I’m sure you’ve heard that interest Rates are increasing in Canada…so what does this mean for you? This week we will share what you need to know about how interest rate hikes will affect the Saskatoon Real Estate Market.
This week, for the first time since 2018, the Bank of Canada raised its key lending rate by 25 basis points to try to control the growing rate of inflation.
You may be wondering what this means to you?
In the coming days, banks and other financial institutions will likely increase their prime lending rate. RBC and TD Bank already hiked their prime rates to 2.7% from 2.45% effective March 3.
Variable Rate Mortgage
If you currently have a variable-rate mortgage, you will start to see your rates increase with a slightly higher monthly payment.
Fixed Variable Rate Mortgage
If you have a fixed variable-mortgage payment, more of your payment will go towards interest rather than towards the principal.
Fixed Rate Mortgage
If you are currently locked into a fixed-rate mortgage you won’t see any change to your monthly payments until you go to renew your mortgage at the end of your term.
New Buyers
If you're a new buyer looking to get a new mortgage, you shouldn’t worry too much at this point. Your buying power is still likely strong even with the rate increases, and interest rates are still lower than they were pre-pandemic. The increase you might see in your monthly payment is still relatively small. For example, the average $500,000 mortgage holder will only pay an extra $58 per month moas a result of the latest hike.
As always, if you have any questions about the real estate market, feel free to get in touch with us.
Welcome to 1601 Adelaide Street. This great starter home in the quiet neighborhood of Holliston has 4 bedrooms, 2 bathrooms with hardwood floors in the living room, hallway and 3 bedrooms. There is a bright and spacious living room with easy access to the dining room and kitchen. The shingles, furnace, and hot water heater have all been replaced in the last 5 years. The driveway is rubber pavement, the exterior was painted in the last few years and there are convenient underground sprinklers. Easy access to schools, parks, transit and shopping make this a very desirable area. This home has only had one owner and has always been well maintained. With a little updating it has so much potential. Open House on Sat March 5th 1:00 - 3:00.
“The Sapphire” is a part of the North Prairie Craftsman Series! This modern open concept 1,793 Sq.Ft two storey home with 3 Beds and 2.5 Baths is the perfect functional layout. The main floor is home to the newly designed kitchen with trendy cabinetry, eat-an island. Throughout this model love the upgraded finishing package with 4” flat baseboards and 3” flat casings. The second floor hosts an amazing master bedroom, with a 4pc ensuite, and walk-in closet. Enjoy the convenience of having upper floor laundry. With each bedroom there is a USB plug-in and TV cable so that you can ensure you are always connected when you need to be. Become tech-savy when you are able to control your thermostat through your phone with the Nest Thermostat. Other helpful features include HRV timers, and bathroom light sensors. The Sapphire also includes upgraded craftsman exterior, spacious front verandah, and a double attached garage. All North Prairie homes are covered under the Saskatchewan New Home Warranty program. GST included in purchase price with rebate to builder. *Pictures not exact representations of the unit, used for references purpose.
Welcome to 32 McCrimmon Cres. This 1200 sq. ft. walkout bungalow in Shields features vaulted ceilings bringing in lots of natural light, an open floorplan with 2 bedrooms and 2 bathrooms on the main floor along with an office, kitchen, and dining room. There are an additional 2 bedrooms in the basement with a large living room and 1 bathroom. This home also has a 50 ft. deck across the back with a view of the lake.
The Bronco model is a 2 storey, 1903 sq. ft. 3 car garage. home complete with 3 beds, flex room, bonus room, and 2.5 baths. The beautiful master bedroom is complete with a huge walk in closet and a 5 piece en suite bathroom. quartz countertop in the kitchen and bathroom vanities. Laminate flooring throughout the main floor. All North Prairie homes are covered under the Saskatchewan New Home Warranty program. PST & GST included with rebate to builder. Pictures may not be exact representations of the unit, used for reference purposes only. Errors and omissions excluded. Prices, plans, promotions and specifications subject to change without notice.
If you’ve been considering buying or selling a home in Saskatoon and surrounding area, there are some KEY things you need to know about the real estate market right now!
The stats from January are in, here are two key points to know right now:
1) Inventories are REALLY LOW.
As of February 1st, there were only 848 active listings on the MLS. 436 are single family homes and 416 are condos.
To compare, on February 1st of 2021, there were 1026 active listings on the MLS and 496 of those were single family homes. That’s a reduction in listings of almost 12% compared to last year - and we thought listings were low at this time last year!
2) Sales are staying strong despite low inventories
In January there were 244 sales for the month. This number is down about 11% compared to the same time in 2021, but if you consider the lack of inventory we are experiencing right now this number is still very strong. In fact, this is still higher than sales in January of 2020 where we only saw 219 sales that month.
What does this mean for a seller?
When you combine those two factors - lack of supply and high demand, it creates the ideal conditions to sell your home and the value for your home is increased. If you’ve been considering selling your home, do not hesitate. Let's talk about getting it on the market now to take advantage of the current market conditions.
What does this mean for a buyer?
Lack of supply does make it a bit trickier to find exactly what you're looking for on the market. One strategy that you might want to consider in this market is buying or building a new home with a reputable home builder.
Jamie and Ross have represented North Prairie Developments at the Meadows in Rosewood for the past 4 years. They have a large supply of new lots and floor plans that are available.
When you buy a new home through a builder, compared to buying a used home, you will likely have to compromise less and you will get more of what you want since you can choose the layout and finishings that suit your needs.
You also get the benefit of everything being shiny and new and having a new home warranty protecting your investment. This means that if you experience issues with your home it will be covered by your warranty within a certain time period.
You can either buy a pre-built spec home or build a home with a builder. When you buy a spec home, because it is fully developed and available to be purchased with an immediate possession, you won’t have the opportunity to customize the home to your taste or specifications.
If you choose to build a home with North Prairie Developments it typically takes around 6 months to build. You will get to choose from a variety of floorplans at various sizes, price points and you will also likely get to select some of the finishings that you want to see in your dream home. Keep in mind that not all builders allow those custom changes.
If you are looking to sell your existing home and buy or build a new home, you should work with someone who knows the in’s and out’s of the home building process.
Jamie and Ross both have extensive knowledge of residential home construction and renovations. Ross has over 25 years experience in residential construction and Jamie started his career as a journeyman carpenter.
After working as a carpenter, Jamie eventually decided to transition his skills and knowledge of residential construction into real estate. Jamie has been specializing in new home sales with various home builders over the past 12 years.
As Realtors who specialize in new home sales, Jamie and Ross can help you navigate the planning and building process, strategically plan when to list your existing home and help to negotiate a possession date that will work within the time frame of your new home build. This way you can seamlessly transition from one home to the next.
If you are interested in getting any more information on how to get started, please reach out to us and we’d be happy to help!
The Bronco model is a 2 storey, 1903 sq. ft. 3 car garage. home complete with 3 beds, flex room, bonus room, and 2.5 baths. The beautiful master bedroom is complete with a huge walk in closet and a 5 piece en suite bathroom. quartz countertop in the kitchen and bathroom vanities. Laminate flooring throughout the main floor. All North Prairie homes are covered under the Saskatchewan New Home Warranty program. PST & GST included with rebate to builder. Pictures may not be exact representations of the unit, used for reference purposes only. Errors and omissions excluded. Prices, plans, promotions and specifications subject to change without notice.
This beautiful 2 storey, 2220 sq. ft. home is backing green space and comes complete with a Smart Home Package. This package includes, solar ready features, Nest Learning Thermostat and the Amazon Echo. On the main floor of this home, you can enjoy friends and family in the open concept living area, which boasts a beautiful chef-style kitchen, complete with a walk through pantry and a half bath. On the second floor this home is complete with a beautiful owner’s suite, with a 5 piece ensuite bathroom, not 1 but 2 walk-in closets! 2 additional spacious bedrooms are located on the second floor, with an additional upper floor bathroom, upper floor laundry and a bonus room which is perfect for movie nights or just relaxing. PST & GST included with rebate to builder. Pictures may not be exact representations of the unit, used for reference purposes only. Errors and omissions excluded. Prices, plans, promotions and specifications subject to change without notice.
North Prairie Developments introduces the Lincoln Suite. This open concept 2 Storey, 1,530 Sq.Ft. home with 3 Beds and 2.5 Baths is one of our most popular floor plans. The Lincoln Suite home offers the option of developing a legal basement suite of 504 Sq. Ft. with 1 Bed, 1 Bath and separate laundry. The main floor hosts a kitchen that boasts modern cabinetry, an eat-at island, and a large pantry. As well as the main floor laundry room, and a 2pc bathroom Enjoy the upgraded finish package with 4" flat baseboards and 3" flat casings that is throughout your new home. The second floor brings you to the spacious master bedroom, with a walk-in closet and en-suite, USB plug-ins and TV cables are in each bedroom. Other upgrades included with this floor plan is the HRV timer, and Nest Thermostat that help you keep make sure that you can be as energy efficient as possible. This home features upgraded craftsman exterior and a double attached garage. Basement suite development not included in price. All North Prairie homes are covered under the Saskatchewan New Home Warranty program. PST and GST included in purchase price with rebate to builder. Pictures may not be exact representations of the unit, used for reference purposes only.
Fantastic family home in the Village of Pilger, close to the City of Humboldt as well as Lucien Lake Regional Park. This 5 bedroom home has been very well taken care of. All of the flooring is in very good condition and all appliances and window coverings are included. The large kitchen is bright and has ample storage space. It has a large living room & 3 bedrooms on the main floor and 2 on the second floor. It has a newer furnace and central air conditioning. The backyard is well treed and private with a deck, green space, and garden area. Pilger has a grocery store, gas bar, and a restaurant & bar. If you are looking for an affordable home in a great community this home will impress!
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.
Welcome to 104 – 615 McWillie Ave. A great value for this 3 bedroom, 2 Bathroom, 2 story, Silverspring Townhouse. This home has a very functional floor plan including open kitchen, dining and living area. The pride of ownership shows in this well cared for property that has been upgraded nicely in 2015 with new flooring throughout almost all of the home and was professionally painted from top to bottom. A new dishwasher and hot water heater were installed in 2021. The bedrooms have lots of closet space with the primary bedroom having a walk-in closet. It has central vac, built-in dishwasher, underground sprinklers, lawns, deck, patio, partially fenced. Location is fantastic - close to parks, the U of S and wonderful shopping in either direction. Call to view!
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