2012 BEGINS WITH A SELLERS MARKET

In 2012 we are starting out with a market that favors sellers. The number of residential properties listed in Saskatoon was 528 units, down only 1% from last January while the MLS® sales were up 20% to 310 units. This resulted in an increase in the average selling price of 6% to $318,163.00. There were a total of 951 active listings for January 2012 which was also down 1% from last January.

The $300,000.00 to $349,999.00 price range recorded the most sales at 68 units, an increase of 51% from 45 units in January 2011. The highest average sale price of $377,757.00 remains in the neighborhoods on the far east side of Saskatoon which also has the most active listings and units sold.

It is important to note that the average residential sale price is determined by taking the total month’s dollar volume and dividing that number by the total unit sales number from across the entire city of Saskatoon. The average sale price and percentage change should not be applied unilaterally as prices vary based on style of home, location and condition. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to interpret sales data and provide a comparative market analysis tailored to their specific property.

Activity was slower in the areas surrounding Saskatoon. There were only 185 residential properties listed compared to 213 properties in January 2011 for a decrease of 13%. The number of sales was down 26% from 57 to 42 units year over year. In spite of this quieter activity the average residential sales price in the areas surrounding Saskatoon was up 3% from last January to $279,171.00.

The number of days to sell remained almost unchanged at 46 days within Saskatoon while listings in the area surrounding Saskatoon took 75 days on average to sell which is an increase of 25%. The area with the shortest time to sell continues to be the north end west of the river at 33 days on average.

If the supply of product continues to remain consistent with last year and if the anticipated increase in demand occurs, our city will remain in a sellers’ market with buyers competing for their purchases. It is expected that Saskatoon will continue to buck the softening price and activity trend taking place across Canada.

Jason Yochim

Executive Officer

Saskatoon Region Association of REALTORS®

Little Change to Sales Year over Year in November

Residential sales activity for Saskatoon REALTORS® in the month of November was 286, virtually unchanged when compared with November of 2010 which saw 282 sales. This number was also only down slightly from October when 309 properties changed hands. Total residential sales Year to Date sits at 3,776 up 12% from 2010 when the total stood at 3,365 for the end of November. The $300,000 to $350,000 price range continues to be the most active with 64 sales. The average number of days to sell in the month of November was 47 days.

The average residential selling price in November this year was $314,541.00 which was only a 1% increase from the average sale price in November 2010. The year to date average selling price was up 5% from the year to date average in November 2010 which was $296,222.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Properties listed in November totaled 451 up 12% from the same month a year ago. Year to date 6,777 homes have been listed for sale up 5% when compared to 6,483 listings year to date in November 2010. There were a total of 1,084 active residential listings available at the end of November representing a 4% increase compared to the active listing in November 2010. The number of sales in areas surrounding Saskatoon e.g. Martensville, Warman, Clavet, etc sales this past November was down 5% from the 75 homes that sold in November 2010. REALTORS® listed 132 properties in these areas in the month of November. This is a notable decrease of 14% from November 2010 when 154 properties were placed on the market for sale. The average selling price in these surrounding areas was $277,797.00 up 7% from November 2010 when the average was $258,960.00. During the month of November in areas surrounding Saskatoon it took 60 days for a property to sell on average.

In summary the year to date activity Saskatoon market continues to remain steady with moderate increases to market values and sales volume. The upward trend is expected to continue with positive announcements on almost a daily basis in the resource sector. The challenge continues for city of Saskatoon as well as surrounding communities to meet the demand for serviced lots.

Jason Yochim

Acting Executive Officer

Saskatoon Region Association of REALTORS®

Building figures show city booming
 Permits may soon exceed $1B
 By Scott Larson, The StarPhoenix November 25, 2011 10:02 AM

Read more: http://www.thestarphoenix.com/business/Building+figures+show+city+booming/5764490/story.html#ixzz1ekLVFvF0

The value of building permits in Saskatoon for 2011 is heading toward a record $1 billion.

In announcing the city budget this week, city manager Murray Totland told reporters that buildings permits were set to crack $1 billion for the first time.

Bob Baran, who is with the city's buildings and standards branch, said the value of permits might not hit that amount, "but it will be a record amount.

"My guess is we will be at $875 million by the end of the year. We are at $833 million right now," he said.

Last year, the city issued 4,100 permits valued at $666.1 million. This year, the number of permits will be close to 4,600.

"If that does happen it will be the highest number ever in the 104-year history of Saskatoon issuing building permits," Baran said.

And the increases have been across the board.

"We have a lot of buildings in the north end between $5 (million) to $10 million, whether they be office buildings or office-warehouse buildings," Baran said.

The student housing being built at the University of Saskatchewan is the biggest project in terms of dollars for 2011, with Phase 2 of the undergraduate residences and a housing complex for graduates coming in at a total value of $62 million, Baran said.

Phase 2 will add another 400 beds for undergraduates when it opens in September 2012 to go with 400 beds that opened in September, said Greg Fowler, director of community services at the U of S.

The Graduate House will have 262 beds and open in January 2013. The undergraduate project is through Meridian Development Corp. and is a private/ public model. Graduate House is driven by a private donation of $6.5 million.

The extra 1,100 beds will double the number of spots on campus.

"We used to house six per cent of our students," Fowler said. "This will take us to 12 per cent and ultimately our goal is 15 per cent."

On the residential side, the city has issued 1,170 permits for single family and dwelling group lots so far this year compared to 1,055 for all of last year.

Alan Thomarat, CEO of the Saskatoon & Region Home Builders Association, said residential housing is the best it's been in about 30 years.

If the weather stays warm, "we could return to a (housing) starts level of nearly 3,000 this year," he said. "That's something we haven't seen since 1978 to 1982."

It is balanced pool of projects on the go, he added, from entry-level housing to entry-level rental (townhouses and apartments) and multi-dwelling complexes.

Baran said the city changed its valuation system for one-unit dwellings in August 2010, which has pushed the value of permits up by about $100 million.

"You could take $100 million of that $833 million (so far this year) and attribute it to the way we have been valuing houses," he said.

By comparison, Regina (which does the same type of valuation as Saskatoon), sat at $512 million in the value of its permits up to Nov. 23.

Next year's numbers for Saskatoon will likely be bolstered by some big projects that may include the construction of a police station, the children's hospital and the Remai Art Gallery of Saskatchewan, along with the continuation of the housing.

"It looks like we are in for a good three to five years of a very busy time," Baran said.

© Copyright (c) The StarPhoenix

Slightly Quieter Residential Market in October

Heading into the fall, activity was down slightly for Saskatoon REALTORS® in the month of October with 309 residential properties changing hands compared with September which saw 365 sales. The trend of sales increasing over the same month last year continues however as we saw a 19% increase over October 2010 when 260 properties sold. Currently the total residential sales Year to Date is 3,491 up 13% from 2010 when the total stood at 3,083 for the end of October. The $300,000 to $350,000 price range continues to be the most active with 80 sales. The average number of days to sell in the month of October was 41 days.

The average residential selling price in October this year increased to $327,245.00 from $294,133.00 in October 2010 reflecting an 11% Increase. At the end of October the year to date average selling price was $309,197.00 up 5% from year to date numbers in October 2010 when the year to date average was $294,690.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Properties listed in October totaled 557 up 23% from the same month a year ago. Year to date 6,326 homes have been listed for sale up 4% from year to date October 2010 when 6,080 were placed on the market. There were a total of 1,172 active listings available at the end of October down just slightly from October 2010 when 1,191 were available to purchase.

There was a slight increase in sales activity in areas surrounding Saskatoon e.g. Martensville, Warman, Clavet, etc sales this past October with 82 sales compared with 76 homes sold in October 2010. REALTORS® listed 223 properties in these areas in the month of October. That number up 18% from 2010 when 189 properties were placed on the market for sale. The average selling price in these areas was $276,475.00 up 12% from October 2010 when the average was $245,778.00. During the month of October in areas surrounding Saskatoon it took 64 days for a property to sell on average.

New construction also continues to be strong in the City of Saskatoon and outlying communities. The employment opportunities remain strong attracting individuals to our area from across Canada as well as from outside our borders.

Harry Janzen
Executive Officer
Saskatoon Region Association of REALTORS®

Slightly Quieter Residential Market in September

Activity was down slightly for Saskatoon REALTORS® in the month of September with 365 residential properties changing hands compared with August which saw 415 sales. The trend of sales increasing over last year continues however as we saw a 21% increase over September 2010 when 301 properties sold. Total residential sales Year to Date is currently at 3,183, that number up 13% from 2010 when the total stood at 2,823 for the end of September. The $300,000 to $350,000 price range continues to be the most active with 82 sales. The average number of days to sell in the month of September was 40 days.

The average residential selling price in September took a slight dip to $311,057.00 reflecting a 1% decrease from September 2010 when the average selling price was $312,914.00. At the end of September the year to date average selling price was $307,415.00 up 4% from year to date numbers in September 2010 when the year to date average was $294,741.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Properties listed in September totaled 608 up 2% from the same month a year ago. Year to date 5,770 homes have been listed for sale up 3% from year end September 2010 when 5,626 were placed on the market. Buyers had less to choose from with 1,222 available at the end of September, that number down from September 2010 when 1355 were available to purchase.

