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Saskatoon housing sales remains strong in face a shrinking labour market


Canada Housing and Mortgage Corporation(CMHC) released their third quarter update on the Saskatoon housing market late last week. It takes a look at third quarter and year-to-date activity in new homes as well as resale activity.


Here are some highlights from the report.

  • Third quarter housing starts slipped lower to 735 units, down 4 percent from the same quarter in 2010.
  • Year-to-date starts (to September 30) sit at 2,231 units, up 27 percent from 1,755 starts in the same period of 2010.
  • Year-to-date gains are attributed to the production of multi-family dwellings.
  • In the multi-family category, 565 apartment units were started during the first three quarters of this year.
  • Low interest rates and a scarce supply of rental units helped support heightened demand in the resale market.
  • Resale transactions increased by 21.5 percent over the third quarter of last year.
  • Residential listings increased 2.9 percent over the previous year but the strong pace of sales negated increases to the supply.
  • Balanced market conditions prevailed through the quarter with average prices gaining just 2.7 percent compared to the same period last year.
  • The Saskatoon labour market softened during the third quarter with total employment declining 1.6 percent from the same time last year.
  • Saskatoon’s seasonally adjusted unemployment rate climbed to 5.7 percent, up from 5.5 percent at the same time last year.


Read the entire report here.


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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.
 

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