For the first time in 18 months the number of sales has declined moderately in two consecutive months, however year-to-date sales are still up six percent compared to the end of September last year. Homes priced between $275,000 and $400,000 experienced the greatest decrease in unit sales during the past two months. “There are concerns in the market place that recent changes to mortgage rules would have a significant impact on the market however while this may be true in some Canadian markets. I believe the economic position and population growth of Saskatchewan mitigate this,” comments Jason Yochim of the Saskatoon Region Association of REALTORS®. “Markets like Toronto and Vancouver have experienced unrealistic gains due to foreign investment and are now experiencing significant corrections. Unfortunately, most economists paint the entire country with the same brush. If the real estate bubble is bursting in major Canadian markets it shouldn’t be assumed that it holds true for us,” says Yochim.
Listing activity was down four percent compared to last September, however, the number of homes listed year-to-date is up two percent compared to the same time last year. Currently there are a total of 2,637 active listings in the Saskatoon and area market which is down four percent from the same time in 2011.
On average it took a home 40 days to sell in Saskatoon a year ago. This past September the average days on market was reduced to 33. By comparison, in the rural market outside Saskatoon, at 59 days, it took less time to sell a home last September compared to 63 days on average for the same period in 2012.
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