In areas surrounding Saskatoon e.g. Martensville, Warman, Clavet, etc sales activity this September was considerably stronger than last September, increasing from 79 to 101 homes sold. REALTORS® listed 281 properties in these areas in the month of September. That number up slightly from 2010 when 272 properties were placed on the market for sale. The average selling price in these areas was $281,294.00 up nearly 13% from September 2010 when the average was $249,825.00. During the month of September in areas surrounding Saskatoon it took 59 days on average to sell a property.

The City of Saskatoon continues to develop new neighborhoods to keep up with the demand for new lots. Recent anouncemets in the resource sector will continue to bolster optimism in the Saskatchewan economy helping to maintain home pricing and demand.

Shari Turner
President
Saskatoon Region Association of REALTORS®

Residential Market Corrects Somewhat in the Month of August

The month of August was very active for Saskatoon REALTORS® selling 415 residential properties, that number up 33% from August 2010 when 311 properties sold. Year to Date unit sales numbers stand at 2,819, that number up 12% from 2010 when they total stood at 2,523. The $300,000 to $350,000 price range continues to be the most active. The average number of days to sell in the month of August was 38 days.

The average residential selling price in August was $315,774.00 this number was up 3% from August 2010 when the average selling price was $306,460.00. At the end of August the year to date average selling price was $306,949.00 up 5% from year to date numbers in August 2010 when the year to date average was $292,519.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

REALTORS® listed 629 homes in August that number down 2% from August 2010 when 644 properties were listed for sale. Year to date 5,165 homes have been listed for sale that number up 3% from year end August 2010 when 5,032 were placed on the market. Home buyers had 1,315 homes to select from at the end of August, that number down from August 2010 when 1405 were available to purchase.

In areas surrounding Saskatoon e.g. Martensville, Warman, Clavet, etc sales activity was very active with 118 homes selling that number up 31% from August 2010 when 90 homes were sold. REALTORS® listed 247 properties in these areas in the month of August. That number is on par with August 2010 when 248 properties were placed on the market for sale. The average selling price in these areas was $290,641.00 up 12% from August 2010 when the average was $259,338.00. During the month of August in areas surrounding Saskatoon it took 55 days on average to sell a property.

The new home market remains strong with steady city lot sales taking place. Interest rates remain unchanged being favorable to purchase that next home. Job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to continue to balance and for prices to level or move up slightly due to demand.

Harry H. Janzen, CAE, CRAE

Executive Officer

Saskatoon Region Association of REALTORS®

All Residential Sales Statistics Up in the Month of July

The month of July was active for Saskatoon REALTORS® selling 403 residential properties that number up 13% from July 2010 when 356 properties sold. Year to Date unit sales numbers stand at 405, that number up 9% from 2010 when the total stood at 2,212. The $300,000 to $350,000 price range continues to be the most active. The average number of days to sell in the month of July was 35 days.

The average residential selling price in July was $303,439.00 this number was up 4% from July 2010 when the average selling price was $290,411.00. At the end of July the year to date average selling price was $305,419.00 up 5% from year to date numbers in July 2010 when the year to date average was $290,559.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

REALTORS® listed 603 homes in July that number up 10% from June 2010 when 549 properties were listed for sale. Year to date 4536 homes have been listed for sale that number up 3% when 4,388 being placed on the market. Home buyers had 1405 homes to select from at the end of July that number down from June 2011 when 1430 were available to purchase.

In areas surrounding Saskatoon e.g. Martensville, Warman, Clavet, etc sales activity was very active with 96 homes selling that number up 37% from July 2010 when 70 homes were sold. REALTORS® listed 619 properties in these areas in the month of July. That number is up 15% from June 2010 when 536 properties were placed on the market for sale. The average selling price in these areas was $289,037.00 up 2% from July 2010 when the average was $284,388.00. During the month of July in areas surrounding Saskatoon it took 63 days on average to sell a property.

The new home market remains strong with steady city lot sales taking place. Interest rates remain unchanged being favorable to purchase that next home. Job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to continue to balance and for prices level or move up slightly due to demand.

Harry H. Janzen, CAE, CRAE
Executive Officer
Saskatoon Region Association of REALTORS®

The Prairies are rising and Saskatchewan is leading the way as home to two of the three fastest-growing cities in Canada, new demographic analysis from Statistics Canada shows.

Saskatoon is the fastest-growing city in Canada, with a population growth rate of 27.7 per 1,000 people between July 1, 2009, and June 30, 2010. That translates into 7,200 more residents, for a total population of 265,300, the agency said Wednesday.

Saskatoon is followed by Vancouver, growing at a rate of 22.3 per 1,000, and Regina, which swelled by 22.3 per 1,000 over that same one-year period.

International migration was the driving force behind the Saskatchewan boom, Statistics Canada says, with nearly half the population growth fuelled by that factor. Saskatoon alone gained 3,300 people through net international migration in that year, outstripping the international draw of larger cities such as Hamilton and Quebec City.

Toronto was Canada's fourth fastest-growing city, followed by Calgary, Moncton, N.B., Edmonton, Ottawa-Gatineau and Winnipeg.

Edmonton and Calgary's growth rates have slowed from their furious pace between 2005 and 2009, when the two Alberta cities never dropped out of the top four in terms of growth, but they remained above the Canadian average.

In contrast, cities including Halifax, Montreal, Kelowna, B.C., Victoria and St. John's had growth rates below the national average. Only two cities — Windsor, Ont. and Sudbury, Ont. — registered negative population growth, driven in both cases by losing residents to other Canadian cities.

As of Canada Day 2010, 23.6 million people or 69.1 per cent of the population lived in one of Canada's census metropolitan areas (CMAs), large urban centres of at least 100,000 people and their surrounding regions, Statistics Canada said.

And these cities are growing faster than the rest of the country: Population growth for CMAs was 14.7 per 1,000 people over that one-year period, compared to 11.5 per 1,000 as a national average and 4.3 per 1,000 in small towns and rural areas.

Second Quarter Residential Home Sale Numbers up from 2010

 REALTORS® were kept very busy in June selling 422 residential homes. That number was up 16% from June 2010 when 364 properties were sold. The greatest sales activity remained in the $300,000.00 to $350,000.00 price range. The average number of days to sell in the month of June was 36 days pointing to an active steady market environment.

The average residential selling price in June was $310,643.00 this number was up 5% from June 2010 when the average selling price was $295,963.00. The increase in the average selling price indicates strong sales activity in the mid to upper price range. Year to date the average selling price date stands at $305,829.00 up 5% from last year at this time when the year to date average price was $290,588.00.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Inventory levels continued to correct in the month of June. Home buyers had 1430 homes to select from at the end of the month that number up slightly from June 2010 when 1412 homes were on the market. REALTORS® listed 770 homes in June that number was up 14% from June 2010 when 677 properties were listed for sale. Year to date 3,934 properties have been listed for sale that number up 2% from June 2010 when 3,839 were placed on the market for sale. Inventory levels remain steady providing home buyers with a reasonable number of homes from which to select.

In areas surrounding Saskatoon home sale activity remained strong with 118 homes selling as compared to 100 homes selling in June 2010. REALTORS® listed 251 properties in these areas in the month of June. That number is up 2% from June 2010 when 247 properties were placed for sale on the market. The average number of days to sell in the areas around Saskatoon during the month of June was 55 days.

Saskatoon’s economy remains strong. Consumer optimism in the economy is shown by their willingness to invest both in residential and commercial real estate. Many renters are looking to purchase, many current home owners are looking to move up in house and many REALTORS® are working with clients wanting to move to Saskatoon from out of province.

An important factor of a strong housing market is the activity experienced in new home sales. Saskatoon’s new home market remains strong with steady city lot sales taking place. Interest rates are favorable to purchase that next home and job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to continue to balance and for resale prices to move up slightly due to demand

Harry H. Janzen, CAE

Executive Officer

Residential Home Sales Remain Strong

May’s residential home sale market was up 21% from May 2010 with 423 homes selling as compared to 351 homes selling in May last year. The greatest sales activity remained in the $300,000 to $350,000 price range with many first time buyers entering the market. The average number of days to sell lessened from May 2010 when it took 36 days on average to sell as compared to 33 days to sell this indicating an active market environment.
The average residential selling price in May was $317,932 this number was up 8% from May 2010 when the average selling price was $295,167. The increase in the average selling price indicates strong sales activity in the mid to upper price range. Year to date the average selling price stands at $304,664 up 5% from last year at this time when the average price was $289,277.
The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.
Inventory levels continued to stabilize in the month of May. Home buyers had 1378 homes to select from at the end of the month that number up slightly from May 2010 when 1300 homes were on the market. REALTORS® listed 762 homes in May that number was down 2% from May 2010 when 779 properties were listed for sale. Year to date 3,164 properties have been listed for sale that number on par with 2010. Inventory levels remain steady providing home buyers with a reasonable number of homes from which to select.
In areas surrounding Saskatoon home sale activity was up 21% from May 2010 with 104 homes selling as compared to 86 homes selling in May 2010. REALTORS® listed 319 properties in these areas in the month of May. That number is up 17% from May 2010 when 272 properties were placed for sale on the market. In the month of May the average number of days to sell lessened from 65 days to sell in May 2010, to 54 days to sell this May.
Optimism in Saskatoon’s economy remains high. This in turn is reflected in the consumer’s willingness to invest both in residential and commercial real estate. The first ever annual Saskatchewan Real Estate Forum held at TUC place last month attracted 460 participants. Attendees represented every sector imaginable from across the province and note worthy was the very high attendance from out of province.
Conference goers were determined to find out what the buzz is in Saskatoon and in our province and why so many people want to buy and invest in Saskatchewan. All of this interest and activity is only the beginning of what we will see in the real estate market in Saskatoon and area in the days and months ahead. In addition renters are looking to purchase and many current home owners are looking to move up in house.
Saskatoon’s new home market remains strong with steady city lot sales taking place. Interest rates are favorable to purchase that next home and job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to increase marginally and for resale prices to move up slightly due to demand.
Harry H. Janzen, CAE
Executive Officer
Saskatoon Region Association of REALTORS®

Study: Hottest economies in Canada are in Calgary, Edmonton, Regina, Saskatoon

CALGARY — Four cities in Saskatchewan and Alberta will occupy the top four spots in the economic growth leaderboard, according to the Spring 2011 edition of The Conference Board of Canada’s Metropolitan Outlook released Thursday.

