,753. It has only been higher one time when it barely cracked the $350,000 in October of last year. Both of our longer term measures moved in the same direction, though much more modestly. The six-week average price gained about $4,500 over the week before to reach $317,694 and captured an annual gain of about $8,000. The four-week median picked up a little more than $7,000 on the week to finish at $321,492 and claimed a year-over-year gain of more than $26,000. Much of the growth in median prices appears to result from a growing number of higher end sales, as opposed to a diminishing number of lower end, or entry level sales.


Just two Saskatoon home sellers found a buyer willing to pay them more than their asking price. Those two deals were reported to have sold at an average of $800 above list price. Another five sellers bagged a full price offer. Meanwhile, most of the week’s activity required a little back and forth magic to come to an understanding that resulted in a sold sign. Those deals saw an average discount of $10,589 or roughly 2.5 percent of the asking price.



I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


Norm Fisher
Royal LePage Vidorra

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Continued migration and low interest rates offset by healthy supply of homes for sale


SASKATOON, January 12, 2012 – The Royal LePage House Price Survey and Market Survey Forecast released today showed slight year-over-year price increases for all three housing types surveyed in Saskatoon.


Detached bungalows posted a modest gain of 0.9 per cent, selling for a fourth quarter average of $334,250, over the same quarter in 2010. Standard two-storey homes saw a 2.6 percent increase over the same quarter last year, selling for an average of $368,750. Standard condominiums sold for an average price of $232,333 – a 3.3 per cent year-over-year increase.


“Migration to the area continues to sustain Saskatoon’s balanced market,” says Norm Fisher, Royal LePage Saskatoon Real Estate. “In the fourth quarter we also saw a demographic shift. Although we see a range of buyers, typically the market is dominated by first-time buyers. In the fourth quarter, more established buyers took advantage of low interest rates to move-up from their previous homes.”


Fisher also noted that pockets of Saskatoon still had an ample supply of inventory and this led to the balanced conditions seen in the fourth quarter.


Nationally, despite calls in some quarters for Canadian house prices to soften in 2011, the market proved resilient as demand created by low interest rates and a relatively stable national economy created upward pricing pressure for all housing types surveyed. Further, recent high profile reports forecasting significant house price declines in 2012 are not supportable. In the fourth quarter, standard two-storey homes rose 4.2 per cent year-over-year to $375,427, while detached bungalows increased 6.1 per cent to $344,392. Average prices for standard condominiums increased 3.6 per cent to $234,680.


“In the recovery period following the 2008-2009 recession, I found myself repeatedly speaking of ‘irrational exuberance’ in the Canadian housing market,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “Expectations were too high and the pace of expansion unsustainable. With this report, I find myself in exactly the opposite position. Widespread calls for a major real estate correction in 2012 simply can’t be justified. The industry has significant momentum entering the year, and is buoyed by the stimulative effect of very low interest rates; we expect the market to continue to expand – albeit at a slower pace.”


Royal LePage expects average price growth to continue through 2012 and predicts national average prices to increase by 2.8 per cent by the end of the year.

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Here's a link to an article that's part of a series that appears in Bridges in which Charles Hamilton gets a feel for a Saskatoon neighbourhood from a resident of the area. This one is about the Nutana area of Saskatoon.


Area resident, Jill Smith tells Charles, "The cool thing about Nutuna is there is such a wide variety of people that live there. You have students and rich doctors and lawyers — just a whole scope of all different kinds of people. There are people that don’t live there but flock to the area because it’s so beautiful. People feel safe there. They are people jogging around at all times, at 11 o’clock at night because people feel safe."


Read the entire article here.


See our neighbourhood page for Nutana here.


I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


Norm Fisher
Royal LePage Vidorra

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There seems to be a growing consensus that Saskatchewan is poised for growth and several economists expect our province to lead in 2012. Is economic growth a good thing?


Here's an interesting perspective.

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Construction is underway on the new Affinity Credit Union offices which will be located at 710 Duke Street in Saskatoon’s City Park. The construction plan, managed by Meridian Development will make use of the existing 49,000 square foot building on the site. Some additional space is being added at the North end of the building to accommodate what appears to be the main entrance to the offices.


As a former school, the parcel includes a fair bit of land that had previously been used for recreation. It looks like the construction plan will leave a lot of room for additional development to the North and to the East of the existing building. I expect that we’ll eventually see that land used for condominium development, but that’s only a guess.


The building was originally constructed in 1927 by the Saskatoon School Board  as Wilson School. When the school amalgamated with North Park School in 1993, the property was purchased by the First Nations University of Canadawho used it as a school until 2011 when funding issues forced them to sell.


Visit TeamFisher’s City Park neighbourhood page.


I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.


Norm Fisher
Royal LePage Vidorra

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