The Canadian Real Estate Association (CREA) recently released national sales statistics for November of 2023.

Home sales recorded over Canadian MLS® Systems edged down by 0.9% from October to November 2023. It was the smallest decline since July.

"I wouldn’t expect anything too headline-grabbing from the resale housing market for the next few months," said Larry Cerqua, Chair of CREA. "That’s a good thing because a market that looks to be stabilizing in balanced territory increasingly suggests the soft-landing scenario. For information and guidance about buying or selling a property in this current market, or to get started on plans for the spring, contact a REALTOR® in your area," continued Cerqua.

"While it was clear from about August that a lot of buyers were probably going to head back to the sidelines until at least next spring, a surprising number of sellers nonetheless chose to try their luck this fall," said Shaun Cathcart, CREA’s Senior Economist. "Not getting offers they were willing to accept, it’s looking like many of them are also now resigned to hunker down until next year. It’s probably a good move given that recent expectations around interest rate cuts suggest it might be a somewhat more active spring market than we thought."

Highlights of this report:

• National home sales edged back 0.9% month-over-month in November.

• Actual (not seasonally adjusted) monthly activity came in 0.9% below November 2022.

• The number of newly listed properties declined 1.8% month-over-month.

• The MLS® Home Price Index (HPI) decreased 1.1% month-over-month but was still up 0.6% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 2% year-over-year increase in November.

• Read the recently released national sales statistics for November of 2023.

Read also: CREA’s updated (October) Housing Market Forecast for 2023.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate

The Canadian Real Estate Association (CREA) recently released national sales statistics for October of 2023.

Home sales recorded over Canadian MLS® Systems posted a 5.6% decline between September and October 2023. The sizable decline was the result of fewer sales in most of Canada’s largest markets.

“We’re only in November, but it appears many would-be home buyers have already gone into hibernation,” said Larry Cerqua, Chair of CREA. “The October numbers also revealed some sellers may be shelving their plans until next spring. That said, there are still a lot of people active in the market and looking to get deals done this year. If you’re looking for information and guidance about buying or selling a property in the current market, contact a REALTOR® in your area,” continued Cerqua.

“We know housing demand is extremely high all across the country, but October’s resale data was further confirmation that it probably won’t be manifesting itself in the existing home market for the remainder of this year and likely not until spring 2024 at the earliest,” said Shaun Cathcart, CREA’s Senior Economist. “The rebound in activity this past spring was an example of what we might see next year. It will really come down to whether the Bank of Canada has to increase interest rates again, or whether by next March it’s simply a matter of how soon we’ll see the Bank make its first cut.”

Highlights from this report:

• National home sales fell 5.6% month-over-month in October.

• Actual (not seasonally adjusted) monthly activity came in 0.9% above October 2022.

• The number of newly listed properties declined 2.3% month-over-month.

• The MLS® Home Price Index (HPI) decreased by 0.8% month-over-month but was still up 1.1% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 1.8% year-over-year increase in October. 

Read the recently released national sales statistics for October of 2023.

Read also: CREA’s updated (October) Housing Market Forecast for 2023.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate

Despite ongoing challenges related to low inventory and interest rates that remain at levels much higher than we’ve seen in years, the Saskatoon real estate market recorded its sixth consecutive month of year-over-year gains in November of 2023. A total of 314 residential properties changed hands, down from 382 in October, and up from 266 in November of 2022.

The gains were well distributed across the two major categories with 105 sales in the condo category, up from just 79 over the same month last year, and 190 single-family homes sales, up from 166 during the same month last year.

The number of new listings to hit the Saskatoon market in November fell lower from 518 in October to just 428 in November, which is ten units higher than November of last year.

Things continue to look pretty bleak in the inventory department.

After falling to their lowest levels since 2007 in October, options for Saskatoon home buyers just got worse in November. We finished the month with just 817 Saskatoon homes for sale, down from 899 at the close of October, and lower than last year by 159 units.

That left “months of supply” unchanged at 2.6.

Meanwhile, prices showed a little give in three of the four price measures we track, when compared to October numbers, while producing larger year-over-year gains.

The average price of a Saskatoon home slipped lower on a month-over-month basis by about 18K but was higher annually by $27,000.

The Benchmark price of a single-family home by $4300 from October to settle at $426,300. That’s higher than it was a year ago by $22,400.

The Benchmark price of a Saskatoon townhouse dipped $1800 from the previous month to $313,000 to record a significant annual gain of $23,900.

The Benchmark price of a Saskatoon apartment was the outlier as it continued to reach higher ground. It came in at $228,400 for the month, up five thousand from October, and up by $13,100 for the year.

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TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

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Royal LePage Saskatoon Real Estate

The Canadian Real Estate Association (CREA) recently released national sales statistics for September of 2023.

Statistics1 released today by the Canadian Real Estate Association (CREA) show national home sales were down on a month- over-month basis in September 2023.

