New property listed in Sutherland, Saskatoon
I have listed a new property at 661 Reid RD in Saskatoon.
Welcome to 661 Reid Road. This bright 1210 sq ft bungalow features an open concept living space with an updated kitchen and new appliances! The main floor also features 3 large bedrooms and a 4pc bathroom. The owner's bedroom is large with an attached 3pc ensuite. The basement is fully finished with 1 bedroom, den, 3pc bath, and a huge living area! the back yard is complete and also has back lane access.

New property listed in Eastview SA, Saskatoon
I have listed a new property at 2125 Easthill in Saskatoon.
Welcome to 2125 Easthill. This bright 1056 sq. ft., 4 bedroom, 2 bathroom bungalow in Eastview is a great starter home with lots of potential. It features a huge two car garage and a spacious backyard with alley access.

New property listed in Blairmore, Saskatoon
I have listed a new property at 310 702 Hart RD in Saskatoon.
Welcome to #310 – 702 Hart Road. This beautiful 3rd floor, corner unit has extra windows for more natural light, a great balcony that has views that don’t face the parking lot, and the sought after 845 sq ft floor plan for extra space. It has an open concept kitchen with ample storage space, an Island, and granite countertops. The home has laminate flooring throughout the main living spaces and carpet in the two bedrooms. All appliances and window treatments are included and has in suite laundry. Enjoy the air conditioning, natural gas BBQ outlet and an electrified parking stall. This home is within walking distance to parks, shopping, restaurants, schools, Shaw Centre aquatic and fitness centre, and bus service.

New property listed in Nutana, Saskatoon
I have listed a new property at 105 1012 Lansdowne AVE in Saskatoon.
Welcome to #105 - 1012 Lansdowne Ave. This 2 bedroom, 2 bathroom condo has a spacious and open floor plan with access to a huge balcony. The dining room fits a full-size table and the kitchen allows for plenty of working room with updated appliances. This condo also features in suite laundry, lots of storage, and no carpet which makes it super easy to clean and maintain! It's situated in a great location, close to parks and a short walk to the river and shops on broadway.

New property listed in Clavet
I have listed a new property at Clavet 19 Acre Parcel in Clavet.
These 19 acres are set on picturesque country side, just a short drive from Saskatoon and minutes from Clavet! With nearly all pavement to your future home, this parcel also has all services/utilities right at the edge of the property by the road. Many mature trees for privacy and fenced on 3 sides. With the new highway and all of Clavet's convenient amenities, this parcel is the perfect place for your future acreage. DIRECTIONS: Take highway 16 east towards Yorkton. Pass the two Clavet signs and turn right on to Hanson Road. Go 1km past two acreages and turn right on the gravel road. The 19 acre parcel is just past the first acreage on the right side.

New property listed in Lakeridge SA, Saskatoon
I have listed a new property at 423 Brightwater CRES in Saskatoon.
Welcome to 423 Brightwater Crescent, located in the heart of Lakeridge. This exceptionally well maintained, spacious home is 1576 sq feet, has beautiful hardwood floors throughout all 3 floors and cork flooring in the bathrooms. The main floor features a living room, dining room, & kitchen. The kitchen has ample storage space, granite countertops, and a Wolf gas range with a hood vent that is direct vented outside. The top level has 3 bedrooms and a 4pc bathroom. The main bedroom has a 3pc ensuite bathroom and a walk-in closet. On the 3rd level is the family room with a gas fireplace, 4pc bathroom and large windows with ground level views of the backyard. Also on the 3rd floor is a large mudroom, laundry and direct access to the double attached garage. The basement level is open for development of a fourth bedroom, 4th bathroom, or a third family room. The mature backyard is fully landscaped and includes a two tiered deck that leads to the hot tub, pergola, and garden shed. The furnace and shingles were replaced in 2016 and the hot water heater in 2013. Conveniently located to schools, parks, and shopping this home has something for everyone. Only possession dates after Aug 2nd will be considered.

New property listed in Haultain, Saskatoon
I have listed a new property at 621 7th ST E in Saskatoon.
Welcome to 621 7th Street E. This beautiful character home is just off Broadway, is close to shopping, restaurants and a short walk to the city centre, Meewasin Trails, U of S, and RUH. A perfect home to take advantage of downtown and Broadway living but on a quiet street. This 1,391 sq ft 3 bedroom home has ample space that blends the original millwork and hardwood of a traditional character home with a newer large kitchen. The kitchen has plenty of cupboard storage and counter space that leads on to a deck that overlooks a park-like backyard. Upstairs you will find 3 bedrooms and a 4pc bathroom. Also there is attic access that opens to a loft area ideal for storage or play area. Only possessions after Aug 2 will be considered.

Saskatoon Real Estate Market Update - June 2021

Summer is almost officially here, and the weather is getting hotter in Saskatoon! Can we expect the summer real estate market to stay hot as well?

Our Summer 2021 Real Estate Market Preview is here! We are going to review the stats from the past month, and share our predictions for the summer season, and what you need to know if you plan to buy or sell.

Let’s take a look at the stats from May 2021...

Home sales are very strong

In May, there were 576 home sales which represents an increase in sales of +77% compared to May 2020 where we only saw 326 sales.

