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Saskatoon apartment prices tumble in Q1, 2016


Here's a bit of the media coverage the resulted from the recent release of Royal LePage's House Price Survey for the first quarter of 2016.


Read also, from the Star Phoenix: New inventory causes condo market to soften: Royal LePage


I would like to point out that the data from this report comes from Brookfield Real Estate Service's database which is generated from appraisals completed in the area, and not from the MLS® where we typically get our data from.


This study shows apartment condos being down 10.1 percent from the first quarter of last year, which is pretty much in-line with the change to the average MLS® selling price of an apartment, which fell 9.3 percent year-over-year. However, the MLS® Home Price Index which is intended to track values of very specific housing types (apples to apples comparision) shows just a 6.7 percent year-over-year decline in this category.



While town houses are most often "condos" by definition, the MLS® Home price Index shows that they have faired quite well over the past year in comparison to apartments.



The Royal LePage study shows two-storey homes in Saskatoon being up 1.5 percent over the first quarter, compared to the same period last year. The MLS® Home Price Index shows a smaller increase of just .32 percent.



The Royal LePage study shows bungalow prices to have grown by 0.7 percent when compared with those trading in the first quarter of last year. The MLS® Home Price Index actually reports a loss of 3.15 percent from a year ago. The MLS Index uses "one-storey" rather than bungalow, so it will include bi-levels as well.



Finally, I'd also point out that Royal LePage's study compares activity over the full first quarter of each year while the MLS® Home Price Index compares prices at the end of the quarter so there are going to be some differences that result from that as well.


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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