With the cooler temperatures outside, you would normally expect to see the real estate market cool off...but that is definitely not what we are seeing this month.
As of November 22, there were 1095 active listings on the MLS. 600 were single family homes, 495 were condos, and 317 of those condos were apartment style. This is a very low number of listings for this time of the year. To compare, single family homes were down -55% compared to this same time in 2019, and listings were down -22% compared to this same time last year.
We believe that this low level of active listings will continue to decrease. We expect around 71 listings to expire in the next week, and we’ve been seeing over 100 sales per week for the last several weeks. The volume of new listings is not keeping up with the volume of new sales.
This means that if you have a property to sell in this market, it will be competing against fewer homes in the market. Which means your house will likely have more interest and sell...
We’ve recently seen several national news headlines talking about how Canada’s housing market is “overheated” and how we should expect a market correction very soon.
One example was a recent report written by the Canada Mortgage and Housing Corp. (CMHC) which stated that the “Canadian housing market has moved from a moderate to a high degree of vulnerability and that the change was prompted by the detection of price acceleration alongside persistent overvaluation imbalances.”
Although these warnings are likely warranted on a national level, we wanted to explain that when you focus more locally, into the Saskatoon real estate market specifically, the statistics definitely tell a different story.
National news media, and reports like the one from CMHC are largely based on statistics that come from the major cities in Canada like Toronto, Vancouver or Montreal. Comparatively, Saskatoon’s market is like a little island of calm amongst all of the madness....