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Saskatoon Home Values Slip Slightly in Second Quarter of 2017: Royal LePage


Despite seeing a healthy amount of demand, high inventory levels contribute to slight decreases in pricing across the region


SASKATOON, July 13, 2017 – According to the Royal LePage House Price Survey1 and Market Survey Forecast released today, the aggregate price of a home in Saskatoon dipped slightly in the second quarter of 2017, slipping by 1.7 per cent year-over-year to $379,864.


When broken out by housing type, the median price of a two-storey home and bungalow both declined by 1.7 per cent year-over-year to $409,633 and $345,868, respectively.


“Saskatoon’s residential real estate market continued to march onwards in the second quarter of 2017, producing sales figures that are on par with the same time last year,” said Norm Fisher, broker and owner, Royal LePage Vidorra.


“While inventory is at an all-time high, home prices have been supported by modest population and job growth, combined with continued low interest rates.”


Looking ahead, Fisher forecasts that pricing and sales activity will soften slightly by the end of the year, as high inventory levels and a seasonal slowing of demand dampens the market.


Nationally, Canada’s residential real estate market posted strong home price gains in the second quarter of 2017, with the majority of metropolitan markets across Canada displaying expansionary trends. During the quarter, the Royal LePage National House Price Composite showed that the price of a home in Canada increased 13.8 per cent year-over-year to $609,144. When broken out by housing type, the price of a two-storey home rose 14.6 per cent year-overyear to $725,391, while the price of a bungalow increased by 10.7 per cent to $511,965. Over the same period, the price of a condominium climbed 13.4 per cent to $397,826.


“Following a period of unprecedented regional disparity in activity and price appreciation, we are now seeing a return to healthy growth in the majority of Canadian housing markets,” said Phil Soper, president and CEO, Royal LePage.


“The white-hot markets are moderating to very warm; the depressed markets are beginning to grow again. Canadian housing is in great shape – a statement that I certainly did not make last quarter.”


“The rate of national house price appreciation that we experienced in the second quarter continues to be above what we would consider a normal range, driven primarily by very strong year-over-year price growth across much of Ontario,” continued Soper.


Looking ahead to the remainder of the year, Royal LePage forecasts that the national aggregate price of a home will increase by 9.5 per cent in 2017 to $617,773 when compared to year-end, 2016. 


Read also: Global News - Home Prices in Saskatoon continue to slide: Royal LePage

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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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