Home sales recorded over Canadian MLS® Systems posted a 1.9% decline between August and September 2023. While this marked the third straight month in a row of decrease, September’s drop was only about half as large as the one recorded in August. “With sales slowing and new listings returning to more normal levels, demand and supply are continuing to come into better balance, giving buyers more time and choice,” said Larry Cerqua, Chair of CREA. 

"Resale housing markets have settled down pretty quickly following this spring’s brief and somewhat surprising rebound in sales and prices,” said Shaun Cathcart, CREA’s Senior Economist. “With the inventory of homes for sale still historically low amid huge demand for housing in Canada, what happens next will depend on interest rates. Whether that means uncertainty about the possibility of further hikes, or just the cost of borrowing money right now, neither of these will be resolved for would-be buyers anytime soon. As such, expect a quieter-than-normal winter with all eyes on the Bank of Canada. We’ll see how buyers are feeling when the snow starts to melt.”

Highlights from this report:

• National home sales declined 1.9% month-over-month in September.

• Actual (not seasonally adjusted) monthly activity came in 1.9% above September 2022.

• The number of newly listed properties jumped 6.3% month-over-month.

• The MLS® Home Price Index (HPI) edged down 0.3% month-over-month but was up 1.1% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 2.5% year-over-year increase in September.

 Read the recently released national sales statistics for September of 2023.

Read also: CREA’s updated (October) Housing Market Forecast for 2023.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

On the heels of a “smokin’ hot August” for the Saskatoon real estate market, a few factors converged to usher the number of homes reported sold to the MLS® system lower from 528 in August to 374 units.

First off, September does tend to be a pivotal month most years. In spite of the fact that agents often promise that things will pick up in the fall when holidays are over, reality suggests that we are now on our downward curve, and as you can see on the graph below, September is pretty much always slower than August.

Add to this, the fact that there simply isn’t enough inventory to meet demand. As August closed, we had less than two months’ worth of inventory (a seller’s market begins when inventory supplies drop below four months) and you can appreciate how frustrating it is for buyers. More of them are likely to opt out as the demands of family routines, and cooler weather bring additional challenges.

Of course, historical perspective is important, so I should point out that sales for September were up by about 50 units from the same month last year, so that’s a 15 percent gain.

As is typical for the season, the number of new listings added to the multiple listing service fell lower. Local agents listed just 575 homes, down from 657 the month before, and lower annually by 15.

Active listing inventory continued to slip lower showing a modest monthly drop of 24 units to settle at 976. That’s considerably fewer listings than were available at this time last year when there were 1210 options on the MLS®. As you can see, this is the lowest level of inventory that we’ve seen in many years.

On a positive note, the softer demand did bring “months of inventory” higher to 2.6 months.

Meanwhile, the average sale price of a Saskatoon home declined for the fourth consecutive month as it fell from $373,397 in August to $371,755 in September. This measure is also lower on an annual basis by about $1500.

The benchmark values from the MLS® Home Price Index, are looking a bit more favourable for sellers.

Single-family home prices bounced back from last month’s losses recouping $5K to reach $429,800 and finished higher annually by $17,300.

Townhome prices grew by 3K from the month before to close September at $312,900. That’s their highest point in years, and up over $20,000 on a year-over-year basis.

Apartment prices remained stable for the third consecutive month at $221,200 for an annual gain of just under 5K.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

The Canadian Real Estate Association (CREA) recently released national sales statistics for August of 2023.

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were down on a month-over-month basis in August of 2023.

Home sales recorded over Canadian MLS® Systems posted a 4.1% decline between July and August 2023.

“With sales slowing and new listings returning to more normal levels, demand and supply are continuing to come into better balance, giving buyers more time and choice,” said Larry Cerqua, Chair of CREA. 

There were 3.4 months of inventory on a national basis at the end of August 2023, up from 3.2 months in July. While the measure is up a bit from its recent low of 3.1 months in May and June, it remains below the second half of 2022 and well below its long-term average of about five months.”

Saskatoon bucked the national trend as residential sales grew to 538 in August, up 37 from July, and higher than last August by 88 sales.

Highlights from this report:Highlights:

•              National home sales declined 4.1% month-over-month in August.

•              Actual (not seasonally adjusted) monthly activity came in 5.3% above August 2022.

•              The number of newly listed properties edged up 0.8% month-over-month.

•              The MLS® Home Price Index (HPI) climbed 0.4% month-over-month and was also up 0.4% year-over-year.

•              The actual (not seasonally adjusted) national average sale price posted a 2.1% year-over-year increase in August.

 Read the recently released national sales statistics for August of 2023.

Read also: CREA’s updated Housing Market Forecast for 2023.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

A smokin’ hot August brought home buyers out in droves as Saskatoon home sales exploded and reached record levels. Local real estate agents reported 528 residential sales to the MLS® system, to finish higher than July’s numbers by 37 units, and up 88 on an annual basis.

