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

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