As you’ve likely heard, the real estate market in Saskatoon and area, remains very strong and many homes are selling quickly. Here are some tips on what we think you need to know as a buyer or a seller in today’s fast paced market.

Anytime you’re buying or selling a home, being prepared is important. When homes are selling quickly, like they are right now, being prepared is essential.


Be Prepared

For buyers, that means it’s really important to have gone through the mortgage pre-approval process. When interest rates are fluctuating, you should touch base with your lender every week or two to make sure that nothing has changed in your mortgage situation and everything is ready to go when the perfect home comes along.

Some homes are going over the asking price. Having confidence in your financing will help prepare you to act quickly and help make you more comfortable making an over-asked offer if the situation warrants it. When you are in an over-ask offer situation...

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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...

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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...

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If you’ve been thinking about selling your property in Saskatoon or the surrounding areas, this is the time to pull the trigger. Keep watching and we’ll explain the two main reasons why…


Going into early 2022, inventories of single family homes will be EXTREMELY low, sales volumes are staying VERY high for this time of year, and interest rates are still low…for now. Which means that the value of your home RIGHT NOW may be worth more than it’s going to be for the foreseeable future.


Let’s break this down for you…


Reason #1 - Low Inventories of single family homes


When we look at the current market stats in Saskatoon, it is evident that there is an extreme shortage of single family listings on the market. As of December 7th, there were only 985 active listings on the MLS and only 520 of those are single family homes. This is 105 fewer single family homes listed than there were at the beginning of December in 2020, which is a decrease in single family...

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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...

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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....

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Here are the stats from the past month in Saskatoon…


In August, there were 492 homes sold, which represents an increase in sales of 7% compared to August 2020, where we saw 460 sales.


Currently there are approximately 1401 active listings on the MLS. Out of the total listings 821 are single family homes 583 are condos. Out of the 583 condos 204 are townhouses and 365 are apartment style.


735 new listings were posted in August which is down 5.8% compared to August 2020, where we saw 780 new listings.


The average sale price in August 2021 was $365,071. This is an increase of almost +6% YTD compared to this same time in 2020.


In Real Estate, we often talk about there being two main busy seasons each year. The first one is typically from March to the end of June and the second one is from September to the end of October. Now that summer holidays are over, and kids are back in school, people are looking to move before the weather gets cold and they are too busy with the holiday season....

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Even though we aren’t quite ready for summer to be over, we are getting closer to cooler temperatures and the fall real estate season in Saskatoon. We are going to share what we can expect from the rest of the summer real estate market and how we think it might change as we move into the fall.


But first, Let's look at the stats from the past month...


In July, there were 488 homes sold, which represents a slight decrease in sales of 10.8% compared to July 2020, where we saw 547 sales. Keep in mind that sales in July 2020 were extremely high, and even the 488 sales we saw this month is still 25% more than July 2019. Even though this is the first month in 2021 where sales have been down a bit, compared to a regular year, like between 2017 - 2019, these sales volumes would still be considered very strong.


Currently there are approximately 1464 active listings on the MLS. 758 of those were new listings posted in July which is down 7% compared to July 2020, where we saw 816 new listings....

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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...

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2021 started off with a very busy real estate market in Saskatoon. We want to share why we think this means it's the perfect time to sell your home in Saskatoon, and what you need to know about the real estate market right now as a buyer.


Sales volumes and average sales prices have steadily increased and home inventories have continued to stay low in Saskatoon. Let’s take a look at the stats.


In April, there were 550 home sales which represents a staggering increase in sales of +159% compared to April 2020 where we only saw 213 sales. But keep in mind that this number is highly exaggerated as our real estate market was heavily impacted by the start of the COVID-19 pandemic last April and this skews the numbers dramatically. To get a more accurate sense of how the market is doing, we should compare the home sales from April 2021 to home sales from April 2019, where we saw 380 sales, which is an increase of +45.5% compared to 2021. This is still a significant increase and demonstrates...

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