“Buoyed by the resources and energy sectors, the economies of Saskatoon, Calgary, Regina and Edmonton will post noticeably stronger growth than the other cities covered in this report,” said Mario Lefebvre, Director, Centre for Municipal Studies, for the board.

The report said Saskatoon and Regina are benefiting from strong resource development in the province, while healthy population growth is bolstering the housing markets in both cities. The medium term outlook is also bright, with both economies expected to grow at an even faster pace. Saskatoon’s economy will expand by 4.1 per cent this year, and is expected to remain among the CMA growth leaders through 2013. Regina’s real gross domestic product (GDP) is slated to rise by 3.1 per cent this year.

“A promising outlook for the Alberta energy sector will be a boon for the Calgary and Edmonton economies. Calgary remains the services hub for the province’s energy sector and is forecast to post the second strongest economic growth rate (behind Saskatoon) at 3.4 per cent this year,” said the report.

It also forecast Calgary’s economic growth rate to average 4.1 per cent between 2012-2015.

The conference board said the city’s economy rebounded in 2010, with real gross domestic product growth coming in at 3.2 per cent.

“While output growth was strong in many sectors, the manufacturing, transportation and warehousing, and wholesale and retail trade industries posted the most impressive gains,” said the conference board report. “In 2011, activity in the goods sector is poised to improve once more, mainly thanks to continued strength among local manufacturers.

“Meanwhile, growth in the services sector is expected to be about the same, with fairly solid consumer spending again providing a lift to total services sector output.

The conference board said energy prices, which have strengthened considerably since the end of last year, are expected to stay strong over the next few months.

“As a matter of fact, oil and gas prices are poised to remain above their historical average over the rest of the forecast horizon (2011 to 2015), further stimulating activity in the oil patch,” it said. “As a result, investment in energy-related projects is projected to remain vigorous in Alberta. The latest estimates show that about $14.2-billion worth of energy-related projects are now under way in the province. Another roughly $39.1-billion worth of new development has already been announced, while more than $49.7-billion worth of oil and gas projects has been proposed for the future. All of this bodes well for the province’s energy sector outlook over the entire forecast period.”

All this investment will be a blessing to Calgary’s economy, which remains the services hub of the province’s energy sector, added the conference board.

Although the energy sector will bolster Edmonton’s outlook, real GDP is forecast to increase by 3.1 per cent in 2011, down slightly from its 2010 pace and due to more moderate growth in the construction, manufacturing and services sectors.

The other cities considered in the study include Halifax, Quebec City, Montreal, Ottawa-Gatineau, Toronto, Hamilton, Winnipeg, Vancouver and Victoria.

mtoneguzzi@calgaryherald.com

Residential Home Sales Soften Slightly Prices Remain Strong

April’s residential home sale market softened somewhat with 343 homes selling as compared to 369 homes selling in April 2010. The greatest sales activity remained in the $300,000.00 to $350,000.00 price range. The average number of days to sell in the month of April was 36 days pointing to an active steady market environment.

The average residential selling price in April was $315,866.00 this number was up 6% from April 2011 when the average selling price was $298,481.00. The increase in the average selling price indicates strong sales activity in the mid to upper price range. Year to date the average selling price date stands at $299,843.00 up 4% from last year at this time when the average price was $287,464.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Inventory levels continued to correct in the month of April. Home buyers had 1300 homes to select from at the end of the month that number up slightly from April 2010 when 1258 homes were on the market. REALTORS® listed 634 homes in April that number was down 19% from April 2010 when 784 properties were listed for sale. Year to date 2,403 properties have been listed for sale that number on par with 2010 when 2,383 were placed on the market for sale. Inventory levels remain steady providing home buyers with a reasonable number of homes to select from.

In areas surrounding Saskatoon home sale activity also softened slightly with 93 homes selling as compared to 113 homes selling in April 2010. REALTORS® listed 296 properties in these areas in the month of April. That number is up 3 % from April 2010 when 288 properties were placed on the market for sale. The average number of days to sell in the areas around Saskatoon during the month of April was 65 days.

Optimism in Saskatoon’s economy remains high which in turn is reflected in consumer’s willingness to invest both in residential and commercial real estate. Renters want to purchase, many current home owners are looking to move up and REALTORS® also report significant interest from clients wanting to move to Saskatoon from out of province.

An important factor of a strong housing market is the activity experienced in new home sales. Saskatoon’s new home market remains strong with steady city lot sales taking place. Interest rates are favorable to purchase that next home and job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to continue to balance and for resale prices to move up slightly due to demand.

Harry H. Janzen, CAE
Executive Officer
Saskatoon Region Association of REALTORS®

OTTAWA – March 15th, 2011 – CANADIAN REAL ESTATE ASSOCIATION

According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity in February 2011 ran close to the five-year average for the month, continuing a theme that has characterized the past four months.

Actual (not seasonally adjusted) national sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards came in 5.9 per cent below levels reported last February. This marks the smallest year-over-year decline in nine months, and the fourth consecutive month in which sales activity was on par with the five-year average for that month.

Seasonally adjusted home sales activity edged down 1.6 per cent in February 2011 compared to the previous month on a national basis. Sales activity eased in almost two-thirds of all local markets from the previous month, offsetting monthly increases in activity among other markets including Vancouver and Calgary.

Nationally, new listings in February edged up 1.5 per cent from the previous month on a seasonally adjusted basis, which builds on the 4.3 per cent monthly increase in January. The rise in new listings is consistent with CREA’s expectation that many sellers, who shied away from listing their home last summer when the national housing market softened, would list their home in early 2011, having by now observed improved demand and stable prices.

With both sales activity and new supply little changed in February, the housing market remained firmly in balanced territory. The national sales-to-new listings ratio, a measure of market balance, stood at 53.5 per cent in February. This is little changed from the previous four months.

“Most local housing markets in Canada are well balanced, but there are still a number of buyers’ and sellers’ markets,” said Georges Pahud, CREA’s President. “Housing market trends often evolve and diverge from national trends due to local factors, so buyers and sellers should consult their local REALTOR® to understand how the housing market is shaping up where they live.”

The number of months of inventory represents the number of months it takes to sell current inventory at the current rate of sales activity, and is another measure of the balance between housing supply and demand. The seasonally adjusted number of months of inventory stood at 5.7 months at the end of February on a national basis. This is little changed from the 5.5 months reported in January, when it reached the lowest level since last April.

The national average price for homes sold in February 2011 rose 8.8 per cent year-over-year to $365,192. “The average price has been skewed higher nationally and in British Columbia recently by a record number of multi-million dollar sales in a couple of areas in Greater Vancouver,” said Gregory Klump, CREA’s Chief Economist.

“When you take Vancouver out of the equation, the year-over-year increase in the national average price drops to 3.4 per cent,” added Klump. “While that’s still stronger than in the past six months or so, national average price gains may recede after tighter mortgage regulations take effect in March.”

Residential Resale Market Maintains its Momentum

The February resale market remained strong with Saskatoon REALTORS® assisting 282 home buyers with the purchase of their next home. This number was up 20 % from February 2010 when 235 homes were sold. The $250,000.00 to $275,000.00 price range was the most active indicating greater activity in the entry level and mid price range of homes. The average number of days to sell in the month of February was 41 days.

The average residential selling price in February was $287,202.00 this number down 1 % from February 2010 when the average selling price was $290,941.00. The year to date average selling price stands at $292,463.00 up 4% from last year at this time.
The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area.

Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Home buyers had 1046 homes to select from at the end of February that number up from February 2010 when 866 homes were on the market. REALTORS® listed 545 homes in February that number up 17% from February 2010 when 465 properties were listed for sale. Year to date 1076 properties have been listed for sale up 25% from 2010 as a result home buyers are enjoying a slightly improved inventory level.

In areas surrounding Saskatoon sales activity continued to improve with 63 homes selling that number up 66% from February 2010 when 38 homes were sold. REALTORS® listed 177 properties in these areas in the month of February. That number is up 2% from February 2010 when 173 properties were placed on the market for sale. The average number of days to sell in areas around Saskatoon during the month of February was 58 days.

Optimism in the Saskatoon economy remains high. Evidence of this is seen on numerous fronts. Renters want to purchase, many current home owners are looking to move up and REALTORS® report significant interest from clients wanting to move here from out of province.

An important factor of a strong housing market is the activity experienced in new home sales. Saskatoon’s new home market remains strong with steady city lot sales taking place. Interest rates are favorable to purchase that next home and job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to continue to balance and for resale prices to move up slightly due to demand.

