We’ve made it to the last month of 2020, and what a crazy year it has been. Looking back over the last 12 months it feels like we’ve been on a crazy roller coaster ride. This is especially true when you review the past year in the Saskatoon real estate market.
2020 started out pretty strong from January through March and then when COVID-19 hit in April, it felt like the market came to a standstill. At that time, we weren’t sure what the rest of the year in real estate might look like in Saskatoon.
After another slow month in May, I don’t think either of us could have predicted the rocket-like trajectory the market would take for the rest of the year.
The month of June kicked off the strong market in Saskatoon and it continued to get stronger each month after that. Our monthly sales were consistently and significantly higher in comparison to the sales in 2019.
This past month was no exception. There were 358 sales in November 2020 compared to 243 sales in November of 2019. This is 115 more sales which means sales are up +47.3% for the month and +17.1% for the year.
Looking forward, what can we expect in 2021? There is no precise, crystal ball that can predict the future, but we are feeling confident that Saskatoon's strong market will continue into the new year.
I think one of the main things we are predicting in the first couple of months of 2021 will be a reduced inventory of listings in the market.
There are currently 1123 active listings in Saskatoon. 625 are single family homes, 498 are condos, of which 275 of those are apartment style.
Between now and January 2, 347 of those listings are expected to expire. Some of those expired listings may be renewed, but if we base our projections on historical info from 2019, we can likely expect 207 home sales and 330 new listings in December 2020.
When you do the math, this means there could be as few as 899 active listings as of Jan 2. We believe this number is aggressively low, and we expect listings to be higher than this, because of the strong market and low interest rates.
We believe this means that listings are going to be like GOLD in the first couple of months of 2021. Historically, spring is thought to be the start of the busy season in real estate in Saskatoon. Although, the past year has proven that you shouldn’t expect things to be status quo.
Moving into 2021, If you have a home to sell, we strongly feel that there is no reason to wait until spring to get your home on the market, as listings will be in very high demand, especially for single family homes.
If you’re looking to buy a home in early 2021, you will want to rely on your Realtor to guide you through the limited inventory. As Realtors, we receive hourly updates when new listings go on the market, which is considerably faster than commonly used websites and apps that may only update every 24 hours or more. We also have a wide network of contacts in Saskatoon who we rely on to get the most up to date listing information, sometimes even before a home hits the MLS.
So as always, if you have any questions please reach out to either of us, we would be happy to help. From our families to yours, we hope you have a very Merry Christmas and we hope to see you in the New Year.
Should I Refinance My Mortgage?
I think we can safely say that 2020 has been a strange year. A year of lockdowns due to a pandemic, financial support from the government, and the lowest interest rates in recent history. This has led to a rise in the number of homeowners who are considering refinancing their mortgage. According to a recent poll, approximately 20% of Canadian homeowners say they plan to refinance their mortgage in the next 12 months.
Like all financial decisions, it’s important to look at the bigger picture, which includes reviewing your goals.
First Things First -- What’s a refinance?
A refinance alters the terms and conditions of your mortgage – it’s essentially a new mortgage. Specifically, you are increasing the amount of your mortgage, whether to pay off consumer debt, finance a renovation, invest, or to get a lower rate.
Here are a few reasons to opt for a refinance:
Repayment – What You Need To Know
Borrowing against your property is not free money – it’s a mortgage loan -- and like any other loan, it has to be repaid.
Speak to a Professional to Understand Your Options
There are many factors to consider before deciding to refinance. Each individual’s financial situation is different. Let’s talk about your unique situation and the options available to you.
Call Deb Murdoch today!
The Mortgage Group