CONTACT

CMHC’s Canada Housing Outlook calls for a stable real estate market


Canada Mortgage and Housing Corporation (CMHC) released their 3rdquarter Canadian housing forecast this morning. With hundreds of billions of dollars riding on insured mortgages, nobody will claim that CMHC doesn’t have a fair bit of skin in the real estate market and is not exactly an unbiased source. Just the same, they have a significant voice with the national media and there's little doubt this report will be all over the news today.


Nationally…


…Sales of existing homes through the Multiple Listing Service® (MLS®) strengthened steadily through 2009 and remained strong for the first half of 2010. For the remainder of 2010, MLS® sales will decline and will stabilize at more sustainable levels in 2011. Overall, 463,800 sales are expected in 2010, followed by 456,000 in 2011.

//

The average MLS® price is expected to edge lower in the third quarter of 2010 with modest growth resuming thereafter as balanced market conditions curtail the upward pressure on house prices. For 2010, the average MLS® price will be $338,900 while 2011 will see a slight increase to $342,200.


Provincially…


…The slower pace of price increases, coupled with historically low mortgage rates, improved affordability and stimulated housing demand in the first half of 2010.The strong gains in the first half of the year will be offset by a moderation in existing home sales in the second half as mortgage rates rise and pent-up demand is exhausted. Accordingly, resales in 2010 are expected to dip below last year’s annual level before advancing in 2011 on the strength of an improved labour market and increased demand supported by migration patterns.


Existing home prices in Saskatchewan will rise modestly through the balance of the year and going into 2011, reflecting balanced market conditions. Active listings have moved higher and this will ensure price growth remains modest over the forecast period. Accordingly, the average MLS® price will increase to $239,250 in 2010 and to $246,200 the following year.


So there you have it. Even as bubble talkcontinues to capture the interest of the national media, CMHC chimes in to predict a stable market through 2011.


Read CMHC’s Housing Market Outlook, Canadian Edition is here.


The Saskatoon version of this report should be out in a few days. I will add a link to this post.


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

Norm Fisher, TeamFisher

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.
 

Subscribe to our Blog

Posts By Date
The Saskatchewan REALTORS® Association (SRA) (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.
Google Analytics Alternative