Spring has finally sprung, and we’ve come to the end of the first quarter of 2021. This year has already proven to be an extremely busy one in the Saskatoon Real Estate Market.

We are commonly asked the same question by many of our clients:

“We’re ready to start looking to buy a new home...what are the next steps we should take?”

So we thought we would take some time to go over the initial steps you need to take in the house hunting process. But first, let's quickly go over the stats that were just released from March. One thing to keep in mind when looking at these stats, is that in March of last year we experienced the beginning of the COVID-19 Pandemic.

Saskatoon Market Statistics - March 2021

Last month, there were 570 sales, which is +297 more sales compared to March of 2020.

There were +926 new listings posted to the MLS in March, which is up +53.8% for the month compared to 324 new listings in March of 2020.

Sales in March 2021

There were 1278 active listings in Saskatoon as of...

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For the past year, soaring home prices and a desire for more space have sent homebuyers flocking beyond the suburbs and into beautiful cottage country.

It’s a trend that is playing out right across the county, and one that’s expected to continue throughout 2021. High demand is expected to push average recreational property prices higher by 15% to $502,730, according to an updated forecast from Royal LePage.

Recreational properties in Ontario and Atlantic Canada are expected to see average prices rise 17%, while Quebec and B.C. should see prices increase by 15% and 13%, respectively. That would be on top of the 16% national price gain seen for this segment between 2019 and 2020.

“From coast to coast, the line between primary residence and recreational property is blurring,” Phil Soper, president and CEO of Royal LePage said in a release. “The trend began last summer when the option of travelling abroad was taken away, and continued to gain popularity as it became...

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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...

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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...

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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...

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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.

Sales in February 2021

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.

Single family homes in Saskatoon

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...

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Happy New Year everyone! I’m sure we aren’t the only ones who are happy to welcome 2021 with open arms.

In our last market update we predicted that early 2021 would bring reduced inventories and a strong sellers market in Saskatoon. We want to share with you, if our predictions were right and what this means to you as a buyer or seller.

Sales in December

We ended 2020 with a very strong month in the Saskatoon Real Estate Market. There were 274 home sales in December, which means that sales were up 35% for the month compared to December of 2019, which only saw 203 home sales. That’s 71 more sales during this time.

December Saskatoon Real Estate Stats

In December, we also saw 347 new listings posted to the MLS, which means listings were up 14% for the month compared to December of 2019, which only saw 304 listings posted.

The average sale price in Saskatoon right now is $345,358 which is up 3.4% compared to December 2019.

As we predicted in our last market update, inventories are at an all time low. Back in December, we predicted...

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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...

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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:

  1. Decrease your overall monthly debt payments by using the equity in your home...
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The housing market doesn’t come to a standstill during the holidays. In fact, we’ve found that December is actually a great month to sell your home. Although, selling your home through the holiday season can come with a few additional things you should consider. In addition to all of the regular things you need to do to prepare your home to sell quickly, like cleaning, depersonalizing and decluttering, you will also need to consider whether or not to decorate for the holiday season.

We think that the holidays are a perfect time to showcase the warmth and character of your home to prospective buyers. We don't think that you need to avoid decorating altogether, but that you should follow some simple tips to ensure your house looks it’s best for prospective buyers.

Here are some tips for decorating for the holidays when you are preparing to sell:

Less is More

Follow the “less is more” theory when it comes to decorating this season. Too many decorations can be ...

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