Welcome to 1810 Pitt Ave. This is a meticulously maintained, 1644 SQ. ft 3-level split. This home offers plenty of entertaining space with separate living and family rooms with hardwood and tile throughout. The bedrooms are all very spacious with solid hardwood floors. The covered back deck is great for entertaining and the west-facing back yard provides plenty of sunshine. This home also includes a fully developed basement with a living room, 4pc bathroom, bedroom, and kitchen. It also has a separate entrance.
Welcome to 416 33rd St. This home is conveniently located to the river, downtown, and main arteries for easy access to all areas of the city. It is situated on a large lot and the home has been very well maintained. The furnace, hot water heater, A/C, shingles are newer and all windows have been replaced. Ideal for a first time buyer, revenue property, or for infill potential.
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 how strong the market is performing.
Inventories have also stayed fairly low over the last several months due to high sales volumes, but we have seen an increasing number of listings being added to the MLS. There are currently approximately 1400 active listings on the MLS. There were 958 new listings posted in April which is up +96.3% compared to April 2020, where we only saw 470 new listings. But again, to get a more realistic picture, we should actually compare these numbers to April 2019 where we saw 777 new listings posted which compared to April 2021, is only an increase of +23.3%.
We’ve also seen a consistent surge in home prices over the last several months. In January, we started the year with an average sales price of $348,352, then $353,542 in February, $362,222 in March, and then in April it was up to $372,532. April’s average sales price is an increase of almost +8.3% YTD compared to April 2020 and an increase of +10.4% YTD compared to April 2019.
So...after several consistent months of these HOT market conditions, what does this mean for you right now as a buyer or seller?
It means that it is an IDEAL time to sell your home in Saskatoon. The combination of elevated average sales prices, extremely high sales volumes and low listing inventories has created the perfect storm for sellers. Especially, if you have a home that fits into a couple of specific categories in the market.
Homes between 350K - 500K are in VERY short supply right now with a 1.7 months supply. Anything below a 3 months supply is considered to be a sellers market in that price range. We are consistently seeing homes in this range sell extremely quickly and with multiple offers. If you have a home to sell in this price range, do not hesitate because NOW is the time to get it on the market. It will sell fairly quickly.
In April, there were 90 homes sold between 500K - 750K. This is a historically high volume of sales in this price range. If you’ve been waiting for the right time to sell your home in this price range, NOW is the time to take the leap and get it on the market.
We are optimistic that this hot market will likely continue over the next couple of spring/summer months, but once things start returning to normal with more and more vaccinations, and temperatures start to drop in the fall, it's hard to predict if these market conditions will be able to continue. So to reiterate NOW is the time to get your home listed!
Now more than ever before, with the market as hot as it is right now, it’s important to rely on a realtor you trust for guidance.
For buyers, we have been seeing multiple offer situations, and some homes selling over ask. We can help guide you in the offer process to ensure you have the best chance of getting the home you want, when you find it.
For sellers, in this vibrant market, we will help you create an effective strategy for marketing, pricing, and negotiations, as transactions aren’t as cut and dry as they might have been before.
As always, if you would like any information on buying or selling your home, or about the real estate market in general in Saskatoon, don’t hesitate to contact either of us.
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, your mortgage broker can submit and qualify using 4.79% It will not matter when the closing date is or if its insured or uninsured.
• If you have a signed accepted offer dated June 1st or later, your mortgage broker will be qualifying you using 5.25% on conventional files (20% + down payment) and 4.79% on insured files (***this may change) We are hearing whispers that the insured files will be changing to the 5.25% stress test as well but have had no confirmation of it as of yet.
When looking at the numbers and running the scenarios, there will be approximately a 5% decline in buying power.
So for instance: Teacher & research assistant have a combined income of $143K Today: 4.79% conventional @ 30 yr AM – would qualify for $735K June 1: 5.25% conventional @ 30 yr AM – would qualify for $700K
If you have any questions please feel free to reach out to me.
Welcome to River View Acreage. This beautiful timber hybrid home sits at the highest point of this 12 acre lot with spectacular views of the South Saskatchewan River with the valley and rolling hills below. The kitchen has ample storage with rustic maple cabinets, 2 hammered copper sinks, high-end faucets, quartz countertops and a gas range with hood vent. While in the living room, sit back in front of the natural gas, stone fireplace or take in the scenery through the picture windows looking east. On the main floor is the master bedroom with a 3pc ensuite and plenty of storage space with a walk-in closet and a second wall closet. A second bedroom is also on the main floor. Start your morning by soaking up the sun and enjoying the views with your morning coffee in the 4 season sun room. Enjoy the evenings on the wrap around deck or in the hot tub in the spa building. On the second floor there is another bedroom, 3pc bath and storage areas. The views from the great room from the second story loft are stunning. There is bamboo flooring throughout the main and 2nd floor with in-floor radiant heat in the Vinyl tiled sun room. The one bedroom, one bath, walkout basement suite has a kitchen, natural gas fireplace and has in-floor heated, acid washed floors. The basement could be used for your family or as revenue potential. The four car attached heated garage is connected to the house with a mudroom. Both the garage and mudroom have in-floor heating and the garage has a central drainage system that drains outside. Above the garage is an 1152 sq ft, two bedroom suite complete with natural gas fireplace, kitchen, 4pc bathroom, and laundry. Total living space in this home is 5000 sq Ft. Escape the hustle & bustle of the city to this spacious acreage just minutes away from Saskatoon by capitalizing on the great revenue potential this home provides.
