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Saskatoon real estate week in review: October 16-22, 2016


I reported to you last week that mortgage brokers were working at “a feverish pace” attempting to process Saskatoon real estate deals to get them into the queue in advance of rule changes taking effect on October 17. That work resulted in 103 firm residential deals, up from 68 the previous week to beat sales for the same period last year by two dozen units. I expect that there will be a few stragglers that will also be reported firm next week but we should begin to quickly get some understanding of how these changes will impact markets across Canada.


New listings came in at 177 this week, up from 154 a week earlier to top volume for the same week last year by 27 homes.


The inventory of active residential listing for sale on the MLS® slipped lower by 34 over the course of the week to close at 1869, for a year-over-year decline of 113 properties. Most of the drop was seen in the single-family homes category which sits at 1012 today, down from 1135 a year ago. Condo inventory slipped two from last week to 688, up from 672 a year ago.



As you might expect, those affected most by mortgage rule changes are at the entry levels and that’s the kind of product that saw the greatest surge this week. That pushed the weekly median price and the weekly average lower to $319,900 and $339,302 respectively. Both of the longer-term measures in a downward direction as well. The six-week average price slid nearly three thousand dollars from the week before to finish at $352,700 to claim an annual increase of seven thousand dollars. The four-week median price dropped four thousand dollars on the week to $335,000 for a year-over-year loss approaching 10K.


While 11 sellers managed to find a buyer willing to settle a deal at full list price, just two were lucky enough to find someone who would pay more than the asking price, one by $10,100 and the other by just $100. The remaining 90 deals required some give on the seller’s side. Those transactions closed showing an average discount of $13,321. 


I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.


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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