Saskatoon’s population has seen a decrease of 2,000 people since January 2007 according to an estimate just released by a Toronto analytics firm. Generation 5 provides population estimates for the City of Saskatoon between census periods.
According to the Star Phoenix, “The firm uses census figures as a starting point, adjusted by databases of consumer spending, home sales, and address information to arrive at its estimates.
Information from various sources suggests Saskatoon’s population grew from 202,340 in 2006 to 214,034 by the beginning of 2007, and receded to 212,000 by mid-2008.
Anyone else have any thoughts on how these measures could lead to the conclusion of a population drop, given that 2007 produced a record number of homes sales, and Saskatoon has been the nation’s leader for consumer spending?
Read the Star Phoenix story here.
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
Total active residential listings on the Saskatoon real estate market fell just short of breaking the 1,500 mark and settled at 1,499 by the end of the week, a net gain of 38 units when compared to the previous week’s end. A total of 175 properties hit the new listings board, including 35 that were cancelled and re-listed during the same week, and about 20 condo conversion units that went MLSâ. At present, there are 961 single-family homes and 433 condominiums displaying the active status on the Saskatoon MLSâ. The balance of available units included vacant lots, mobiles, semi-detached and duplexes.
Unit sales in the single-family homes and condos category came in at 71. Overbid sales edged up marginally from last week with 5 homes selling above list, but the average overbid dropped substantially to reach its lowest level since the week of January 14-18. 59 buyers managed to negotiate a purchase price below the seller’s asking price with an average underbid of just over $10,000.
Average selling prices took a large jump from the previous week, up just a little more than $12,000 to settle at $304,254.
Geographic boundaries of “areas” defined
Process of data collection and calculation
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
On July 4, the Saskatoon Region Association of Realtors released its monthly statistics for the Saskatoon real estate market. Those statistics provide an overview of activity for all property types in the “residential” category. This “closer look” is intended to provide an overview of activity for single-family homes (houses) and condominiums that were sold in the Saskatoon area, to the exclusion of semi-detached, duplexes, vacant lots and mobile homes. My primary focus as a Realtor is Saskatoon homes, and it’s my objective, through this report to provide detailed data on properties that meet that criteria.
During the month of June 2008, 299 properties identified as single-family homes and condominiums were reported as firm sales on the Saskatoon MLS. Unit sales were down 34% from June of 2007 when 452 homes changed hands. The average sale price was up 2.6% from May of this year, and 24.7% when compared with June of 2007 when it passed the quarter million dollar mark for the first time. At the same time, the average cost per square foot fell $5.00 from $276 in May to $271 in June, an indication that Saskatoon home buyers got a bit more for their dollar this June, when compared to last. While the average selling price was greater in May than June, the average size of the homes which sold, was also slightly larger.
Of the 299 properties reported sold, 212 were single-family homes. Unit sales in this category decreased by 35% when compared to sales in June of last year. Average selling prices increased 3.7% over May of 2008 and 29.5% compared to the same month, one year ago. The average cost per square foot fell by $3.00 on average, with area 1 seeing the largest decline, dropping $29.00 per square foot compared to sales recorded in the previous month.
Saskatoon condos saw a decline in unit sales of 30% when compared to June 2007. Month over month, the average selling price saw a decline of .7% and a drop of $9.00 when examined on a cost per square foot basis, with area 2 experiencing the largest decline at $32.00 per square foot. Year over year, condos experienced the smallest increase in the average selling price at just 12%. During June of 2007, condos were selling at an average of $221,958, compared to $248,681 this June.
Geographic boundaries of “areas” defined
Process of data collection and calculation
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
Media release from the Canadian Real Estate Association yesterday.
“Over the past six months, easing sales activity and a surge in new listings caused the resale housing market to become considerably more balanced in many major housing markets. Vancouver, Regina, and Saskatoon were the most balanced major markets in June.”
Read CREA’s release here.
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
CNN: The Federal Reserve is expected to overhaul lending rules on Monday in an effort to prevent another mortgage crisis.Good idea Ben! It would be foolhardy to encourage a second mortgage crisis while you’re busy dealing with the first one.