Harry H. Janzen, CAE
Executive Officer
Saskatoon Region Association of REALTORS®

2011 Residential Sales Market Begins on a Positive Note

The 2011 residential resale market started on a positive note with Saskatoon REALTORS® assisting 195 home buyers with the purchase of their dream home. This number was up 10 % from January 2010 when 178 homes were sold. The $300,000 to $350,000 price range continues to be the most active. The average number of days to sell in the month of January was 43 days.

The average residential selling price in January was $300,353.00 this number up 11 % from January 2010 when the average selling price was $270,265.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

REALTORS® listed 531 homes in January that number up 34% from January 2010 when 395 properties were listed for sale. Home buyers had 958 homes to select from at the end of January.

In areas surrounding Saskatoon sales activity was very active with 57 homes selling that number up 73% from January 2010 when 33 homes were sold. REALTORS® listed 214 properties in these areas in the month of January. That number is up 60 % from January 2010 when 134 properties were placed on the market for sale. The average number of days to sell in areas around Saskatoon during the month of January was 60 days.

The new home market remains strong with steady city lot sales taking place. Interest rates remain unchanged being favorable to purchase that next home. Job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to continue to balance and for prices level or move up slightly due to demand.

Harry H. Janzen, CAE
Executive Officer
Saskatoon Region Association of REALTORS®

2010 Housing Market Ends on a Positive Note

The 2010 housing market has ended as forecasted. Unit sales activity was expected to soften slightly from 2009. The 189 sales in Saskatoon declined 10% from December 2009 when 210 properties exchanged hands, the year to date unit sales number stands at 3,558 down 7% from the 2009 year end figures when 3,819 homes had sold. Saskatoon REALTORS® sold $1,054,512,974.00 of real estate in 2010; this number is down 1% from the 2009 year end figures. The number of days to sell was 48 days in December.
Stable prices should be seen as a positive. It suggests a reasonable balance between buyer demand and sellers wishing to sell their home. The average selling price in the month of December was $300,693.00 up 3% from December 2009 when the average was $290,561.00. The year to date average selling price is $296,378.00 up 6% from 2009 when the average was $278,693.00.
The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.
274 home owners placed their property on the market in December that number up 30% from December 2009 when 211 homes were listed for sale. Year to date 6,757 homes were listed for sale up 5% from 2009 when 6,459 homes were placed on the market. The market continues to correct from the activity experienced in 2008 when year to date listing numbers stood at 8,135. Home buyers had 790 residential properties to select from at the end of December.
Activity in and around Saskatoon was similar to that of the city. 38 properties sold that number down 19% from the strong market in December 2009 when 47 homes exchanged hands. The average price in these areas in December was $295,905.00 up 14% from 2009 when the average was $258,996.00. The year to date average selling price was $257,426.00 on par with 2009. REALTORS® listed 93 homes in the areas around Saskatoon that number up 11% from December 2009 when 84 homes were listed.
All indicators point to an active 2011 housing market. Optimism begins with the many economic development projects planned not only for Saskatoon but in many areas of the province. In migration continues to increase with those moving to Saskatoon contributing to the local economy in many ways in addition to providing a catalyst for the housing market. Even though interest rates have edged up slightly they remain attractive for those needing to mortgage the purchase of a home.
Harry H. Janzen, CAE
Executive Officer
Saskatoon Region Association of REALTORS®

Residential Home Sales Edge Up Slightly in the Month November

Last month Saskatoon REALTORS® assisted 283 home buyers with the purchase of their dream home. This number was up 12 % from November 2009 when 253 homes were sold. The year to date sales number stands at 3,396 down 7 % from the same time last year when 3,609    units had sold. The $300,000 to 350,000.00 price range continues to be the most active. The average number of days to sell in the month of November was 42 days.

The average residential selling price in November was $312,893.00 this number up 13 % from November 2009 when the average selling price was $277,766.00. The average price year to date is $296,136.00 up 7% from 2009 at this same time when the average was $278,002.00.    

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Home buyers had 1,045 homes to select from at the end of November that number up from November 2009 when 877 homes were on the market for sale. REALTORS® listed 403 homes in November that number up 13% from November 2009 when 356 properties were listed for sale.

In areas surrounding Saskatoon sales activity was steady with 75 homes selling that number on par with November 2009. Year to date REALTORS® have sold 857 homes in areas around Saskatoon that number down 5 % from 2009 when the year to date figure stood at 903 homes sold. REALTORS® listed 154 properties in these areas in the month of November. That number is up 20 % from November 2009 when 128 properties were placed on the market for sale. The average number of days to sell in areas around Saskatoon during the month of November was 78 days.

Fourth quarter unit sale activity is performing as forecast. The new home market remains strong with steady city lot sales taking place. Interest rates have edged up ever so slightly but have seemly had little impact on home sales. Job creation in the Saskatoon area remains steady. The forecast for the remainder of 2010 is for listing and sales numbers to continue to balance and for prices level as well.

Harry H. Janzen, CAE

Executive Officer

Saskatoon Region Association of REALTORS®

October Real Estate Sales Maintains Softening Trend

As forecast, the unit sales number for the month of October declined by 15% with 262 properties being sold as compared to 309 properties selling in October 2009. However the average selling price in October was $293,929.00 up 7% from October 2009 when the average was $274,879.00. The year to date unit sales number is down 8% with 3,088 homes having sold as compared to 3,356 homes having sold year to date in 2009.
The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.
For the first time in a while, in October the $250,000.00 to $275,000.00 entry level price range experienced the greatest sales activity. Year to date the $300,000.00 to $350,000.00 range still has dominant sales activity.
REALTORS® listed 455 homes in the month of October the number up 3% from October 2009 when 441 homes were placed on the market. Year to date listing numbers are up 3% with 6,081 properties being listed for sale. Consumers had 1,219 homes to select from at the end of October.
Sales activity in the smaller communities around Saskatoon e.g. Martensville, Warman, Dundurn remained very steady with 77 units selling. That number was down 14% from October 2009 when 90 units sold. The average selling price was down 3% at $243,353.00, the year to date average selling price in these areas is up 1% at $255,409.00. Listing numbers were down 4% with 190 properties being placed on the market for sale as compared to 198 in October 2009.
Sales activity is expected to remain steady for the remainder of the year. Interest rates remain attractive and job creation continues at a reasonable pace. Existing home sales may continue to soften slightly given steady growth in the new home sector which impacts existing home sales and averages.
Harry H. Janzen, CAE
Executive Officer
Saskatoon Region Association of REALTORS®
 

Saskatoon house prices level off after peaking in first half of 2010

The Royal LePage House Price Survey released today showed softening price appreciation across most housing types surveyed in Saskatoon. The modest year-over-year price increases reflect strong activity at the end of 2009 and beginning of 2010, but market activity slowed down considerably in the third quarter of this year. Overall unit sales for the third quarter were down 18 per cent from last year.

“Along with this slowdown in activity, we have seen a considerable increase in inventory compared to last year,” said Norm Fisher, Royal LePage Saskatoon Real Estate. “Buyers are not feeling a lot of pressure to act quickly right now, so demand is dropping off.”

Detached bungalows led the way with year-over-year price gains of 5.5 per cent, selling for an average of $328,750 in the third quarter. Standard condominiums sold for an average of $230,000, up 4.5 per cent from last year, while prices for standard two-storey homes were up 2.7 per cent year-over-year, selling for a third-quarter average of $350,000.

“It’s not clear why detached bungalows experienced the strongest price gains, however lower priced properties are always most in demand,” explains Fisher. “We’re beginning to see prices level off after peaking at the beginning of 2010.”

Detached bungalows and standard condominiums showed the greatest sales volume decreases for the third quarter, with single family homes under $400,000 down 30 per cent and condos under $250,000 down 25 per cent from last year. Multiple offers are rare, except when properties are priced below market value. Houses typically sold below asking price.

“With this softening of the market, sellers need to price their homes accurately,” says Fisher. “However, Saskatoon’s population is growing steadily as our employment rates are among the best in the country – so buyers are definitely out there.”

Nationally, Canada’s residential real estate market saw year-over-year growth in the third quarter as fears of a double dip recession or a housing bubble faded. House price appreciation slowed to a more modest five per cent in the quarter, which is historically typical of balanced real estate markets.

“Most Canadian housing markets cooled in the third quarter. In fact, the year is unfolding much as we predicted, with the unusually active first half of 2010 giving way to slower markets in the later part of the year.  Helped by very low rates in a competitive mortgage financing market, the third quarter was slightly stronger than anticipated, on new demand fuelled by improved affordability in many regions,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. Looking ahead, it is very unlikely that the period from now to year-end can keep pace with the activity levels posted in the overheated market of the final quarter of 2009.”

In the third quarter, the average price of a detached bungalow in Canada was up 4.6 percent to $324,531, compared to a year ago. Over the same period, standard two-storey homes rose 4.4 percent to $360,329 while standard condominiums rose 3.9 percent to $226,481.

“House price growth now sits just below the long term annual average of approximately five per cent, but once this is adjusted for inflation, which is very low and expected to continue to be that way for some time, appreciation is right on track.  Canadian homeowners will be pleased,” said Soper.

