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Saskatoon real estate holds year-over-year gains through Q4: Royal LePage


House prices in Saskatoon continued to hold larger than expected year-over-year gains, according to the Royal LePage House Price Survey and Market Survey Forecast released today.


Detached bungalows led the way with price gains of 6.7 per cent over the same time last year, selling for a fourth-quarter average of $331,250. Standard condominiums showed year-over-year price gains of 6.2 per cent, selling for a fourth quarter average of $230,000. Standard two-storey homes followed close behind with an overall increase of 6.1 per cent, selling for an average price of $359,250. Some of the gains are attributable to sales of higher quality units in each category, which often occurs when the selection of homes increases as it did in 2010.


“In terms of unit sales, the market is performing as earlier predicted for many regions in Canada,” says Norm Fisher, Royal LePage Saskatoon Real Estate. “A strong first half of 2010 and a weaker second half – Saskatoon was no exception to these forecasts.”


Conditions improved through the fourth quarter as unit sales started to pick up again following a significant decline in the third quarter but multiple offers in the fourth quarter were very rare and homes typically sold for below asking price. Condo sales are down roughly 25 per cent while inventories are up 35 per cent over last year. Properties under $300,000 represent the most sensitive segment of the market as they are most impacted by changing affordability levels. Buyers at that end of the market are definitely holding back. While the Saskatoon market closed 2010 with seven percent fewer residential sale compared to the previous year, unit sales in categories at or below $300,000 declined by eighteen percent. Sales in price ranges above $300,000 gained fourteen percent through 2010.


“We noticed this trend a few months ago,” added Fisher. “Entry level price categories are showing some weakness in unit sales while the higher end is strengthening.”


Nationally, the average price of a home increased between 3.9 and 4.6 per cent in the fourth quarter of 2010, compared to the previous year, as markets shrugged off a lackluster third quarter and returned to a post-recession growth profile. Home values are forecast to continue a moderate and steady climb in many of the country’s key housing markets through 2011 with sales activity skewed to the first half of the year.


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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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