CONTACT

Saskatoon House Prices Decline in Second Quarter: Royal LePage


SASKATOON, July 10, 2019 -- The aggregate price of a home in Saskatoon continued to show declines in the second quarter of 2019, decreasing 2.6 percent year-over-year to $359,895, according to the Royal LePage House Price Survey released today.


During the second quarter, the median price of a two-storey home decreased by 3.0 percent year-over-year to $388,470. At the same time, the median price of a bungalow decreased 2.2 percent year-over-year to $327,325.


“What happened behind the scenes this spring is that we saw demand was up nine percent year-to-date compared to last year and that’s a really strong growth number,” said Matt Miller, broker, and owner, Royal LePage Saskatoon Real Estate. “We are moving from a buyer’s market into a more balanced one.”


Miller predicts prices to remain relatively flat in the next quarter, with perhaps some small increases. Home buyers should continue to benefit from low-interest rates and the adjustment in regional sale prices. He stated the effects of the OFSI mortgage stress test are still being felt.


“If you look at the Saskatoon real estate market, the contraction mirrors what is happening in the economy and it is similar to other commodity-dependent regions,” stated Miller.


The Royal LePage National House Price Composite, compiled from proprietary property data in 63 of the nation’s largest real estate markets, showed that the price of a home in Canada increased 1.1 percent year-over-year to $621,696 in the second quarter of 2019. When broken out by housing type, the median price of a two-storey home rose 1.0 percent year-over-year to $727,165, while the median price of a bungalow dipped 0.4 percent year-over-year to $516,048. Condominiums remained the fastest growing housing type on a national basis, with its median price rising 3.8 percent year-over-year to $452,451.


“We now have evidence of a sustained market recovery in the nation’s largest market, and signs of a price floor in other regions hit hard by the eighteen-month-old housing correction,” said Phil Soper, president and CEO, Royal LePage. “Only in the West do we see a significant number of home buyers remaining on the sidelines, depressing sales volumes and causing prices to sag. Buoyed by supportive economic conditions, many stubborn homeowners in B.C. and Alberta remain unwilling to let their precious real estate go for less than what they perceive as fair value, which has gone a long way to protecting existing home values.”


Royal LePage expects national home prices to see a modest uptick by the end of the year, rising 0.4 percent compared to the end of 2018. 

Comments:
No comments

Post Your Comment:

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.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
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 Saskatoon Region Association of REALTORS® displayed on this site is refreshed every 2 hours.
Google Analytics Alternative