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Saskatoon shows modest house price gains in Q3-2011: Royal LePage

 
Average prices were up across standard housing types in Saskatoon, according to the Royal LePage House Price Survey released today. Sales volume for the third quarter was up 15 per cent year-over-year, and the number of units sold during August was record setting for that particular month.
 
Detached bungalows posted a modest gain of 1.9 per cent, selling for a third-quarter average of $335,000, over the same quarter in 2010. Standard two-storey homes saw a 2.5 percent increase over the same quarter last year, selling for an average of $358,750. Standard condominium sold for an average price of $235,000 – a 2.2 per cent year-over-year increase.
 
Prices in each of the three categories were affected by market supply, with an increasing number of higher-end properties being listed in the city. Supply was more balanced for condominiums and standard two-storey homes, resulting in slightly better returns for sellers in these categories.
 
“The supply of available homes in the most popular housing types has fallen in recent weeks, but we’re headed into some of our leanest sales months when demand typically starts to decline,” says Norm Fisher, Royal LePage Saskatoon Real Estate.
 
Fisher notes that August 2011 was the best August on record for the number of homes sold, which had a positive impact on total transactions for the third-quarter. “Our August numbers helped sales volume rise to 8 per cent over the five-year average,” said Fisher, “which may reflect the fact that Saskatoon continues to have a stronger employment scenario right now than many other cities.”
 
Nationally, the average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011, compared to the previous year. The strength of home price appreciation in the third quarter defied expectations as very low interest rates buoyed consumer confidence in a comparatively stable Canadian economy.  Year-over-year gains appear deceptively strong in comparison to a weak third quarter of 2010.
 
“The strength in Canada’s national housing market conceals signs of predictable softening in some regions,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “The third quarter saw a return to a normal seasonal business cycle as price appreciation slowed in many areas – with some average values even falling slightly – after the busy spring trading season. A broader slowdown is expected in the months ahead but fears of a US-style correction are completely unfounded.”
 
In the third quarter of 2011, the national average price of a detached bungalow rose 7.8 per cent year-over-year to $349,974, while standard two-storey homes rose 7.7 per cent to $388,218 and standard condominiums rose 5.7 per cent to $239,300.
 
“To best provide Canadians with an accurate look at the housing market, Royal LePage uses year-over-year comparisons as the housing market follows a seasonal pattern. It is important to note that our 2011 third quarter results benefit greatly by going head-to-head with what was by far the previous year’s weakest period,” continued Soper.
 
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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