This is the third month in a row where sales have been over 500 homes - there were 570 sales in March, 550 in April and now 576 in May. This is an unusually high volume of consistent sales. The big question is, will this be able to continue?

If we try to determine the possible underlying cause for these consistently strong sales volumes, we could use the theory that COVID-19 has left many people with more disposable income right now as they aren’t spending money on things like vacations and going out. People have also been at home more, and have become more aware of some of the limitations to their existing spaces, like a lack of home office space, or recreation space. More people have the money available right now to consider upgrading their space to something that solves those problems.

This means that when things start to return to normal, with more vaccinations, and the relaxing of all of the restrictions, and people start spending what they used to spend, or more, on vacations and going out, this could result in less funds available to spend on property.

This leads to our prediction that this strong market will likely continue over the next couple of summer months while COVID-19 restrictions are still in effect, but as things relax in the fall we could see a softening of the market.

Inventories are going up

2021 started with extremely low listing Inventories, but we have seen an increasing number of listings being added to the MLS each month. There are currently approximately 1544 active listings on the MLS. There were 1015 new listings posted in May which is up +34% compared to May 2020, where we only saw 755 new listings.

When you consider the supply and demand equation, the more listings there are available in the market, the more competition there is for your property. If the number of listings continues to rise, this will eventually slow down the sellers market a bit. But we don’t expect to see this until closer to the fall.

Home prices surge

We’ve also seen a consistent surge in home prices over the last several months. In January, we started the year with an average sales price of $348,352, then $353,542 in February, $362,222 in March, $372,532 in April, and then $386,578 in May. May’s average sales price is an increase of almost +7.6% MTD compared to May 2020.

Part of the reason for this surge in average home prices is the significant increase in sales in homes over $750,000. In May, there were 6 homes sold that were worth over a million dollars. This is an unusually high volume of sales in that price category for one month. This increase in high worth property sales, does influence the average sales price overall.

So...after reviewing the stats from May, and our predictions for the rest of the summer, what does this mean for you as a buyer or seller?

What does this mean for you?

As a seller, it means that you should consider getting your home on the market sooner rather than later, as right now is still an IDEAL time to list your home in Saskatoon.

We are optimistic that this hot market will likely continue over the next few summer months, but once things start returning to normal we predict it might be hard for these current market conditions to continue. So to reiterate NOW is the time to get your home listed! Don’t wait!

For buyers, we are seeing more and more listings being posted to the MLS. This means there continues to be more selection for you to choose from when searching for your dream home. We can help guide you in the offer process to ensure you have the best chance of getting the home you want, when you find it.

As always, if you would like any information on buying or selling your home, or about the real estate market in general in Saskatoon, don’t hesitate to contact either of us.

Thanks again and see you next month!


Mortgages for Investment Properties – What You Need to Know

Has the idea of buying an investment property ever crossed your mind?

Maybe you’d like a place to rent out and have someone else pay some or all of your mortgage while you build equity in a tangible real estate asset, or perhaps as a home for your child to live in.

Whatever your reason, investing in an additional property (or multiple properties) can be a good way to accomplish those goals, but there are also some key considerations before you dive in.

Aside from the potential challenge of finding a good tenant, there are some financing hurdles that you should be aware of.

Mortgage Rules for Investment Properties

While there are many Canadian lenders that will finance rental properties, the Department of Finance tightened mortgage lending criteria as part of its rule changes introduced in 2016.

That included eliminating mortgage default insurance, for certain mortgage types, including those for investment properties with less than 5 units.

As a result, you need at least 20% down to purchase a non-owner-occupied rental property. If you plan to live in one of the units, then you can put down as little as 5% (5% on the valued that is less than $500,000, and 10% on the portion above that amount).

Another factor to consider is the number of units the building has. Those with four units or less are typically zoned residential, so qualifying for a mortgage would be similar to the one on your principal residence. Multi-unit properties with five or more units are generally zoned commercial and involve a different type of qualification for a commercial mortgage, which I can advise you about.

Mortgage Rates for Investment Properties

Because the best mortgage rates are generally reserved for those putting down less than 20% or more than 35% of the property value, rates for investment properties (which require at least 20% down) are sometimes priced a little bit higher.

Most lenders will also upcharge at least 10 to 20 bps more for non-owner-occupied rental properties, as they entail some additional risk. For one, if the borrower came into financial trouble, they’re more likely to prioritize payments on their principal residence before payments on their rental property.

Fixed or Variable for an Investment Property?

This is probably the most commonly asked mortgage question for homebuyers, but it’s a particularly important consideration for investment property owners.

The majority of mortgage holders in Canada opt for the stability of a fixed mortgage rate—72%, or 4.45 million borrowers, according to the latest data from Mortgage Professionals Canada.

But many investment property owners will tell you that a variable rate is the way to go thanks to the flexibility they offer. One of the biggest advantages of a variable rate is a lower prepayment penalty of just three months’ interest should you need to sell or if you want to pay down your mortgage more quickly than the annual prepayment privileges permit.

I Can Help

Everybody’s situation is unique, and no advice applies to everyone equally. If you’re interested in exploring your options relating to buying an investment property, be sure to contact me and I can review your personal situation and offer custom-tailored solutions.

Call me today!

Deb Murdoch
(306) 222-7900

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