RE/MAX paints rosy fall housing market picture

Demand for Residential Housing Softened Slightly
During the Third Quarter of 2010

For the month of September unit sales were down by 13% with 304 units selling as compared to 351 units selling in September of 2009.Year do date unit sales are down 7% with 2,830 units having sold. The average time on the market was 39 days. The greatest sales activity remains in the $300,000.00 to $350,000.00 price range.
The average residential selling price in September was $312,582.00 up 12% from September 2009 when the average selling price was $279,457.00. Year to date the average selling price is also up 6% and stands at $294,465.00. The increased average selling price indicates sustained activity in the mid to upper price range. Another contributing factor is with new home construction being active numerous new homes are being sold through the MLS® system. Often these new homes are in the mid to higher price range impacting the average selling price.
The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.
Year to date REALTORS® have sold $833,335,308.00 of real estate down 2% from 2009 when year to date $848,096,579.00 of real estate had sold. Listing numbers are up 15% from September 2009 with 594 properties being listed in September. Year to date the listings taken number is up by 3% with 5,626 properties being placed on the market. Home buyers had 1,304 homes to select from at the end of September.
The market softened somewhat in communities around the city. Unit sales in e.g. Martensville, Warman, Clavet and Dundurn had 79 sales take place down 34% from September 2009 when 119 homes were sold. The average selling price for September in these communities was $249,825.00 that number down 8% from September 2009 when the average was $271,401.00. Listing numbers were down slightly in the month of September with 272 properties being placed on the market down 7% from September 2009 when 294 homes were placed on the market for sale.
Consumers continue to express their confidence in the local economy as evidenced by their buying patterns. Employment numbers continue to increase. New home construction is doing well, retail sales are strong and when coupled with low interest rates conditions are favourable for a sustainable market environment. Sales and listing activity is expected to remain similar throughout the fourth quarter.

Harry H. Janzen, CAE
Executive Officer
Saskatoon Region Association of REALTORS®

Residential Home Sale Numbers Down - Average Selling Price Up

Saskatoon REALTORS® assisted 313 buyers with the purchase of a home in the month of August. This number was down 20% from August 2009 when 392 homes were sold. Year to date 2,527 homes have sold, down 6% from 2009 when year to date numbers stood at 2,696. The increase in new home sales has somewhat impacted the resale market.
Increased sales activity in the mid to upper price range homes contributed to the 8% rise in the average selling price in August which stood at $305,866.00. The average selling price in August 2009 was $282,320.00. The year to date figure stands at $292,323.00 up 5% from 2009 when the average was $278,193.00. The highest sales activity remains in the $300,000.00 to $350,000.00 price range.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

645 properties were placed on the market for sale in the month of August; this number is up 25% from August 2009 when 517 homes were listed for sale. The year to date listing number stands at 5,033. Home buyers had 1,355 homes to select from at the end of August on par with last month when 1,334 homes were for sale.

In areas surrounding Saskatoon e.g. Martensville Warman and Dundurn unit sales were down 6% with 90 properties being bought as compared to August 2009 when 96 homes were purchased. The average selling price was $259,338.00 down 4% from August 2009 when the average was $270,488.00. Listing numbers were up 25% in the areas around Saskatoon with 248 properties being listed as compared to 199 in August 2009.

Residential sale numbers are expected to remain on par or soften slightly for the remainder of the year. Interest rates are favourable, confidence remains strong in the local economy and new home sales continue to build momentum. These are all necessary components to maintain a stable market environment.

Harry H. Janzen, CAE
Executive Officer
Saskatoon Region Association of REALTORS®

Home starts growing

Sask. housing still lags behind boom years

By Bruce Johnstone, Saskatchewan News Network; Regina Leader-PostSeptember 1, 2010

Saskatchewan's home-building industry is rebounding from last year's slowdown, with 4,725 starts projected for 2010, a 25 per cent increase over 3,866 in 2009, Canada Mortgage and Housing Corp. (CMHC) said in its latest housing market outlook.

Next year, total housing starts are expected to increase by a more modest two per cent to 4,900, well below the 6,828 starts recorded in 2008, but higher than pre-2007 housing activity levels, a CMHC analyst said Tuesday. "After the economic downturn (in 2009), we had a quick recovery in the housing market," said Lai Sing Louie, regional economist with CMHC in Calgary. "Now we're looking at a period where the market is starting to moderate again."

Louie said 2010 housing starts bounced back strongly after a weak year in 2009, which saw nearly 3,000 fewer starts than the previous year. But the 25 per cent increase forecast for 2010 is not sustainable, hence the projected two per cent increase in starts in 2011. "During the economic downturn, we had a sharp contraction in housing activity. Then we had a lot of stimulus and the housing market bounced up quite quickly. Now we're in a period where we're going to move sideways a little more than up and down." Saskatchewan's housing sector is not expected to return to the boom years of 2007 and 2008, when housing starts soared to record heights borne on the wings of a booming provincial economy. "We're coming back, but we're not going to see 6,800 housing starts like we did in 2008. We're moving in the right direction." Louie said.

Saskatoon is expected to have 1,500 starts in 2010, up from 1,428 in 2009, and rising to 1,750 in 2011. Regina is forecast to see 970 housing starts in 2010, up from 930 in 2009, rising to 1,100 in 2011. By comparison, Saskatchewan's resale housing market will see slower growth in the next two years, with total sales on the multiple listing service (MLS) of 10,500 in 2010 and 10,800 in 2011, slightly below the 10,856 MLS sales posted in 2009.

Increased inventory of resale homes on the market, rising prices and competition from new home construction are the main reasons for the slower pace of home sales, he said. "We're projecting (2010 MLS) sales transactions will be a little bit below 2009 levels," Louie said. "We're looking for some price moderation by year-end, but we expect prices to be higher than they were last year."

For Saskatchewan, the average MLS sales price is expected to rise to $239,250 in 2010, up from $233,700 in 2009, then rising again to $246,200 in 2011. But resale housing prices haven't contracted, like they did in Alberta in 2009, where the average MLS price fell to $341,200 from $352,855 in 2008. "In Alberta, lots of the markets are buyers' markets. In Manitoba, Winnipeg is still a sellers' market. In Saskatchewan, the markets are sort of in the middle. They're balanced."

In Saskatoon, the average MLS price is expected to reach $285,000 in 2010, up from $278,900 in 2009, increasing to $295,000 next year. Regina's average MLS price is forecast to hit $254,000 in 2010, up from $244,100 in 2009, rising to $263,000 in 2011. Across the Prairies, housing starts in 2010 will rise significantly in all three provinces, with Alberta experiencing the largest increase, CMHC said.

Prairie housing starts will increase by more than 35 per cent from last year. "Prairie housing starts are expected to rise again in 2011, but the growth rate is projected to ease to under six per cent," Louie said in the outlook report.

© Copyright (c) The StarPhoenix

Residential Home Sales Soften in the Month of July

Home buying activity was down slightly in the month of July with 357 homes selling down 18% from July 2009 when 438 homes were sold. Year to date unit sale numbers are down 4% with 2,217 homes having sold as compared to 2,304 selling in 2009 at this time of year. The majority of the sales activity remained in the $300,000.00 to $350,000.00 price range.

The average selling price remained strong at $289,715.00 up 2% from July 2009 when the average was $283,531.00. Year to date the average selling price is $290,515.00 up 5% from 2009 when the average year to date number was $277,490.00. The higher average selling price indicates continued strength in the mid price range homes. In July it took 39 days on average to sell a home.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Home buyers had 1,334 properties to select from at the end of July. Inventory levels decreased from the month of June when 1412 homes were on the market. Listing inventory continues to balance with REALTORS® listing 550 properties in the month of July that number down 7% from July 2009 when 594 homes were placed on the market for sale. Year to date listing numbers are on par with 2009 with 4,389 having been listed for sale.

Similar sales and listing activity was seen in the areas around Saskatoon e.g. Martensville, Warman, Clavet and Dundurn. Unit sales softened with 71 properties selling down 34% from July 2009 when 108 properties sold. The average price increased to $284,158.00 up 12% from July 2009 when the average selling price was $254,123.00. Listing numbers were down 15% with 230 properties being placed on the market. Year to date 1,643 have been placed on the market.

Market demand remains steady, interest rates are favorable and job growth continues. Similar market conditions are expected for the remainder of the summer.

Harry H. Janzen, CAE
Executive Officer
Saskatoon Region Association of REALTORS®
 

Residential Unit Sales Softened in the Month of June

The second quarter of 2010 ended with 1,863 year to date residential unit sales on par with 2009. The unit sales number for the month of June declined by 17% with 364 properties being sold as compared to 441 properties selling in June 2009. However the average selling price in June was $295,963.00 up 7% from June 2009 when the average was $276,194.00. This increase indicates strong activity in the mid to upper price range of homes. The $300,000 to 350,000.00 price range continues to experience the greatest sales activity
The average residential selling price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.
REALTORS® listed 676 homes in the month of June a similar number to June 2009 when 669 homes were placed on the market. Year to date listing numbers are on par with 3,838 properties being listed for sale. Consumers had 1,412 homes to select from at the end of June.
Sales activity in the smaller communities around Saskatoon e.g. Martensville, Warman, Dundurn remained very balanced with 101 units selling. That number was up 3% from June 2009. The average selling price was up 1% at $254,203.00, the year to date average selling price in these areas is up 4% at $252,788.00. Listing numbers were down 4% with 246 properties being placed on the market for sale as compared to 257 in June 2009.
Similar market activity is expected in the third quarter. New home sales are brisk, interest rates remain attractive, job creation continues to increase and regular in migration is taking place. In addition consumer confidence in the local economy also remains strong. All of these are necessary components of a healthy real estate market environment.
Harry H. Janzen, CAE
Executive Officer
Saskatoon Region Association of REALTORS®

While the rest of Canada has been otherwise occupied, Saskatchewan has been morphing into one cool destination.