Check out virtual tour at https://mls.kuu.la/share/7nkXN?fs=1&vr=0&zoom=1&sd=1&gyro=0&autorotate=0.12&thumbs=2
Public Remarks: The Emerald model is a 2 storey, 1889 sq. ft. home complete with 3 beds, flex room, bonus room, and 2.5 baths. The beautiful master bedroom is complete with a huge walk in closet and a 5 piece en suite bathroom. The Emerald has two options of transforming the walk-thru pantry to a butler pantry or spice kitchen, quartz countertop in the kitchen and bathroom vanities. Laminate flooring throughout the main floor. this model also has the option of basement development for a total of 820 Sq. Ft with 2 beds, 1 bath and an open concept family room. All North Prairie homes are covered under the Saskatchewan New Home Warranty program. PST & GST included with rebate to builder. Pictures may not be exact representations of the unit, used for reference purposes only. Errors and omissions excluded. Prices, plans, promotions and specifications subject to change without notice.
The Emerald model is a 2 storey, 1889 sq. ft. home complete with 3 beds, flex room, bonus room, and 2.5 baths. The beautiful master bedroom is complete with a huge walk in closet and a 5 piece en suite bathroom. The Emerald has two options of transforming the walk-thru pantry to a butler pantry or spice kitchen, quartz countertop in the kitchen and bathroom vanities. Laminate flooring throughout the main floor. this model also has the option of basement development for a total of 820 Sq. Ft with 2 beds, 1 bath and an open concept family room. All North Prairie homes are covered under the Saskatchewan New Home Warranty program. PST & GST included with rebate to builder. Pictures may not be exact representations of the unit, used for reference purposes only. Errors and omissions excluded. Prices, plans, promotions and specifications subject to change without notice.
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.
There were 1278 active listings in Saskatoon as of April 5th, 2021. 639 are single family homes, and 639 are condos. Out of the 639 single family homes, 401 are on the eastside and 238 are on the westside.
Home prices are up +7.34% compared to this time last year. The average sale price is $356,505.
All of these stats demonstrate what a busy market we are currently experiencing. So, if you’re ready to buy a new home in this market, you need to be aware of what your next steps should be.
Did you know, when you work with us to purchase a home, you will not need to pay any fees for our services on the purchase. The home seller actually pays the full commission for the services of both their own listing agent and the buyer's agent.
Ok, so what is the first step in the house hunting process?
Step 1 - Get Pre-approved
We often have clients come to us who are ready to buy a new home and they may have arbitrarily chosen a maximum purchase price. But this number isn’t always based on what they can afford or what they might actually be approved for.
So we highly recommend getting pre-approved for a mortgage before you even start your house hunt. This will help you determine your price range of homes you should be targeting in your search.
Your lender will look at your income, your debts and the cash you have available for a down payment. You will have to provide documentation to prove your income and credit history. Based on this information your lender will be able to advise you on your maximum purchase price. But you should also discuss with them, what that purchase price looks like as a monthly payment, and what you are realistically comfortable spending every month.
Your lender will provide you with a mortgage pre-approval in writing (it will likely be valid for 90 or 120 days) and will generally include an interest rate guarantee.
Step 2 - Refine your wishlist
Taking the time to identify what your needs and wants are is a critical step in the house hunting process.
Distinguishing between what is must-have, and what is a nice-to-have will help you narrow down your search and help you to determine which is the right house to put an offer on.
Step 3 - Start the search online
Starting to explore listings online can help you adjust your expectations on what you might actually get in a home within your price point in the current market.
Once you have determined your budget and wishlist for your ideal home search, we will set you up with an auto-email. This is a customized search of the entire MLS database for listings that match your criteria. Once the system finds a listing that matches your criteria, you will receive an email with a link to your own personal portal to view the listing data. This will ensure that you are notified immediately when a matching property comes on the market so that you won’t risk missing out on the perfect home.
We have also developed relationships over the years with an extensive network of seller's agents in Saskatoon. We are always keeping an eye out for homes that might work for you, even if they haven’t hit the market yet.
