by Norm Fisher on November 21, 2009
Sales of Saskatoon homes picked up the pace this week with a total of sixty-one condos and single-family detached houses being reported sold to the local MLS system, an increase of nine properties from last week, and a gain of six units over the same week last year.
New listings also came on a bit stronger as Saskatoon real estate agents brought sixty-nine properties to the market, up from fifty-nine last week, but fewer than were offered up during the same week last year when seventy-eight new listings entered the multiple listing service database.
It’s definitely feeling like a fall real estate market but relatively speaking, November appears to be shaping up to be another strong month for residential real estate sales in Saskatoon. As of this morning, one hundred and ninety firm sales have been reported for November, already ahead of last November, which finished with just one hundred and eighty-one sales, and within easy striking distance of the five-year average of two hundred and twenty-nine properties.
You’ll notice on the sales and listings chart above that new listings have consistently been below last year’s level since the end of February, while units sold are above last year’s levels pretty consistently since the middle of May. Naturally, these trends have been pushing residential inventory lower since the end of May. This week was no exception, though the drop was very modest. Active listings fell by just four properties from last week to eight hundred and eighty-two, down from fifteen hundred and thirty-seven at the same time last year. Currently, single-family home inventory sits at just five hundred and sixteen, five fewer then were available last week but well off of last year’s number of nine hundred and thirty-two. At this time there are three hundred and seven condominiums for sale in Saskatoon, about the same number as last week, and below last year’s level by more than two hundred units.
Cancelled and withdrawn listing increased over last week to forty-eight homes with eighteen of those returning to the system as a “new listing,” most at a new lower price. Additionally, thirty-three price changes were recorded through the course of the week.
In spite of two single-family home sales that together accounted for $1.3 million in sales volume, an abundance of lower priced sales including condominiums and a large share of area 4 homes caused the average selling price of a Saskatoon home slid sharply this week to just $255,460, down over fifty thousand dollars from last week when it approached the weekly peak for 2009 reaching nearly three hundred and ten thousand. The six-week average fell six thousand dollars from last week, and from the same week in 2008 to $277,734. The four-week median came down two thousand dollars week-over-week to $275,081 remaining up over the same week last year by roughly five thousand dollars.
Month to date, the average residential sale price for the Saskatoon area sits at $280,106, about the level it has been at most of the year, and just slightly ahead of last November when it sat at $278,495. If the average sale price manages to maintain this level through November this will be the second month this year where we see a slight gain over the previous year.
Click the image for a larger version of the graph.
As is often the case when lower priced units trade at these levels, the average underbid slid out of the five-figure range to $9,113, nearly two thousand dollars lower than last week. As a percentage of the selling price, the average discount on those homes that sold for less than the asking price was 3.4%, the same as it was the week before. The percentage of homes that sold within five thousand dollars of the list price jumped to account for nearly half of all sales.
Map displaying the boundaries of Saskatoon real estate areas
Data collection and calculation for our statistical reports
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.
Real estate geeks can follow our daily updates on Twitter @norm_fisher.
Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.
Norm Fisher
Royal LePage Saskatoon Real Estate
by Norm Fisher on November 14, 2009
Saskatoon real estate sales slid again for the second week in a row to hit their lowest level since the week of March 16-20. Just fifty-two Saskatoon houses and condominiums were reported firmly sold this week, a drop of seventeen properties compared to last week, but still ahead of the same week last year by twenty-one unit sales.
New listings dropped even more significantly, falling to just fifty-nine homes, down from eighty-eight last week, and less than the same week in 2008 by seventeen homes. New listing activity came in at its lowest point since the first week of January 2009 when just twenty-two Saskatoon homes were offered for sale on the MLS system.
Total active residential listings fell again this week, but just modestly. As of this morning, there are eight hundred and sixty-three properties showing an active status, down just nine from last week, and six hundred eighty-one fewer than were available at this time in 2008. Presently, there are just five hundred and twenty-one houses and three hundred and eight condominiums offered for sale on the Saskatoon MLS system, down from nine hundred and forty-eight and five hundred and twenty respectively for the same time last year.
Cancelled and withdrawn listing came in at just thirty-one units, with just over half of those (seventeen) immediately re-entering the system as a new listing. Thirty-one sellers made an adjustment to their asking price.
Strong sales activity in the higher priced categories, including one condo sale approaching a million dollars, pushed the average selling price of a Saskatoon home to it’s highest weekly level this year. It reached $307,444, a gain of $15,177 compared to last week, but still below the average for the same week last year by about thirty-five hundred dollars. The six-week average moved higher to hit $283,603, about forty-three hundred dollars ahead of last week, and about thirty-four hundred dollars shy of last year’s levels. The four-week median sale price advanced by seven thousand dollars on a week-over-week basis to reach $277,076, finishing roughly six thousand dollars higher than the same week in 2008.