Thanks to the province's abundant natural resources, its cities have been enjoying an economic boom. In Saskatoon, prosperity has heightened the appeal of its vibrant downtown and lively cultural scene. With 150 shops, restaurants and theatre, the Broadway District, for one, is a noted destination for sophisticated dining and entertainment.

For a spectacular view of downtown by the South Saskatchewan River, take a stroll along the Canadian Pacific Railway Bridge. From there the adventurous can access the 60-kilometre Meewasin Valley Trail that follows both banks of the river and leads into the countryside.

The Ukrainian Museum of Canada is notable for its exquisite collection of painted Easter eggs and the Mendel Art Gallery for its Canadian and European art. Kids will enjoy the 1910 Boomtown exhibit at the Western Development Museum that recreates daily life during Saskatoon's first economic boom.

Live theatre is a vibrant part of the cultural scene, and festivals run year round. The annual Fringe Theatre Festival from July 29 to Aug. 7 (25thstreettheatre.org) is always a highlight, as is the SaskTel Saskatchewan Jazz Festival June 25 to July 4 (saskjazz.com). Regina hosts the popular Regina Folk Festival Aug. 6 to 8 (reginafolkfestival.com), described by one commentator as "Haight-Ashbury with Tilley Hats." Saskatchewan's capital has a thriving culture of dance, music and the arts.

There is also a burgeoning gourmet scene as local chefs redefine Prairie cuisine and find enterprising ways to showcase regional foods. To relax and enjoy a natural oasis in the heart of the city, visit the Wascana Centre, a 2,300-acre park and lake. Here you can rent bicycles or paddle boats, bird watch at the Waterfowl Park or listen to an outdoor concert. Nearby are a handful of interesting museums and art galleries. The MacKenzie Art Gallery has a one of the best collections of Canadian art. Both the Royal Saskatchewan Museum and Saskatchewan Science Centre are geared to families with multimedia exhibits and displays. You can also find out how the RCMP always get their man at the RCMP Heritage Centre, a stunning modern structure designed by renowned architect Arthur Erickson.

Football season starts in June and ends in November. Take in a Saskatchewan Roughriders game to see "Rider Pride" in action and witness the diehard fans sporting their creative headgear made from local watermelons.

Less than 30 minutes away in the beautiful Qu'Appelle Valley you'll find the massively popular Craven Country Jamboree from July 15 to 18 (cravencountryjamboree.com), which draws about 23,500 people every year. Go a little farther and you'll find yourself wandering the natural sands of Regina Beach. Head west and explore Saskatchewan's shady past in the "gangster tunnels" of Moose Jaw and be pampered at the city's Temple Gardens Mineral Spa Resort.

Follow the Louis Riel Trail north from Regina to Prince Albert, visiting Metis communities and celebrating their heritage through rodeos and jamborees. Or, just south of Regina, stop in at one of the many charming communities that celebrate bilingual culture, such as Gravelbourg which styles itself "a touch of Europe on the Prairies."

No matter where you go, you'll be surprised by the diversity of the province's landscape and communities.

CALENDAR

Windscape Kite Festival, Swift Current (June 19 to 20; www.windscapekitefestival.ca)

SaskTel Saskatchewan Jazz Festival, (June 25 to July 4; saskjazz.com)

Craven Country Jamboree, Craven Valley (July 15 to 18; www.cravencountryjamboree.com)

Saskatoon Fringe Theatre Festival, (July 29 to Aug. 7; www.25thstreettheatre.org)

Regina Folk Festival, (Aug. 6 to 8; www.reginafolkfestival.com)

Residential Housing Market Remains Steady

The residential housing market remained steady in the month of May. Unit sales were down by 4% with 354 units selling as compared to 369 units selling in May of 2009.Year do date unit sales are up 5% with 1501 units having sold.

The average price in May was $294,516.00 up 5% from May 2009 when the average selling price was $279,287.00. Year to date the average selling price is also up 5% at $289,324.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Year to date REALTORS® have sold $434,275,000.00 of real estate up 10% from 2009 when year to date when $393,349,000.00 of real estate had sold. Listing numbers are up 8% from May 2009 with 779 properties being listed in May. Year to date numbers are on par with 3,162 properties being placed on the market. Home buyers had 1403 homes to select from at the end of May.

The market softened slightly in communities around the city. Unit sales in e.g. Martensville, Warman, Clavet and Dundurn had 86 sales take place down 11% from May 2009 when 97 homes were sold. The average selling price for May in these communities was $271,192.00 that number up 14% from May 2009 when the average was $238,904.00. Listing numbers were down slightly in the month of May with 272 properties being placed on the market down 4% from May 2009 when 284 homes were placed on the market for sale.

Consumers are expressing confidence in the local economy as evidenced by their buying patterns. New home construction is doing well, retail sales are strong and when coupled with low interest rates conditions are favourable for a vibrant market environment. Sales and listing activity is expected to remain similar to the end of the second quarter.

Harry H. Janzen, CAE

Executive Officer

Saskatoon Region Association of REALTORS®

Residential Real Estate Market Gains Momentum in April

All statistical measures were up in the month April beginning with units sales, up 6% with 372 homes being purchased as compared to 352 homes purchased in April 2009. Year to date numbers remain strong with 1147 units being purchased as compared to 1056 in 2009. REALTORS® sold $111,307,000.00 of real estate in April up 15% from April 2009. Year to date $330,016,00.00 of real estate has exchanged hands up 14% from 2009.

The average residential selling price was $299,214.00 that number up 9%from April 2009 when the average $275,586.00. The year to date average selling price stands at $287,722.00 up 5% from 2009.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Eager home buyers had a slightly increased inventory to select from at the end of April with 1258 homes being for sale. The number of listings taken by Saskatoon REALTORS® in the month of April was up by 13% with 784 properties being placed on the market as compared to 693 in April 2009. Year to date 2383 homes have been listed for sale.

Real estate activity was up in areas surrounding Saskatoon e.g. Martensville, Warman, Clavet and Dundurn. Unit sales were up 39% with 115 properties being purchased. The average selling price was $233,792 down 10% from April 2009 when the average was $260,956. This decline in the average selling price indicates more properties selling in the lower to mid price range.

All indicators point to a stable market conclusion for the second quarter. The market is fairly balanced with sufficient inventory being available for home buyers. Consumer confidence and optimism in the local and provincial economy is high. Job creation and availability remains steady. New home starts are steady and interest rates are favorable, all necessary components to maintain vibrant market.

Harry H. Janzen, CAE

Executive Officer

Saskatoon Region Association of REALTORS®

 RESIDENTIAL SALES UP IN FEBRUARY

Warmer weather and possibly the Olympic spirit brought numerous home buyers out in the month of February. 236 homes were purchased in February that number up 8% from February 2009 when 219 homes were purchased. The average selling price was $291,056.00 that number up 4% from February 2009 when the average was $280,784.00.

The average number of days to sell a property in February was 34 days indicating a steady active market environment.  The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

REALTORS® listed 464 residential properties in February that number down 18% from last year at this time verifying continued inventory correction. Year to date listing numbers are down approximately 20%. Home buyers had 866 home to select from at the end of the month.

Residential sales activity in communities around Saskatoon was down slightly from 2009.  38 homes were purchased in February as compared to 193 being purchased in February 2009. The average selling price was up 3% at $265,011.00. Year to date 307 properties have been listed in these areas around Saskatoon, this number represents a 7% decline from 2009.

Consumer confidence is certainly being verified by the number of home buyer inquires, open house attendance and increased daily REALTOR® website hits. Interest rates are favorable; there is a reasonable inventory level in both new and existing homes, all necessary components for a healthy market place. Activity is expected to increase as we approach the spring market.

Harry H. Janzen, CAE, Executive Officer

Saskatoon Region Association of REALTORS®

Record Breaking Square Footage in Saskatoon Office Market

- Saskatoon office market leads the country in positive absorption rates

and is positioned for growth after near zero vacancy -

March 4, 2010, Saskatoon – Colliers McClocklin reports the Saskatoon downtown office market has reached a record breaking two million square feet and will continue to grow as new downtown office developments near completion in 2010.  “Saskatoon is in a strong position to accommodate new business to the downtown core as additional office space enters the market,” says Tom McClocklin, president, Colliers McClocklin. “This is a welcome change after experiencing/following restrictive vacancy levels.”

Downtown Saskatoon Expands

Saskatoon is experiencing its third consecutive year of positive absorption in the downtown office market, indicating strong demand despite the recession. Throughout 2009, Saskatoon led Canada with 3.7% of Class A absorption as compared with Vancouver (-2%), Regina (1%), Toronto (1%), Calgary (-3%), and Edmonton (-1%). The last quarter of 2009 saw the completion of Discovery Plaza, increasing downtown office inventory by 50,000 square feet.  With the introduction of BHP Billiton into Discovery Plaza, Saskatoon experienced 16,000 square feet of positive absorption, leaving 31,000 square feet of new inventory available for lease.

Stable Average Vacancy Rate

The overall downtown office market remains healthy at 6.14% and is prepared for future tenants.  The introduction of Discovery Plaza increased the overall downtown office space vacancy by 1.54% and the rate will rise again with the April 2010 completion of the Capitol Centre.

