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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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...

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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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IMPENDING MORTGAGE RULE CHANGES


OSFI (Office of the Superintendent of Financial Institutions) has propose a change to the uninsured stress test rate. OSFI regulates and supervises more than 400 federally regulated financial institutions (80% of all mortgage lenders). They do not watch over provincial credit unions and private lenders. OSFI reports to parliament through the Minister of Finance and regulates the conventional space.


Proposed change - Effective June 1st the qualifying rate for conventional (uninsured) mortgages will be based on a stress test of 5.25%


Note that Department of Finance regulates insured mortgages who currently have a stress test rate of 4.79%


Timeline - On May 7th the public was invited to provide feedback to the change. By May 24th the feedback will be taken into consideration and the final amendments will be made. As of June 1st the changes will take effect.


What does this mean to clients?


• If you have a signed accepted offer dated prior to June 1, 2021,...

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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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