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Saskatoon house prices hold steady in Q1-2011: Royal LePage

 
The following is the media release for the Royal LePage House Price Survey for the first quarter of 2011. The report focuses on year-over-year change in the prices of specific categories of housing in Saskatoon and other major real estate markets across Canada.


Saskatoon - Strong buyer demand offset by above-average inventory

The Royal LePage House Price Survey released today showed little year-over-year change in Saskatoon house prices. Sales activity was up year-over-year, but an above-average supply of listings tempered price increases.


Detached bungalow prices increased 0.9 per cent, selling for a first-quarter average of $331,250. Standard condominiums sold for an average price of $239,333 – a year-over-year gain of 0.4 per cent. Prices for standard two-storey homes fell 1.7 per cent, selling for a first-quarter average of $360,000.


“In the beginning of 2011, our inventory was 30 per cent higher than the same period last year although current levels sit at 20 per cent,” says Norm Fisher, Royal LePage Saskatoon Real Estate. “This has created significant competition among sellers.”


An over-supply of inventory helped create a buyer’s market, and Fisher believes mid-March changes to the mortgage rules helped boost sales by motivating first-time buyers to enter the market before the change took effect.


Nationally, low interest rates and a recovering economy continued to fuel activity in Canada’s housing markets over the past year, which has led to country-wide increases in average home prices. In the first quarter of 2011, the national average price of a detached bungalow rose 4.3 per cent year-over-year to $341,355, while standard two-storey homes rose 3.5 per cent to $379,388 and standard condominiums rose 4 per cent to $237,919.


“The rate at which Canadian homes are appreciating may well have peaked for the next year or so,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “We expect house prices will continue to creep up, but most of the excess demand created by the initial drop in interest rates has been satisfied, and affordability continues to erode slowly, allowing the listings supply to catch up.  In most markets, lower single digit percentage increases are more likely for the balance of the year.”


“Canada’s real estate market has maintained momentum coming out of 2010, indicating that the post-recession recovery is continuing,” Soper added. “While low interest rates continue to drive demand, the tepid pace at which employment levels are improving is tempering the rate of home price appreciation in many Canadian cities.”


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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.
 

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.

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