Fall is finally upon us, the smell of pumpkin spice is in the air, and the real estate market has shifted - so what are they key things you need to know right now as a buyer or seller?

In September, there were 329 home sales which represents a decrease in sales of -16.9% compared to September 2021, where we saw 396 sales.

There were 1190 active listings as of October 3rd, and there were 590 listings added to the MLS in September. This means that new listings were down -9.4% compared to September of 2021.

This September, the average sales price in Saskatoon was $374,042 which is up 9.4% compared to this same time last year.

When we review these stats, it’s clear that sales have slowed down a bit and there are less listings on the market compared to last year. Even though the numbers are decreasing, we encourage you to think of the market as “back to normal” rather than “crashing” as many of the news headlines would have you believe.

The market over the last few...

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We’ve recently seen several national news headlines talking about how Canada’s housing market is declining and home sales and prices are dropping.


So should you be worried? What does this really mean for you?

This month, we are going to dig into the news headlines and share what you really need to know about the current market conditions.

Here are some National Headlines from the past week:

  • A Global News article stated that “Canadian home prices were down 23% in July from February peak”
  • The Financial Post had a headline that said “Bottom still a ways off for Canada's housing market”
  • CTV News posted that “Canadians cope with a correcting housing market”.

If you were to rely on these national headlines alone for market information, you would likely conclude that market conditions all over Canada are declining rapidly. But you need to keep in mind that all of these headlines are based on National averages, not data specific to Saskatoon...

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Summer is almost officially here, and the weather is getting hotter in Saskatoon! Should you expect the market to slow down in summer because people are away on holidays? Are rising interest rates changing the local market conditions?

We know you have questions…so we’ve put together our Summer 2022 Real Estate Market Preview! We are going to review the current market stats, share our analysis of the current market conditions and give our predictions for the summer season… so that you have the information you need if you’re planning to buy or sell in Saskatoon.

Sales are staying strong in Saskatoon!

In May, there were 541 home sales which represents a slight decrease in sales of -5.4% compared to May 2021, where we saw 572 sales. But this is still a very high volume of sales if you compare it to pre-pandemic levels.

People commonly assume that the real estate market slows down in the summer months due to people being away on vacation. But we expect the market to...

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Your home may be the biggest purchase of your life, and caring for it is a big responsibility. Knowing how to maintain it can help you avoid costly repairs in the future. 


Once the ground has thawed and the trees begin to bud, it's time to prepare your home for spring. On top of your regular spring cleaning, you'll also want to consider these general upkeep tips. Use our spring home maintenance checklist to make sure your home is in tip-top shape:


1) Get your lawn ready for summer

Do you know what your lawn needs to look great all spring and summer? Jamie and Ross have teamed up with Nolan Fluter from Ideal Lawn Care in Saskatoon to share their top Lawn Care tips for spring and summer.


 

2) Manage the water around your house

Did you know that you should be cleaning out your gutters and adjusting the downspouts on your house at the beginning of each spring season. If you don't manage your water at the beginning of spring each year you could experience water issues and have water...

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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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