CONTACT

Saskatoon Real Estate Sees Modest Price Decline in First Quarter: Royal LePage


SASKATOON, April 4, 2019 – According to the Royal LePage House Price Survey released today, the aggregate price of a home in Saskatoon saw a modest decrease in the first quarter of 2019, decreasing 1.0 percent year-over-year to $368,665.


The median price of a two-storey home increased by 0.8 percent year-over-year to $405,253. During the same period, the median price of a bungalow decreased 3.3 percent year-over-year to $326,943.


“Year-over-year inventory levels are decreasing but still remain healthy,” said Matt Miller, Broker, and owner, Royal LePage Saskatoon Real Estate. “Demand is flat in the region, but the decline in supply will keep prices stable.”


He added that he expects to see a quarter similar to spring 2018, with a gradual increase in sales into the summer.


Regarding the housing incentives announced within the federal government’s budget last month, Miller stated the shared equity mortgage initiative could be positive for demand in the region.


“While details of the plan will not be released until September 2019, if it helps potential homebuyers access the market, we should see an uptick in demand,” said Miller.


Nationally, year-over-year home prices showed moderate gains in many regions across Canada in the first quarter of 2019. 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 just 2.7 percent year-over-year to $621,575 in the first quarter of 2019, well below the long-term norm of approximately 5 percent. When broken out by housing type, the median price of a two-storey home rose 2.6 percent year-over-year to $729,553, while the median price of a bungalow rose 1.1 percent year-over-year to $513,497. Condominiums remained the fastest growing housing type on a national basis, rising 5.4 percent year-over-year to $447,260.


“We are expecting this to be a sluggish year overall in Canada’s residential real estate market, with the hangover from the 2018 market correction and weaker economic growth acting as a drag on home price appreciation, balanced by lower for longer interest rates,” said Phil Soper, president, and CEO, Royal LePage. “There is a silver lining here. This slowdown gives buyers, and first-time buyers, in particular, an opportunity to buy real estate in our country’s largest cities.”

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

As a collaborating partner on 'The Value-Driven Approach To Sell Real Estate' project, Norm shows Saskatoon homeowners how to find hidden, tax-free profits in their home sale.Less...

As a collaborating partner on 'The Value-Driven Approach To Sell Real Estate' project, Norm shows Saskatoon homeowners how to find hidden, tax-free profits in their home sale. Known locally as an impact leader he supports many organizations that serve our community’s most vulnerable people like the Saskatoon Interval House, the YWCA Crisis Shelter, the Lighthouse, the Friendship Inn and others. He has participated in several physically daunting charitable challenges and helped raise over one million dollars for women's shelters across Canada. Additionally, he’s a charter member of 100 Men Who Give a Damn in Saskatoon, a group of local philanthropists who are driven to bring positive change to those in need within our community. Fisher is a licensed real estate broker and owner of Royal LePage Vidorra, a boutique brokerage known for technology and innovation.

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 1400 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