Single-family home sales rose by 22 on both a monthly and annual basis, while condominiums saw the biggest gains growing by 12 compared to July, and up 50 sales on a year-over-year basis reaching 189.

Meanwhile, new listing activity fell lower, as is typical for this time of year. A total of 657 new listings were processed through the local multiple listing service®, down six percent from July and on par with numbers recorded last August.

As new listings slipped lower and sales reached new heights, active listing numbers continued to suffer. At the close of business on the final day of August, a total of 1,000 Saskatoon homes were showing an active status on our system. That’s down 92 from the previous month’s close, and lower than it was a year ago by 250 units. Ouch! You don’t have to be a statistician to see a problem that continues to worsen as you look at the active listings graph below. Our city keeps growing and inventory keeps slipping lower.

Months on inventory slipped to 1.9 at the close of August, down from 2.8 at this time last year.

The average sale price of a Saskatoon home slipped $3,000 from July to settle at $373,397. That number is also lower than it was a year ago, by $7,000.

The benchmark values from the MLS® Home Price Index, meanwhile show annual gains across the board.

Single-family home prices slipped $7,700 from July but remained up on an annual basis by $4,800.

The benchmark price of an apartment condo fell $400 from a month earlier but finished higher annually by $6,000.

Townhomes showed the largest gains as the benchmark price grew $5,400 from July to finish higher on a year-over-year basis by $15,000.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

The Canadian Real Estate Association (CREA) recently released national sales statistics for July of 2023.

"Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were only slightly changed on a month-over-month basis in July 2023.

“Home sales recorded over Canadian MLS® Systems posted a small 0.7% decline between June and July 2023. Activity has been showing signs of stabilizing since May.

‘July continued along the same trend we’ve seen emerge in recent months, with sales leveling off and new listings returning in more normal numbers,’ said Larry Cerqua, Chair of CREA. ‘This has been giving buyers more choices and balancing the market, which as of July was also slowing the rate of price growth. If you’re looking for information and guidance about how to buy or sell a property, contact a REALTOR® in your area,’ continued Cerqua.”

Highlights from this report:

•              National home sales edged down 0.7% month-over-month in July.

•              Actual (not seasonally adjusted) monthly activity came in 8.7% above July 2022.

•              The number of newly listed properties rose 5.6% month-over-month.

•              The MLS® Home Price Index (HPI) climbed 1.1% month-over-month and was down just 1.5% year-over-year.

•              The actual (not seasonally adjusted) national average sale price posted a 6.3% year-over-year increase in July.

Read the recently released national sales statistics for July of 2023.

Read also: CREA’s updated Housing Market Forecast for 2023.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

The Canadian Real Estate Association (CREA) recently released national sales statistics for June of 2023.

"Home sales recorded over Canadian MLS® Systems posted a 1.5% increase between May and June 2023, a smaller increase than in April and May.

“Housing markets appear to be stabilizing heading into the summer following some big ups and downs over the last year,” said Larry Cerqua, Chair of CREA. “Most importantly, the recovery in new listings over the last few months will give buyers more choices and should help to slow price growth over the second half of the year. If you’re looking for information and guidance about how to buy or sell a property in what’s looking like a more balanced market this summer and fall, contact a REALTOR® in your area,” continued Cerqua.

Highlights of this report:

•              National home sales edged up 1.5% month-over-month in June.

•              Actual (not seasonally adjusted) monthly activity came in 4.7% above June 2022.

•              The number of newly listed properties rose 5.9% month-over-month.

•              The MLS® Home Price Index (HPI) climbed 2% month-over-month but was still down 4.5% year-over-year.

•              The actual (not seasonally adjusted) national average sale price posted a 6.7% year-over-year increase in June.

Read the recently released national sales statistics for June of 2023.

Read also: CREA’s updated Housing Market Forecast for 2023.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

The Canadian Real Estate Association (CREA) recently released national sales statistics for May of 2023.

"Home sales recorded over Canadian MLS® Systems posted a 5.1% increase between April and May 2023, building on the double-digit jump in April and smaller gains in February and March.

“The rebound has been evident for a number of months at this point, but May really drove the point home with year-over-year comparisons for national sales activity and national average home price back in positive territory,” said Larry Cerqua, Chair of CREA. “That being said, the degree to which recovery will play out on the sales side as opposed to the price side will come down to supply, which remains quite low. If you’re looking for information and guidance about how to buy or sell a property in your local market, contact a REALTOR® in your area,” continued Cerqua.

Highlights of this report:

•              National home sales climbed 5.1% month-over-month in May.

•              Actual (not seasonally adjusted) monthly activity came in 1.4% above May 2022.

•              The number of newly listed properties rose 6.8% month-over-month but is still historically low.

•              The MLS® Home Price Index (HPI) climbed 2.1% month-over-month but was still down 8.6% year-over-year.

•              The actual (not seasonally adjusted) national average sale price posted a 3.2% year-over-year increase in May.

Read the recently released national sales statistics for May of 2023.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra