“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. quartz kitchen countertops and bathroom vanities with undermount sinks. The second floor hosts an amazing master bedroom, with a four piece master 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 purposes only.
After two months into the new year, 2021 is continuing to showcase an extraordinarily busy real estate market in Saskatoon.
In February, home sales were up +53% for the month with 352 sales compared to 230 sales in February of last year. That’s 122 more sales during this same time.
Home prices were up 10.4% compared to February 2020. There were 1099 active listings in Saskatoon as of March 1, 2021.
This busy market can make finding a home to purchase more complicated, so this month we wanted to share some insights about what we think is a great home buying option to consider by buying a brand new home through a reputable home builder.
Both Jamie and I have extensive knowledge of residential home construction and renovations. I have over 25 years experience in residential construction as a general contractor and Jamie started his career as a journeyman carpenter.
After working as a carpenter, I eventually decided to transition my skills and knowledge of residential construction into real estate. I have been specializing in new home sales with various home builders over the past 10 years.
Ross and I have represented North Prairie Developments at the Meadows in Rosewood for the past 3 years. We would like to share the top things we think you need to know about buying a home from a new home builder.
1) The benefits of brand new construction
When you buy a new home through a builder, compared to buying a used home, you get the benefit of everything being shiny and new. No one else has ever bathed in your tub or used your toilets and you will be the first person to use your home appliances.
You will likely have to compromise less and you will get more of what you want compared to buying a used home, since you can choose the layout and finishings that suit your needs.
You also get the benefit of having a new home warranty. This means that if you experience any issues with your home it will be covered by your warranty within a certain time period. This will give you peace of mind when you move in knowing that you won’t experience any unexpected costs to repair that you might have if you bought a used home.
2) Prepare for some additional expenses
Typically in a new build, your basement will come undeveloped. If you know you need the extra living space or you’re planning to create an income suite in your basement, you will need to expect to pay more for the builder to develop this space for you, or you could hire a contractor to develop it after you move in.
Also, the level of development will vary in your front and back yard depending on the builder you choose. For example, when you purchase a new home with North Prairie Developments at the Meadows in Rosewood, your home automatically comes with front landscaping and a concrete driveway. With other builders in the city, you may have to pay extra to have those items included in your purchase price, or you may have to pay to have them completed after you take possession.
You should expect to spend some additional money on various projects around your home after you move in depending on what is included with the builder you choose, such as building a deck or fence, backyard landscaping etc…
3) Building your dream home takes time
Home Builders can sometimes have pre-built spec homes that are available to be purchased with an immediate possession. In this type of new build, you won’t get to customize the home to your taste or specifications. Currently, the inventory of pre-built spec homes in Saskatoon is very low, so you are more likely to have to wait and build a custom home.
In Saskatoon, it typically takes around 4-6 months for a custom home to be built. You will get to choose from a variety of floorplans at various sizes and price points. Depending on the builder, you will also likely get to select the finishings that you want to see in your dream home.
Once you have selected the home you want to build you will submit an offer on the home. The deposit required in a new build is generally between 5 - 10% of the purchase price which is a bit higher than the typical deposit required on the purchase of a used home. This deposit will likely need to be paid to the builder once your conditions have been removed. The home will also start to be built once your conditions are removed.
4) Work with someone who specializes in new home sales
If you are looking to sell your existing home and buy a new home build, you should work with someone who knows the in’s and out’s of the home building process.
As Realtors who specialize in new home sales, we can help you to:
Navigate the planning and building process
Strategically plan when to list your existing home
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!
Welcome to #118 - 901 4th street in Martensville. This affordable townhouse is close to walking trails, parks, bus pickup and schools with a great community feel. Easy and quick access to highway 12. Tucked away in a nice quiet area, away from the hustle of this growing city. This 3 bedroom 2 bathroom home has an open concept main floor with stainless steel kitchen appliances and plenty of cabinet space in the kitchen with even more storage space in the island. An attached garage and concrete driveway eliminates parking frustrations. This home would be great for first time buyers or a small family. Great value and pride of ownership.
Mortgage rates have spent the better part of the past year in near-freefall, with numerous terms setting fresh record lows.
But a couple of weeks ago, rates pulled a U-turn and have been starting to climb higher ever since. And here’s why. Since the beginning of February, 5-year Canada bond yields, which typically lead fixed mortgage rates, have surged. They’ve risen nearly 60 basis points over the past month to a 12-month high.
With funding costs being pushed up and margins being squeezed, lenders could no longer hold rates at those record-low levels.
As for why bond yields are rising—which often coincides with market optimism—the answer is multi-fold.
For one, yields have been soaring south of the border, and when U.S. bond yields move, Canadian yields often follow. Given expectations for rising vaccination rates and ultimately an end to lockdown measures and a return to normalcy, many see greater inflationary pressure ahead, which usually leads to rising interest rates to keep that inflation in check.
Bank of Canada Governor Tiff Macklem addressed rising bond yields in a speech last week. "To some extent, the back-up that we’ve seen in rates reflects the success of the fiscal stimulus, the monetary stimulus, combined with the rollout of vaccines,” he said.
Current Rate Increases Apply to Fixed Rates Only
It’s important to note that only fixed rate mortgage products are currently on the rise. Most lenders have increased rates on several key terms by anywhere from 10 to 30 basis points, again due to higher funding costs.
Variable mortgage rates, on the other hand, take their lead from prime rate, which rises and falls according to the Bank of Canada’s overnight target rate.
That rate is largely expected to remain as is for at least another year, or possibly two.
“We have committed to keeping our policy interest rate at the effective lower bound until economic slack is absorbed so that our inflation target is sustainably achieved," Bank of Canada Governor Tiff Macklem said last week. The Bank has repeated previously that it doesn’t see that happening until “into 2023.”
Keeping Things in Perspective…
Rates Are Still at Historic Lows
Despite the recent 10- to 30-bps rise in some rates that we’ve seen so far, it’s important to note that rates are still not far off their historic lows.
Consider that the lowest nationally available 5-year fixed rate was north of 3.00% just two years ago. Today, you can still find many terms available for under 2.00%.
Speak to a Mortgage Broker for More Insight
Are you considering refinancing or looking for a new mortgage and are concerned about rates trending higher? There are still plenty of options available to you, and I’d be happy to review them with you.
Welcome to 320 – 1st St N in Laird. Enjoy the wide open space in this large 99’ x 120’ quiet corner lot. This 969 sq/ft bungalow features 3 bedrooms & 1 bathroom, and main floor laundry. Furnace and water heater have recently been replaced. Double detached garage with a storage shed. Lane access for RV parking. Fridge, stove, washer, dryer, built-in dishwasher, window treatments, and microwave included. This home is perfect for the community minded family.
The Emerald model is a 2 storey, 1889 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. The Emerald has two options of transforming the walk-thru pantry to a butler pantry or spice kitchen, this model also has the option of basement development for a total of 820 Sq. Ft with 2 beds, 1 bath and an open concept family room. 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.
The Emerald model is a 2 storey, 1889 sq. ft. 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. The Emerald has two options of transforming the walk-thru pantry to a butler pantry or spice kitchen, this model also has the option of basement development for a total of 820 Sq. Ft with 2 beds, 1 bath and an open concept family room. 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, 2025 sq. ft. home 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 large corner 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. Pictures are from the recent show home of this model and do not reflect the same finishes
“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. The second floor hosts an amazing master bedroom, with a four piece master ensuite, and walk-in closet. Enjoy the convenience of having upper floor laundry. Within 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. PST and GST included in purchase price with rebate to builder. *Pictures not exact representations of the unit, used for references purposes only.
Call for specifics. 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 2pc bathroom equipped with motion sensor lighting. 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 a 3 piece 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. GST included in purchase price with rebate to builder. Pictures may not be exact representations of the unit, used for reference purposes only.
A COMMON QUESTION – OTHER THAN DOWN PAYMENT, WHAT OTHER COSTS WILL NEED TO BE PAID TO PURCHASE A HOME?
There are a few different areas of costs when it comes to purchasing a home…costs before you complete the agreement to purchase a new home, costs before you move into your home and ownership costs.
Before you have a firm purchase…
Home Inspection Fee – A home inspection is often a condition of the offer, particularly if it is a pre-owned home. The home inspector goes over the house and provides a report on the condition of the home. The cost of this service can vary.
Deposit – The deposit is required when you make an offer on a property. Once the offer is accepted, the deposit is held in trust until the closing of the sale. At this time it gets applied to the down payment. The deposit amount required is determined usually by the value of the property and what your real estate agent thinks is appropriate.
Appraisal Fee – an appraisal estimates the fair market value of the property. If your mortgage is an insured mortgage (less than 20% down payment), an appraisal is usually not required. If an appraisal is required you should plan on a min $325.
Closing Costs – these are the expenses that you pay when you meet with your lawyer (to sign title transfer and registration of mortgage)
Legal Fees – these are the fees your lawyer charges to complete the paperwork for you
Land Transfer Tax – these are the fees that are paid to land titles when you purchase a new home
Title Insurance – these protect against losses of a property ownership dispute, should there be one; quite often the lender will require one on their behalf. You can also have one on your behalf.
Property Tax Adjustment – if the seller has prepaid taxes for any months after the sale date, they will need be reimbursed
Other Home Ownership Costs
Mortgage Insurance – if you put less than 20% down, then mortgage insurance is required. It can be paid up front but most will have it included in their mortgage. This insurance is provided by either CMHC, Sagen (Genworth) or Canada Guaranty Home Insurance – all lenders require mortgages to insured against fire and other damage.
So when my clients are planning on purchasing a home and we are going through the preapproval process, I will go through each of these items in detail so my clients can anticipate what their extra costs are going to be. Feel free to reach out to me if you have any questions.
The first month of 2021 was a very busy one! We want to provide you some statistics that show you what we’re experiencing in the market right now, and share our top 3 tips on how to best navigate this fast moving market.
In January, home sales were up +26.9% for the month with 278 sales compared to 219 sales in January of 2020. That’s 59 more sales during this time.There were 1026 active listings in Saskatoon as of February 1. 496 of those listings are single family homes, and 530 are condos. Out of the 496 single family homes, 300 are on the eastside of Saskatoon, and 196 are on the westside.
These statistics show that, for example, if you were planning to list your single family home on the eastside of the city, you would only be competing with a maximum of 300 other listings. But that number is actually significantly lower than that once you filter out price ranges and specific neighbourhoods/areas. Right now your listing will be competing against a very small number of other listings, which could increase your chances of a quick sale.
The other important statistic to note is that the average sale price is up +6.8% compared to January 2020.
With the type of market we are experiencing right now, it's a great time to consider moving up. For example, if you’re looking to move from a condo to a single family home, or purchase a home with a bit more space, now is the time! The low inventory and the increased sales prices make it an ideal time to list your home, but on the buying side, you will need to work with your agent to come up with a solid plan of attack to find and secure your perfect new home in this busy market.
We’ve come up with our top 3 steps you need to take to buy or sell in these current market conditions:
1) Be ready to move FAST if the right listing pops up.
Whether you have an existing home to sell, or you’re a first time home buyer, the first step in the home search process is getting mortgage pre-approval. This will ensure that once you find your ideal new home, you already know that you are in a good financial position to make a strong and confident offer.
2) Get your home prepared to sell early
Complete any home repairs or renovations that are required to sell your home. If you’ve been needing to repair your trim and baseboards, or repaint a couple of walls, get it done as early as possible so your home is in the best condition to sell.
Get your home clean, decluttered, and depersonalized. A buyer should be able to immediately envision themselves in your home when they walk through the door. If you are considering using a professional stager, make sure to get them lined up early.
Once your home is looking its best, arrange to have your professional photos taken early. At Tait Real Estate, we always include professional photos with a real estate photographer when you list with us. Having these taken early will allow us to get your listing on the MLS as quickly as possible.
3) Write a personal letter to the seller
In competitive markets like we are experiencing right now, multiple offer situations are common. To stand out from the crowd, we suggest that you write a personal letter to the seller explaining who you are, and why their home is the perfect fit for you and your families needs. This will hopefully build a connection with the seller and tip the scales in your direction.
If you have any more questions about the current market, about Saskatoon, or are interested in getting a plan in place to buy a new home and maybe also sell your current one, reach out to us anytime and we would be happy to go over everything with you.
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