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
Total active residential listings on the Saskatoon real estate market saw a net gain of 28 units this week, increasing to 1,461 from 1,433 last week. A total of 194 properties were listed for sale, including 51 that made a repeat entry into the system (cancelled and relisted). Today, there are 943 single-family homes and 412 condos bearing the “active” status. An additional 41 homes are flagged as “conditionally sold.”
Sales of Saskatoon houses and condos were up about 10% from last week with a total of 75 properties hanging a sold sign. At the same time, demand was down about 37% compared to the same week last year when 119 houses and condos changed hands.
The average selling price of a Saskatoon home dropped again for the third consecutive week to $292,185, the lowest number we’ve seen since the week of April 28 - May 2. Most often, I’m warning about the potential for skewing in the weekly stats, but I don’t see that so much over the last couple of weeks. I think there’s little doubt that prices have dropped some as motivated sellers battle it out for a limited number of buyers. There actually seems to be a decent selection of single-family homes in some nice areas available for under $300,000.
Geographic boundaries of “areas” defined
Process of data collection and calculation
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
In a move aimed at “protecting and strengthening the Canadian housing market,” the Government of Canada today announced pending adjustments to the policies of Canada Mortgage and Housing Corporation’s (CMHC) mortgage insurance programs.
At the top of the do not approve list is the 40-year mortgage. Effective October 15 of this year, CMHC, Canada’s housing agency won’t be insuring mortgages with amortization periods of more than 35 years.
Zero-down mortgages also meet their end when the new policies take effect. All CMHC insured mortgages will require a minimum down payment of 5%.
Other changes include the establishment of “consistent minimum credit score requirements” and the introduction on “new loan documentation standards.”
“Today’s announcement marks a responsible and measured approach by the Government to ensure Canada’s housing market remains strong and to reduce the risk of a U.S.-Style housing bubble developing in Canada.”
Prior to November of 2006 when CMHC relaxed its standards, the maximum amortization period allowed on a government insured mortgage was 25 years and a minimum down payment equal to 5% of the purchase price of the home was required. Introduced as “financial innovations,” zero-down mortgages and 40-year mortgages added fuel to a housing market that was already out of control in a number of Canadian cities. Record house price increases followed in a number of Canadian cities including Saskatoon and Regina.
How do you see these changes affecting the Saskatoon real estate market?
Read the announcement here.
Read the Globe and Mail coverage here.
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
Crickey recently prepared this graph charting active listings and unit sales in the residential category dating back to the beginning of 2007. The red line represents the total number of active residential listings at the close of each month, while the blue line represents total residential unit sales for each month (All residential units, areas 1 through 5).
She and I had some thoughts on how the post might be presented, but a busy week has kept me from doing much with the idea. I promised her I’d post it by today, so it comes to you without commentary. Personally, I think the image speaks for itself and I’m interested to hear everyone’s thoughts.
Crikey, thank you for taking the time to prepare the graph for us. I really appreciate and value your input here.
Click here to view a larger image.
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
New Saskatoon real estate listings dropped again for the second week in row, by just enough to prevent inventories from climbing for the 20th consecutive week. There are currently 1,433 residential listings showing an active status, down just slightly from 1,440 last week. This is the first week during which inventory has declined since the week of February 11-15 when total active listings sat at just 361 units. A total of 171 new residential listings entered the system this week including 163 single-family homes and condos (127 & 36 respectively).
Total sales came in at 70 units, just below last week’s number of 72. Of those reported sales, 68 were houses or condos, an increase of just three units compared to last week.
The average selling price of a Saskatoon home came in below the $300,000 mark for the first time since the week of May 19-23. Condo sales accounted for a higher percentage of total sales this week when compared to previous weeks, driving average sale prices down.
Overbids were nearly non-existent with just three homes reporting sales above the asking price, but the average overbid spiked to its highest level this year, skewed by one massive $66,000 over list offer. Underbidding occurred in 53 of 68 house and condo transactions, with the average underbid falling below $10K once again.
I was really struck by the low numbers of transactions coming out of areas 4 and 5 over the past few weeks. Since around the middle of May, these two large geographic areas have been hard pressed to crack the 20-unit mark collectively. Together, the two area have just 323 house and condo listings, which is also a relatively small percentage of total listings, but hey, 8 sales on the entire west side? Ouch!