Click the image for a larger version of the graph.
Average underbids on homes that sold for less than the asking price remained steady at $11,081, however, higher prices brought the average discount as a percentage of the asking price lower to 3.4%, down from 3.7% last week. Still, the lower discount ranges remained most active with nearly seventy percent of Saskatoon home sellers completing a deal within ten thousand dollars of the asking price.
Map displaying the boundaries of Saskatoon real estate areas
Data collection and calculation for our statistical reports
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.
Real estate geeks can follow our daily updates on Twitter @norm_fisher.
Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.
Norm Fisher
Royal LePage Saskatoon Real Estate
by Norm Fisher on November 14, 2009
Provincial legislation in Saskatchewan states that anyone wishing to represent members of the public in a real estate trade in Saskatchewan must be registered. The Saskatchewan Real Estate Commission (SREC), an independent, non-government agency, responsible for regulating the real estate industry in Saskatchewan, mandates qualifications for registration.
First of all, people wishing to become registered to trade in real estate as a sales person must have completed Grade 12, or equivalent.
Secondly, prospective registrants must complete a home study course known as Real Estate as a Professional Career, which is offered by the Association of Saskatchewan Realtors® (ASR). Enrolled students have one full year to complete the program. Before the conclusion of the one-year period they must present themselves for an examination and obtain a mark of at least 70%.
Once they have completed Real Estate as a Professional Career, prospective registrants must complete at least one of the following specialty courses.
- Residential Real Estate as a Professional Career
- Commercial Real Estate as a Professional Career
- Property Management as a Professional Career
- Farm Real Estate as a Professional Career
All four of the specialty programs are offered by the ASR on a home study basis. Enrolled students have one full year to complete the program. Before the conclusion of the one-year period they must present themselves for an examination and obtain a mark of at least 70%.
Once a person completes the mandatory courses they qualify to apply for registration to trade in real estate within the province of Saskatchewan. An application for registration as a licensed salesperson, signed by an employing broker, must be made to the SREC within two years of successfully completing the chosen specialty course. Applicants must produce proof of having obtained a Grade 12 or equivalent, and a completed criminal record check.
|
Cost |
GST |
Total |
| Mandatory Educational Courses
|
|
|
|
| Real Estate as a Professional Career |
$958.10 |
$47.90 |
$1,006.00 |
| Examination Fee |
$100.00 |
$5.00 |
$105.00 |
| Residential Real Estate as a Professional Career |
$479.52 |
$23.98 |
$503.50 |
| Examination Fee |
$100 |
$5.00 |
$105.00 |
| Total Cost for Mandatory Educational Courses |
|
|
$1,719.50 |
|
|
|
|
| Provincial Licensing and Related
|
|
|
|
| Registration for Salesperson License |
$300.00 |
$0 |
$300.00 |
| Mandatory Errors and Omissions Premium |
$175.00 |
$0 |
$175.00 |
| Real Estate Assurance Fund Levy |
$100.00 |
$0 |
$100.00 |
| Total Cost for Provincial Licensing and Related
|
|
|
$575.00 |
|
|
|
|
| Other Incidental Costs |
|
|
|
| Criminal record check |
|
|
$25.00 |
|
|
|
|
| Total estimated cost to become a real estate agent in SK.
|
|
|
$2,319.50 |
In addition, within each one-year registration renewal period, all registrants are required to complete mandatory continuing education known as the Continuing Professional Development (CPD) Program approved by the Commission and provided by the ASR.
Becoming a REALTOR®
The majority of the real estate companies in Saskatchewan, particularly those located in the urban areas are REALTORS®, and all of the sales people that they employ must also be REALTORS®. In addition to expanding the potential opportunities that might exist for a real estate registrant, choosing to practice as a REALTOR® also provides access to the Multiple Listing Service® (MLS®), a sophisticated system for sharing property information and commissions with other REALTOR® members. In a nutshell, the MLS® provides agents with easy access to a large inventory of homes for sale, and access to a large number of sales people for the homes an agent may have listed for sale. Agents use this system to cooperate with each other for the aforementioned benefits and typically share commissions when they successfully bring a buyer and seller together to complete a real estate transaction.
Becoming a REALTOR® requires a registrant to become a member of the Saskatoon Region Association of Realtors®, the Association of Saskatchewan Realtors®, and the Canadian Real Estate Association (CREA). Members must commit to conduct their business in accordance with the rules and regulations of each organization, and the Code of Ethics of the CREA.