Emergence of Suburban Office Market

Saskatoon is experiencing a shift from a traditional downtown core office market to suburban office buildings.  Supply and demand for suburban office space is increasing as a result of the historical short supply of downtown office space and related parking.

2010 Forecast Positive

The Saskatoon office market forecast for 2010 is positive. The completion of Discovery Plaza and the Capitol Centre gives the downtown core the necessary inventory to welcome new businesses. Construction costs for new inventory have increased net asking rates to a level substantially greater than existing inventory rates. New office buildings in both downtown and suburban markets are offered at $23 to $30 per square foot on a net rental basis. Many existing tenants paying rates below sustainable market value will observe an increase in renewal rates.  Despite the rise in rental rates, Saskatoon maintains the lowest average Class A rental rates in

western Canada.

 January Home Sale Numbers Soften Slightly From January 2009

Saskatoon REALTORS® assisted 179 homebuyers with the purchase of a home. This number was down 16% from January 2009 when 212 homes exchanged hands. The average residential selling price was $270,191.00 down 3% from January 2009 having an average residential selling price of $ 278,939.00. The average selling price declined slightly due to the increased number of sales in the $ 250,000.00 to $275,000.00 price range. This price range had the highest number of unit sales in January.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Inventory levels continued to correct in the month of January with fewer listings being taken. REALTORS® listed 394 residential properties this number down 23% from January 2009 when 512 properties were listed for sale. Homebuyers had 736 homes to select from at the end of January as compared to January 2009 when 1156 homes were available for sale. January’s number is up slightly from December 2009 when 703 properties were available for purchase.

The residential dollar volume of $48,364,000.00 was down 18% due to lower sales numbers and increased activity in the mid price range of homes. Dollar volume is expected to increase significantly as the year 2010 progresses.

The real estate market in areas surrounding Saskatoon was very active. Unit sales were up 17% in January with 34 units selling as compared to 29 units selling in January 2009. The average selling price was $214,976.00 up 5% from January 2009 when the average selling price was $204,166.00. January dollar volume was $7,309,200.00 up 23% from January 2009.

The real estate market is expected to remain steady for the first quarter of this year. Days to sell in January were 38 days on average within the city limits and 59 days to sell being the average in areas surrounding the City of Saskatoon. Consumer confidence remains high, interest rates are low, all contributing to a healthy real estate market.

Harry H. Janzen, CAE

Executive Officer

Saskatoon Region Association of REALTORS®

2009 Residential Home Sales Surpass 2008

Residential Home Sales Remain Active in November

The residential resale market remained strong in the month of November with 254 properties being sold that number up 41% from November 2008 when 180 homes sold. The 3,611 year to date sales number is up 8% from 2008 when 3,359 homes sold.

Year to date Saskatoon REALTORS® have sold more than one billion dollars of residential real estate.

The $1,003,976,000.00 number represents a 3% increase over the 2008 year to date volume number of $970,223,000.00.

The average selling price for the month of November was $ 278,885.00 remaining on par with November 2008. The year to date average residential selling price is $278,033.00 down 4% from year to date number in 2008. The decrease indicates an increase in the mid price range homes being purchased by more first time and move up home buyers. Homes took 43 days on average to sell in November. The days to sell number has remained on par for the past 6 months.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

MLS® listing inventory continued to correct in the month of November. Home buyers had 877 residential homes to select from at the end of November. This inventory number includes 288 condominium units.

REALTORS® listed 356 properties in November that number down 16% from 2008 when 425 units were placed on the market for sale. Reduced inventory is contributing to a more balanced real estate environment.

Sales activity in small town markets surrounding Saskatoon was strong with 75 properties having sold that number up 168% from 2008 when 28 properties exchanged hands. The sales number is on par with 2007. The average selling price in these areas for November was $280,453.00 up 24% from November 2008 which had an average selling price of $226,546.00.

The real estate market is progressing as real estate professionals forecasted. Inventory levels are returning to more normal numbers and sales activity remains steady. The average selling price has remained steady throughout 2009 indicating a stable environment. Similar market activity is expected as we move into 2010.

Harry H. Janzen, CAE

In the month of December Saskatoon REALTORS® assisted 211 buyers to fulfill their home ownership dreams, this number up 31% from 2008 when 161 homes were purchased. Year to date 3,822 residential units have been sold up 9% from 2008 when 3,520 homes were sold at this same time.

The average residential selling price remained steady at $291,554.00 up 9% from December 2008 when the average selling price was $266,420.00. Year to date the average selling price was $ 278,779.00 down 3% from 2008. In 2008 the dollar volume remained high but unit sales were down slightly thus the reason for the slightly lower overall average selling price.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

In 2009 REALTORS® sold $ 1,065,500,000.00 of residential real estate in Saskatoon. This number represents an increase of 5% from 2008 when $ 1,013,117,000.00 was sold. The highest amount of activity in 2009 was in $300,000 to $350,000.00 price range followed by significant activity in the $275,000.00 to $300,000.00 price range.

Listing inventory continued to correct throughout 2009. Home buyers had 703 homes to select from at the end of December as compared to 1,127 in December 2008. REALTORS® listed 212 properties last month down 13% from December 2008 when 245 homes were placed on the market for sale.

Sales activity in communities e.g. Martensville, Warman, Clavet and Dundurn surrounding Saskatoon was also very high during 2009. 47 properties were purchased in December that number up 68% from December 2008 when 28 properties were purchased. Year to date 951 properties have been sold up 9% from 2008 when 869 properties were sold. The average selling price was $258,996.00 up 15% from 2008 when the average price was $224,421.00.

At year end consumer confidence in the local economy remains optimistic a necessary component for consumer spending. All indicators point to a stable, steady real estate market in 2010. Unknown variables capable of affecting the market place are provincial revenue streams e.g. potash and oil prices.

Harry H. Janzen, CAE

Executive Officer

Saskatoon Region Association of REALTORS®

October Home Sales Ahead of '08

By Cassandra Kyle, The StarPhoenixNovember 3, 2009

Home sales in Saskatoon were on the rise in October, with 311 houses sold in the region for an average price of $274,759, says new data from the Saskatoon Region Association of Realtors (SRAR).

The number of homes sold last month topped October 2008, when 213 homes were sold, by 46 per cent. The average price in October dropped by four per cent compared to the same month last year, when the average selling price reached $285,547, SRAR said in a news release.

An increase in sales activity in the $250,000 to $275,000 price range contributed to the four per cent decline in October's selling price, the association said. Activity remained active, it added, in the $300,000 to $350,000 price range.

For the first time in more than 12 months, active listing inventory dropped below 1,000 in October, when 971 homes were listed for sale. This compares to the 1,667 homes on the market at this time last year.

Outside of the city, 90 homes sold last month, an increase of eight per cent over October 2008 when 56 houses were purchased. The average selling price for these homes reached $251,319 in October, a 23 per cent jump from the same month last year when homes outside the city proper sold for $203,956.

SRAR believes real estate market activity will remain similar and steady throughout the remainder of the year.

Meanwhile, the Canada Mortgage and Housing Corp. (CMHC) said Monday it believes housing starts in the Saskatoon region will end this year slower than 2008, but a construction rebound will hit in 2010.

"Housing markets have cooled from the historically high levels of starts and price gains seen in 2007 and 2008," said Paul Caton, the CMHC's senior market analyst for Saskatchewan. "The slower pace of housing activity in 2009 has allowed for a reduction of inventories, setting the stage for an increase in activity in 2010."

The agency said after the market moderates to 900 single-detached starts this year, starts will rise to 1,000 units next year, while multiple-family home starts will drop to 200 this year and rise to 400 next year.

Resale activity will reach nearly 3,700 units this year and 3,900 in 2010, the CMHC predicted, with the average price of a home totalling $280,000 in 2009 and $286,000 in 2010.

As for apartments, the corporation anticipates vacancy rates will have risen to two per cent this fall and will be three per cent next year. The average rental rate for apartments in the region is expected to rise to $880 next year from $875 this year.

Third Quarter Residential Unit Sales Up from 2008

The real estate market in Saskatoon and surrounding area was brisk in the month September.
REALTORS® assisted 351 homebuyers in the purchase of a home, that number up 43% from September 2008 when 242 homes were sold. The residential year to date unit sales number stands at 3,048 up 3% from 2008 when 2,996 homes exchanged hands.
The average residential selling price in September was $279,457.00 that number down 6% from September 2008 indicating more activity in the low to middle price range homes. The average selling price has remained steady throughout 2009 beginning in January at $278,545.00 reaching a high in July of $283,871.00. The strongest sales activity remains in the $300 to $350,000.00 dollar price range.
The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices
vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.
REALTORS® sold $ 98,089,304.00 of residential real estate in the month of September up 34% from 2008. Year to date dollar volume stands at $848,202,479.00. Listing inventory continued to correct with
fewer properties being listed and more current inventory being sold. REALTORS® placed 516 properties on the market in September that number down 37% from September 2008 when REALTORS® listed 825 homes. Home buyers had 1097 properties to choose from at the end of September.
Sales activity in surrounding communities remained strong with 119 homes being sold up 65% from September 2008 when 72 homes exchanged hands. The average selling price was $271,401.00 up 18% from September 2008 when the average selling price was $229,271.00.
Similar sales activity is expected to remain throughout the four the quarter of 2009. Market stability will continue to improve as inventory levels decline. The resale and new home market are being fueled by low interest rates, product availability and consumer optimism in the local economy.

