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...
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...