Saskatoon Real Estate Resource Centre Blog

"Good affordability"???  These guys just don't give up!  Were they saying similar things about Calgary?  Afterall we're at the same level of affordability.

No worries Scotia Bank, Saskatoon is going right into a buyer's market, just like what's happening with Calgary and Edmonton.  No amount of propaganda is going to stop it.

I particularly like the statement that there's no speculative buying. :)

And I'm going out into the sunshine now: enough of this evil internet!

That`s absolutely true that Canada housing market faces a great decline comparing to previous year but as being a <a href="http://westtorontorealtor.com">Toronto realtor</a> I think that the slowdown has positive effects as well. First of all, the first-home buyers don`t need to make hasty decisions as the competition is not tough and they are able to consider their choice of mortgage plans. The number of foreclosures has risen as well as result of the uncapability to pay mortgages.

West Toronto,

It'll be a welcome change for sure!  :')

Norm,

Have you thought about getting HTML clearance on this blog?

There was more bad news about the Canadian housing market this week. The Canadian Mortgage and Housing Corporation (CMHC) have warned that the number of property sales could fall as much as 40% this year. The announcement came just days after the Housing Minister Monte Solberg’s refusal to attend a national housing meeting with provincial and territorial ministers and then inadvertently revealed that the Government believes there will be a 5% to 10% drop in prices this year "at best". Meanwhile, mostly economists at banks and building societies - believe the falls in prices will be limited to low, single digits. But while the jury's still out on whether there is going to be a crash or a modest decline, there does now seem to be a broad consensus among the experts' that house prices will be lower at the end of the year. So, is it finally time for first-time buyers to crack open the champagne and celebrate? If you're a homeowner, should you be crying tears into your pillow?  Who are the real winners and losers when house prices fall?  The most obvious winners are first-time buyers.  Not only are prices becoming more affordable, but it's a buyer's market now, with properties taking 50% longer to sell than this time last year and asking prices dropping, on average, around 27% before a sale can be agreed.* First-time buyers are in a particularly strong position because they are chain-free buyers. So far, so good. But are all first-time buyers winners when house prices fall? Since the credit crunch, it has become much more difficult to get a mortgage, with lenders pulling deals left, right and centre. Even if you can find a cheap mortgage deal with a low rate, you may not be eligible for it. It all depends on the size of your deposit. Due to the increased risk of negative equity when prices fall, mortgage lenders are becoming increasingly wary of lending to borrowers with small deposits. While you can still get a mortgage with a 5% deposit, you'll have to pay a higher rate. According to the Royal Bank of Canada (RBC), the average two-year fixed rate (taking into account the fees) is now almost 7%, compared to 6.3% last July. On the plus side, those that can save are benefiting from rising savings rates, as banks compete desperately to lure in your cash during this economic downturn. The most obvious losers, you might assume, are homeowners. After all, when prices fall, they lose money.

First of all I believe Saskatoon has a huge spike in value and heres why.

Saskatoon is a great city and im glad to live here (East College Park). The reason why prices have skyrocketed over the last 3-4 years is not for reasons of prosperity but reasons of investment. Alberta investors in real estate have been swallowing up property heavily over the last two years. Then when prices almost double they trickle them back on the market for huge profits. Just look around you. How many businesses do you see that are new that arent retail?? People have the same crappy jobs but are spending more on housing/energy/food ... its called inflation and no one is spared. This is turn will eventually close businesses and in turn people get laid off and can no longer afford their homes. Then they try and sell those homes only to realize that thousands are trying to do the same and WHAMMO huge declines in housing prices. OH and for those commodity driven people who think because we are a huge resource rich province we will be safe from such reactions , think again. Those resources help the coffers and select workers NOT the whole city. We are in better shape than the USA but beware good times dont last forever.

First of all I believe Saskatoon has a huge spike in value and heres why.

Saskatoon is a great city and im glad to live here (East College Park). The reason why prices have skyrocketed over the last 3-4 years is not for reasons of prosperity but reasons of investment. Alberta investors in real estate have been swallowing up property heavily over the last two years. Then when prices almost double they trickle them back on the market for huge profits. Just look around you. How many businesses do you see that are new that arent retail?? People have the same crappy jobs but are spending more on housing/energy/food ... its called inflation and no one is spared. This is turn will eventually close businesses and in turn people get laid off and can no longer afford their homes. Then they try and sell those homes only to realize that thousands are trying to do the same and WHAMMO huge declines in housing prices. OH and for those commodity driven people who think because we are a huge resource rich province we will be safe from such reactions , think again. Those resources help the coffers and select workers NOT the whole city. We are in better shape than the USA but beware good times dont last forever.