Geographic boundaries of “areas” defined
Process of data collection and calculation
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
This release regarding Saskatoon real estate activity for the month of June was just released by the Saskatoon Region Association of REALTORS® (SRAR)
Home buyers enjoyed an increased level of inventory to select from in the month of June. Saskatoon REALTORS® listed 905 residential homes during the month of June that number up 49% from June 2007 when 609 properties were placed on the market for sale.
REALTORS® assisted 321 buyers to purchase their next home that number down 33% from June 2007 when 479 properties were purchased. June’s sales number brings sales activity more in line with 2006 when 385 homes were purchased and 2005 and 2004 when 352 properties were sold in June. Year to date 2,156 homes have been purchased.
The average residential sales price in June was $310,386.00. That number up 23% from last spring’s more than active market when the average sales price was $252,703.00. The year to date average selling price is $289,165.00 up 32% from 2007.
In the month of June Saskatoon REALTORS® sold $99,633,000.00 of real estate that number down 18% from 2007 when they sold $121,004,000.00 of real estate. Year to date $623,438,000.00 of real estate has exchanged hands.
The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comprehensive market evaluation.
Home sales in areas surrounding Saskatoon were down 22% in the month of June with 87 units selling as compared to June 2007 when 111 units exchanged hands. The average selling price in areas around Saskatoon increased to $207,180.00 that number up by 4% from 2007.
Similar market conditions exist in other western provinces for example Edmonton Alberta where the average price for a single-family home was $381,384.00 that number down 8.6% from June 2007. Unit sales are also down 17% with just over 2000 homes selling in June.
Strong optimism in the Saskatchewan economy continues to fuel in migration and housing industry activity. The Saskatoon and area job market remains strong, which generally influences home buying and new home building.
Read also: Average price of Saskatoon home rises: Kassandra Kyle, Star Phoenix
Statistical History of MLS Sales and Listings in Saskatoon
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
New Saskatoon real estate listings came in at their lowest point in the past month with 199 residential properties listed for sale on the MLS including 41 condominiums and 145 single-family homes. Even still, the inventory of active listings pushed higher to settle at 1,440 units, a net gain of 53 properties compared to the close of the previous week. As of this morning, there are 931 single-family homes and 408 condominiums (1,339 total) in the “active” inventory.
You’d also have to go back a month to find a slower sales week. Total sales in the residential category sat at 72 units for the week with 65 of those properties falling in the single-family and condo categories.
Overbidding continued to slide off the map with just 3 of all sales recorded reporting an “above list” selling price. 11 sellers met their buyer at full list price, but 51 engaged in a negotiation which resulted in an average underbid of $12,026, the highest discount on record since we starting including this figure in the week in review.
Average selling prices remained remarkably high given the stiff competition sellers are facing but the gap between list and sell prices widened substantially to $9,263.
Geographic boundaries of “areas” defined
Process of data collection and calculation
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
Canada’s housing boom has ended for the second time since Douglas Porter; deputy chief economist at BMO Nesbitt Burns officially declared it “over” in mid-April. Stay tuned for further endings as we move through summer and into the fall. J
In a report released this week by TD Economics, economists Craig Alexander and Pascal Gauthier said, “The long-awaited end of the Canadian housing boom has occurred, reflecting more moderate demand and increased supply of properties for sale.”
In May, year-over-year price gains for existing home sales in Canada’s major markets fell to 1.1%, down from 8.6% just four months ago.
The report says that the cooling market is “nowhere as evident as in Alberta, with prices continuing to fall this year by eight to ten per cent from their peak.”
“The combination of significantly higher listings, reflecting the desire of homeowners to take advantage of the past increase in prices, and weaker demand, due to the past erosion in affordability, are leading to declining sales and softer price performance across the country, particularly in the west.”
“…Saskatchewan’s major markets offer an exception to the cooling trend on an annual basis, but this is mostly a question of timing. The price surge above 30% growth came late last year and much of the momentum is being carried into this year. But, if Regina and Saskatoon follow the path just recently threaded by Calgary and later Edmonton – and we think they will – Saskatchewan’s price growth will have come back down to earth by early next year. We are looking for 2-3% price growth in 2009, with a risk of a mild price correction.”
Not to be outdone, BMO economist Douglas Porter was quoted as saying, “Hey, I called it first!”