Here are the costs associated with becoming a member of these organizations.
|
Cost |
GST |
Total |
|
|
|
|
| Real Estate Association Joining Dues |
|
|
|
| Saskatoon Region Association of REALTORS® |
$300.00 |
$15.00 |
$315.00 |
| Association of Saskatchewan REALTORS® |
$300.00 |
$15.00 |
$315.00 |
| Canadian Real Estate Association |
$200.00 |
$10.00 |
$210.00 |
| Total Cost for Real Estate Association Joining Dues |
|
|
$840.00 |
|
|
|
|
| Annual Real Estate Association Dues |
|
|
|
| Saskatoon Region Association of REALTORS® |
$50.00 |
$2.50 |
$52.50 |
| Association of Saskatchewan REALTORS® |
$320.00 |
$16.00 |
$316.00 |
| Canadian Real Estate Association |
$220.00 |
$11.00 |
$231.00 |
| Total Cost for Annual Real Estate Association Dues |
|
|
$599.50 |
|
|
|
|
| Post Licensing Education Requirements
|
|
|
|
| Saskatoon Region Association of REALTORS® New Member Course |
$549.00 |
$27.45 |
$576.45 |
|
|
|
|
| Total additional costs to become a REALTOR®
|
|
|
$2,015.95 |
That’s a brief overview of what it takes to become a real estate agent in Saskatchewan, and to become a REALTOR® in Saskatoon. If you have questions, or are interested in exploring a career in Saskatoon real estate I’d be happy to hear from you. My contact information is here.
Other resources
Association of Saskatchewan Realtors® website
Association of Saskatchewan REALTORS Career Guide (a must read)
Saskatchewan Real Estate Commission website
Canadian Real Estate Association website
Royal LePage Real Estate Career website
Please note that the estimated costs outlined above were valid at the date of publication and are subject to change, without notice, at the discretion of the billing organizations.
Norm Fisher
Royal LePage Saskatoon Real Estate
by Norm Fisher on November 13, 2009
Vermiculite is a mica-like mineral mined around the world and used in a variety of products including insulation. Vermiculite mined from the Libby Mine in Montana between 1920 and 1990 is known to contain asbestos, which can cause asbestosis, lung cancer and mesothelioma in people who are exposed to airborne particles.
Vermiculite was one of a number of loose fill insulation products approved for installation under the Canadian Home Insulation Program (CHIP) that provided grants to home owners who improved energy efficiency in their property between 1977 and 1984. Health Canada believes that vermiculite was installed in approximately 250,000 Canadian homes during that time. There is no information available as to where vermiculite use was most common but I can tell you that I have run across Saskatoon homes containing vermiculite insulation a number of times during my sixteen-year real estate career.
Health Canada’s position is this; “If vermiculite-based insulation is contained and not exposed to the home or interior environment, it poses very little risk.” Perhaps this provides some comfort to homeowners who have vermiculite insulation in their home, but in my own experience, the presence of asbestos is a growing concern for home buyers. Asbestos which is contained and undisturbed may never cause you or others in your home health problems but there is some significant likelihood that it could cause problems in completing a home sale when you’re ready to move. Some home buyers may be totally disinterested in purchasing a home that contains such a potentially toxic substance insisting that it be remediated as a condition of the sale, or they may walk away from the deal all together once they know.
It’s important to note that not all vermiculite insulation contains asbestos. If you suspect that you may have vermiculite insulation in your home you should avoid disturbing it. Contact a qualified expert for assistance in obtaining a sample for testing. In Saskatoon, Pillar to Post Home Inspections is qualified to gather samples and they can submit them to a lab on your behalf for testing. Testing costs can vary from one day to the next, but generally, a range of $150-$200 is what you should expect to pay for the service.
If vermiculite is present in your home and it does not contain asbestos, a lab report will be helpful in eliminating the concern that potential buyers for your home may have when you’re ready to sell. If it does contain asbestos, you can decide to remediate now, begin saving for an eventual remediation, or you can choose to leave it and deal with it at the time of sale. Remember though, leaving it until that late stage almost certainly raises significant concerns for your prospective buyer and could derail your sale.
One should probably consider that knowing your home contains asbestos might require you to disclose its presence when you offer the home for sale. The Property Condition Disclosure Statement (PCDS), which is not mandatory for home sellers, but is commonly used in Saskatchewan, has the following question. “To the best of your knowledge does the dwelling contain asbestos or urea formaldehyde insulation?” If you know asbestos exists, you are legally required to answer this question in the affirmative, if you choose to utilize the form. Home buyers are often suspicious of sellers who refuse to complete a PCDS. Even if you choose not to use the form a buyer could argue that disclosure is required based on the potential health implications of asbestos. In any case, professional home inspections are so common that it’s doubtful that vermiculite in your home could escape scrutiny when selling.
Health Canada has some good information online about vermiculite and asbestos including precautionary steps you can take to avoid contaminating your living space if vermiculite containing asbestos is present in your home. Check it out here.
Related posts: Asbestos in the home.
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.
Real estate geeks can follow our daily updates on Twitter @norm_fisher.
Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.
Norm Fisher
Royal LePage Saskatoon Real Estate
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