The current number available for sale at this exact moment is a record high,

sales are still down.

–

So what if “new listings dropped” SRERCB?

The total went up, because the new listings > sales

for the 4th month in a row

Saskabust

The thing with saskhouses listings, they often are higher than MLS, testing the water, and are then re-listed for lower anyway on MLS later on (kind of pre-MLS) and if they sell off saskhouses, the purchase price is not disclosed. From the price reductions, transfers to an MLS/agent and increased time to sell with the big increase in saskhouses inventory, I would guess that like MLS, most saskhouses places are likely going for LESS than asking. Likely well less than asking, since they do seem to be more over priced than MLS.

That, and it will take a while for sellers who aren’t selling to accept that the market is weaker and they need to drop prices. This over saturated inventory thing is kind of new to Saskatoon in recent memory. Still, saskhouses, with 375 listings, continues to have increased inventory, and this will sooner or later lead to decreased prices, if they want to actually sell their houses.

96 condo sales out of 321. Fewer that May as a percentage of total sales.

If they can’t sell them, they’ll almost ceratinly rent them out.

Sean,

Could be a swing in the types of houses that are listed. MLS sales for June show an increase in selling price, but the average size of a sold house also increased.

“My wish is for every speculator and flipper to get caught in the ‘exit’ door.”

I could not agree with you more. They need to get their butts kicked in a major way for over-inflating this market, each and every one of them.

(Unfortunately, it ain’t exactly a fair world out there…)

How are condo sales looking in comparison with single-family units? Are sales slowing more? Do you think many will be converted back to rentals?

“The average price is holding, so we’re not seeing a retraction as far as property values are concerned,” he said.”

My biggest worry is that Canada starts to show a similar decline to the United States over the next 5 years and that Regina sees a 20-30% decline that may never be remade.

Norm:

I am very well aware of those stats, I just wish we knew exactly where people were moving

I did hear one rumor from a friend that Brad Wall is supposed to announce some mega-project for Regina that is supposed to see up to 1500 jobs (or 1500 families) come to Regina. Still trying to find out more info on that one though…

Twice as many listings in the GVA as last year!?! uh-oh.

Winter is absolutely a pain, but like my grandpappy said “it keeps out the riff-raff.”

Looks like the mainstream media is finally getting the hint that housing inventory is way up.

http://www.cbc.ca/canada/saskatchewan/story/2008/07/02/housing.html

Growing inventory seems to be the trend across most of the country.

Doug and Mithan,

Wouldn’t you agree that StatsCans “net-migration” numbers probably provide the best insight into how many people are coming and going?

From June 26 Star Phoenix story titled, “Sask. population rises 0.35%”

“During the past year, 30,307 people moved to Saskatchewan from other provinces, compared to 19,361 who moved out, for a net interprovincial in-migration of 11,036 people. In addition, 3,839 immigrants from other countries moved to Saskatchewan.”

“The first-quarter increase was the highest recorded in Saskatchewan in decades.”

http://tinyurl.com/6oh4uh

I suppose it’s fair to “speculate” that Saskatoon has become far less attractive to migrants as the highest priced market in the province, but that would just be speculation.

“those homes were initially NOT bought by people moving into Saskatchewan, as the media lead us to believe, but by speculators.”

The media reported on speculation through most of 2007. I don’t know how anyone couldn’t have known about it. For a year, every article that ran mentioned that this, together with migration was fueling the market.

Touche, but, if you figure that one out, you may replace Tommy Douglas as the greatest Saskatchewanite (BC, southern ontario, maritimes may miss theirs)

If it was people “looking to sell their old homes”

they are either moving (likely) somewhere warmer, or staying here, but then, why is supply so much greater than demand if they were staying here.

I think it’s a combination:

Less people moved here before, absentee speculators

Less people moving in now, decreased demand

Increased people cashing out at top, incresed supply

Many of those homes were bought by speculators and are now being flipped. They were bought in the last 2 years, vacant (or rented) and are now being sold off at higher prices.

Another large number are from people building new homes and looking to sell their old homes.

They are not all from people “leaving” Saskatchewan.

It is inevitable Saskatoon and Regina will follow the Alberta and BC trend.My wish is for every speculator and flipper to get caught in the “exit” door. This time it will take about 24 months to level off

Oh yeah, my job requires me to travel all of Canada. Regina is still one of my favorite cities, place and people.

Just get rid of winter, Saskatchewan would be a great place to live.Lots of space. Another reason why current rise in prices is result of Real Estate euphoria which gripped all of the World last 5-6 years. Take a look at Las Vegas, Phoenix, Miami, Southern California, London England, Spain, Austrailia. Prices are “reversing”

Don’t get caught on the way out !

Must be the long weekend…

[crickets]

I just got the conditions removed on that one yesterday so the sold notice has just gone up.

They only count if they’re buying and we’re seeing between 60 and 90 of those per week. 320ish in June.

I’m wondering with all the speculators and ‘flippers’, etc. if the goose that laid the golden egg hasn’t been killed.

Having spent a lot of time in both Regina and Saskatoon, I’m still amazed how similar they are, with each slightly better than the other in a lot of areas.