Well, not really, but he did throw this little gem forward in an interview with the Globe and Mail on June 27.
“It’s a bit unnerving to see how Canadian performance is beginning to look like that of the U.S. two years down the line.”
As disturbing as it is to see a “deputy chief economist” write reports in Comic Sans font, you have to admit that his graph is rather compelling.
“There is a litany of reasons why the Canadian market is different, but even a pale version of what we saw in the U.S. would not be good news,” said Porter.
The First “End” of Canada’s Housing Boom
TD Economics – Canada’s Housing Boom Comes to an End
Star Phoenix – Canada’s housing boom ends
Star Phoenix – National housing boom has come to an end
Globe and Mail – Housing Drop Looming in Canada?
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
Jason Warick wrote a story in the June 26 edition of the Saskatoon Star Phoenix titled, ”Sask. residents find Arizona opportunity.”
“The strong Canadian dollar, combined with rock-bottom prices for real estate in many cities such as Phoenix, means Canadians can snap up vacation homes or investment properties for less than half of the price of just one year ago. That’s attracted Saskatchewan buyers in droves.”
Two of my favourite Phoenix Realtors were quoted in the story.
Jay Thompson, also known as the Phoenix Real Estate guy writes about the article here.
Jonathon Dalton, the only “guest blogger” I’ve ever hosted here had this to say about his contribution to the story.
If you were considering a real estate purchase in the Phoenix area I would gladly vouch for either of these guys to treat you right and look after your interests.
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
Active residential listings in the Saskatoon real estate market saw a net gain of approximately 60 units this week, climbing from 1,326 units last week to finish the current week at 1,387 units, including 1,283 homes (houses and condos). 228 residential properties were listed on the Saskatoon MLS including 161 houses and 56 condos, bringing total available listings in those two categories to 891 and 392 respectively. Approximately 60 of those “new listings” were actually reintroduced as new listings following a cancellation of an already active MLS listing. An additional 49 properties are flagged as “conditionally sold.”
This graph represents the growth of the total active residential listing inventory (houses, condos, duplexes, semi-detached, mobile and vacant lot) over the past 16 weeks.
A total of 82 properties were reported as firm sales for the week, including 76 in the house and condo categories, which represents a drop of 17 homes when compared to the previous week.
Slowly, but surely, overbidding continued its downward trend with just 6 of 76 Saskatoon homes drawing offers that exceeded the asking price. The average overbid came in at just $4,214, the lowest number we’ve seen since the week of April 28-May2. At the same time, the average underbid also fell, settling at $7,397, and reaching its lowest point since the week of January 28-February 1. 86% of the homes reported sold published sale prices below the seller’s asking price.
Average sale prices for houses and condos combined bounced back from $303,453 last week to $317,145 this week. So far in June, 248 residential properties have traded at an average selling price of $312,445. In those totals, there have been 164 single-family home (houses) sales averaging $339,238 and 70 condo sales averaging $251,657.
Geographic boundaries of “areas” defined
Process of data collection and calculation
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate
New listing activity remained strong this past week as 221 properties were introduced to the Saskatoon real estate market, including 62 condominiums and 142 single-family homes (houses), pushing active listing inventories beyond record highs and settling at 1,326 units by the close of business Friday. Currently, there are 836 houses and 388 condominiums showing an “active” status on the Saskatoon Multiple Listing Serviceâ.
Sales in the single-family and condo categories took a big upward bounce, increasing from 67 homes last week, to 93 this week. Total residential sales came in at 99 units, showing their best performance since the last week of April. On the other hand, conditional sales were fairly low as of Friday with just 48 properties displaying the status.
Overbids were nearly non-existent in all of the major real estate areas, except area 3, where 25% of successful sellers bagged a sale at a price which was greater than their asking price. The average overbid ($6,438) reached its lowest level since the last week of January.
68 of 93 home buyers managed to negotiate a below list price purchase and the average underbid held steady, above the $10,000 mark, for the second week in a row.
The average selling price fell back to $303,453, a number that is likely more representative of our market than the figure of nearly $330K that we hit last week.
Geographic boundaries of “areas” defined
Process of data collection and calculation
I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.
Norm Fisher
Royal LePage Saskatoon Real Estate