You can also start looking at listings online for yourself.
Realtor.ca is a website owned and managed by the Canadian Real Estate Association. The website allows you to search for available properties for sale directly from the MLS. It is good to note that the realtor.ca website is usually a day or two behind what’s happening in the market, so you are better off getting listings sent to you directly from us, but it can still be a good tool to explore what’s available in the market.
On our website, www.taitrealestate.ca we have a great MLS listing search tool that is super easy to use and includes a lot more information than what you’ll find on realtor.ca.
Step 4 - Start viewing in person
Now that you know your budget, you’ve defined your wishlist, and you’ve done your research on what to expect from the current market, you are in the best position to start viewing homes more seriously.
A property can look perfect on paper, and you can be lured in by the glossy photos, but you won’t really know if it's the right home for you until you check it out in person.
Once you’ve identified some listings that you think match your wishlist, we will contact the selling agents directly to set up appointments for us to view the homes. To view a listing in person, you have to be accompanied by a licensed Realtor. This is your opportunity to get a feel for the neighbourhood, the location, and ask any questions you might have about the property.
Welcome to #808 – 1015 Patrick Cres in the Ginger Lofts Townhouse development located in Willowgrove. This sought after "D" unit floor plan features 2 large bedrooms, bamboo hardwood floors, in-suite laundry and open concept floor plan with a great balcony for outdoor space. The kitchen has ample storage space with New York style soft close cabinetry, quartz counter tops, glass tile backsplash, an eating bar island with pots and pan drawers, and stainless steel appliances. The large full bathroom has an oversized vanity and ceramic tile flooring. This townhouse comes with 2 PARKING STALLS located right out front of your unit and 7 visitor parking spaces right next to that. A new central air conditioning unit was installed in 2020 and a new fridge in 2018. A short walk away you will find the amazing Clubhouse which features an indoor pool, hot tub, exercise room, lounge, billiard room, patio and outdoor barbecue area. This is a Pet Friendly complex and is close to shopping, grocery, restaurants and more.
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 clear that with access to high-speed internet, many people can do their jobs from just about anywhere.”
That, plus rising prices in many of Canada’s urban markets, have led many buyers to look well beyond the city limits for more affordable housing options. In February, for example, the average home price in Toronto soared above $1 million for the first time, with many of its suburbs not far behind.
“Life during the pandemic has made cottage country and country living more desirable than ever, in every part of Canada,” Soper added.
And in many cases, younger buyers—those between 25 and 35—are making up an increasing share of buyers trading in the big city for country life, with nearly half of buyers in that demographic (47%) saying they would choose a small town or rural living.
Who can blame them, given the world-class beauty found in many of the “cottage country” regions throughout Canada, not to mention pandemic-related concerns about high-density living. Many are thinking about expanding their families and want their kids to grow up with a little more space to roam.
“The flexibility provided by working remotely, excess savings from months sitting at home, and low interest rates have left Canadians young and old alike to seek properties with more space, easy access to nature, and the ability to achieve that ever-elusive work-life balance,” Soper said. Speak to me for more Insight.
Are you currently or soon to be in the market for a home or recreational property? There are still plenty of options available, and I’d be happy to review them with you.
This beautiful 2 storey, 2025 sq. ft. home comes complete with a Smart Home Package. This package includes solar-ready features, Nest Learning Thermostat and the Amazon Echo. On the main floor of this home, you can enjoy friends and family in the open concept living area, which boasts a beautiful chef-style kitchen, complete with a large corner pantry and a half bath. On the second floor this home is complete with a beautiful owner’s suite, with a 5 piece ensuite bathroom, not 1 but 2 walk-in closets! 2 additional spacious bedrooms are located on the second floor, with an additional upper floor bathroom, upper floor laundry and a bonus room which is perfect for movie nights or just relaxing. Pictures are from the recent show home of this model and do not reflect the same finishes
Welcome to 223 Beckett Green. This beautiful, well maintained 4 bedroom, 4 bath home is situated on a quiet and mature street in Arbor Creek right across from Beckett Green Park. This home also boasts a large, exceptional backyard with sports court area (that can be used as a rink in the winter), a tiered deck, gazebo, a garden area, and is fully landscaped. The kitchen has ample storage space, a peninsula island, stainless steel appliances and a walk-through pantry for your convenience. There are hardwood and ceramic floors on the main and a gas fireplace in the living room. The second floor has 3 bedrooms, bonus room, and 2 bath rooms. The master bedroom has a 4pc bathroom with a jetted tub, separate shower and a large walk-in closet. In the basement there is a 4th bedroom, 3pc bathroom and a large family/great room. The home also features central air conditioning, underground sprinklers, and a double attached garage with a driveway that can hold 3 vehicles. Only possession dates after July 14 will be considered.
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