Harry H. Janzen, CAE
Executive Officer
Saskatoon Region Association of REALTORS®

Residential Resale Market Continues Correction Pattern

Saskatoon REALTORS® assisted 393 home buyers to fulfill their dream of home ownership in the month of August. This number up 76% from 2008 when 223 homes were sold, this number is also on par with 2007 when 397 homes were sold. Year date 2,697 homes have sold also on par with 2008.

The average selling price stabilized at $281,871.00 in the month of August and was on par with 2008 when the average selling price was $279,722.00. Year to date the average selling price is $278,129.00 down 4% from 2008 when the average year to date sales figure was $288,924.00.  The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Inventory levels continued to stabilize in the month of August. Home buyers had 1148 homes to select from at the end of August down 32% from August 2008 when 1676 homes were on the market. That number also down from the 1291 homes available last month and down significantly from our record high inventory number of 1748 homes for sale in September 2008.

REALTORS® listed 517 homes in August that number down 36% from 2008 when 805 homes were listed that number also down from 2007 when 686 homes were placed on the market for sale.

Home sales in areas surrounding the city were also very active in the month of August with 96 properties selling that number up 22% from 2008 when 79 homes were sold. That number also on par with 2007 when consumers purchased 93 homes. The average price remained steady in these areas at $270,488.00 up 9% from 2008 when the average selling price was $248,556.00.

All indicators point to similar activity in the residential home sales market as we continue into fall. Consumer confidence remains strong; the job market is steady and interest rates are low, all necessary components for an active market. Inventory is expected to decline during the next few months furthering market stability.

Harry H. Janzen, CAE

Executive Officer

Saskatoon Region Association of REALTORS®

Real Estate Market Continues to Balance in the Month of June

 

The real estate market continues to balance with increased sales numbers and a reduced inventory of listings on the market.

Residential unit sales rebounded in the month of June with 442 properties exchanging hands as compared to June 2008 when 321 units sold representing a 38% increase. Year to date 1,867 residential units have sold down 13% from last year’s feverish activity when year to date 2,153 units had sold.

The Average residential selling for the month of June was $276,867.00 down 11% from last year’s all time high of $310,386.00. Year to date the average price stands at $276,232.00 down 5% from 2008 with an average year date figure of $289,270.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Saskatoon REALTORS® listed 669 properties in the month of June the number down 26% from June 2008 when 904 homes were placed on the market. The year to date figure is also favorable, that number 3,825 listed properties down 11% from 2008 when 4,310 properties were listed for sale. Home buyers had 1439 homes to select from at the end of June that number down from last month when 1532 homes were available for purchase.

The average selling price for homes in areas surrounding Saskatoon was $ 251,354.00 that number up 17% from June 2008 when the average price was $208,760.00. Unit sales were also up 14% with 99 units selling as compared to 85 selling in June2008. The number of listings taken followed the city trend with 257 homes being listed down 11% from June 2008 when 285 homes were placed on the market for sale.

Similar market activity is expected moving into the third quarter of 2009. Market conditions are favorable with low interest rates, steady employment numbers and a generally strong consumer confidence in the local economy.

Harry H. Janzen, CAE

Executive Officer

Saskatoon Region Association of REALTORS®

 April’s real estate market continued to correct with fewer listings being taken easing higher than normal inventory levels. Saskatoon REALTORS® assisted 353 buyers to find their dream home. That number down 15% from April 2008 when 413 units were sold. Unit sales figures were ahead of 2005 and 2006.

·         2009 - 353 units sold

·         2008 - 413 units sold

·         2007 - 475 units sold

·         2006 - 280 units sold

·         2005 - 332 units sold

REALTORS® placed 694 properties on the market in April that number down 23% from 2008 when 896 homes were listed for sale. Buyers had 1499 properties to select from. That number down substantially from a market high of 1748 homes for sale in September 2008.

The average selling price for April was $275,455.00 that number down from April 2008 when the average was $306,031.00.

·         2009 - $275,455.00

·         2008 - $306,031.00

·         2007 - $220,799.00

·         2006 - $155,633.00

·         2005 - $146,714.00

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

In the month of April the $300 - $350,000.00 price range saw the greatest sales activity with 62 properties being sold. The $225 – 300,000 range was also very active. Upper price range activity remains steady with the following year to date sales figures.

·         $350 – 400,000.00 - 90 sales

·         $400 – 450,000.00 - 49 sales

·         $450 – 750,000.00 - 51 sales

All Indicators point to similar activity for the next few months. The Saskatoon and Saskatchewan economy is a bright spot given the global economic situation. Inventory levels will remain higher than normal for the year but should continue to decline to a more normal number towards year end. Consumer confidence in the local economy, low interest rates and a sustained job market will all contribute to a quicker real estate market recovery.

Harry H. Janzen, CAE

Executive Officer

Saskatoon Region Association of REALTORS®

First Quarter Real Estate Unit Sales Trend Remains Steady

First quarter residential unit sales maintained a similar pace to the last few months. Saskatoon REALTORS® sold 283 residential properties in the month of March that number down 28% from March 2008 when 391 units were sold. Sales numbers are on par with 2005 and 2006.

REALTORS® sold $75,481,000.00 of real estate in March that number down 33% from March 2008 when $113,206,000.00 of real estate was sold. The drop in dollar volume is directly related to the reduced number of unit sales. Year to date REALTORS® have sold $193,581,000.00 of real estate.

The average residential selling price was $266,720.00 that number down 8% from March 2008 with an average selling price of $289,530.00. These numbers indicate a slight softening of upper price range home sales. Year to date the average selling price remains on par with 2008 at $274,584.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

In the month of March the $275 - $300,000.00 price range saw the greatest sales activity. 23 homes sold in the $400,000.00 plus price range. Year to date 69 properties have sold over $ 400,000.00 with 3 homes selling for $1,000,000.00 +.

An inventory correction appears to have begun. Saskatoon REALTORS® listed 662 homes in March that number on par with 2008. Year to date 1,742 homes have been placed on the market. Buyers had 1435 properties to select from at the end of March. It will likely take the remaining part of 2009 to reduce the current larger than normal inventory level.

Confidence in the Saskatoon and Saskatchewan economy remains strong. Market activity and expectation are directly related to the employment environment. The Conference Board of Canada predicts an increase in GDP for our province in 2009; in addition employment numbers are also expected to increase. The necessary fundamentals appear to be in place for Saskatoon to have a stable market for the remainder of 2009.

Harry H. Janzen, CAE

Executive Officer

Saskatoon Region Association of REALTORS®

 

Buyers get boost

Derrick Penner, Vancouver Sun

Published: Wednesday, April 22, 2009

 Consumers in a position to spend should get a quick boost from the Bank of Canada's record-setting interest-rate cut Tuesday as commercial banks respond with corresponding reductions in some of their important rates.

Canada's major banks answered the central bank's 0.25-percentage-point cut in its key overnight lending rate with a similar reduction in the prime interest rate they charge their best customers, lowering it to 2.25 per cent.

That brought the banks' variable mortgage rates, which are tied to movements in the prime rate, down as well, giving existing mortgage holders a break and potentially more cash in their pockets.

The move also helps qualify more first-time buyers as the lower rates put mortgages into closer reach of lower incomes.

"This is a good thing for the home-buying market," John Turner, director of mortgages for BMO Financial Group, said in a conference call.

For example, Turner said, the prime-rate cut brought the rate on BMO's five-year variable-rate mortgage to 3.05 per cent from 3.3 per cent, which would reduce payments on a $200,000 mortgage by $26 a month.

While it doesn't sound like a lot, Turner said the reduction of rates "brings more consumers into the market who likely may not have qualified before."

Banks have flipped the relationship between their variable-rate mortgages and the prime lending rate as the Bank of Canada has slowly brought down its key overnight rate, the rate that it charges banks for short terms.

Where banks used to offer discounts to the rate, which were in the range of 0.75--0.85 of a percentage point a year ago, they now charge a premium of a similar amount on new mortgages.

Consumers who hold those existing, prime-discounted mortgage rates are seeing a boost to their spending power, Karl Madsen, B.C. regional manager for the mortgage broker Invis, said in an interview.

"If you [hold a mortgage] at prime minus [0.75 of a percentage point], your rate is at 1.5 per cent," Madsen said. "Think of that in terms of how that affects the economy."

Borrowers who opt to keep their payments at the same level will pay down their mortgages more quickly.

Those who opt to adjust their payments to account for their loans' lower interest have more money to spend, "which is good. We're trying to spur the economy, and that extra spending money available will do that."

Derek Holt, vice-president at Scotia Economics, said the Bank of Canada's statement that it expects to keep its overnight rate at its current low until at least the middle of next year was just as important a step for consumer spending.

"Saying that rates will be low for a long time, that impacts the whole short end of the bond-yield curve," Holt said, "and that should lead [to lower rates] even for two to three-year revolving and non-revolving consumer loans."

On the savings side, however, the cut in rates will likely also mean lower interest rates paid on savings accounts.

Scotiabank on Tuesday reduced the interest rate on its high-interest Power Savings account to 1.25 per cent from 1.5 per cent, and the rate on its Money Master to 0.5 per cent from 0.6 per cent.

"There are a bunch of offsetting influences on savings rates," Holt said.

Consumers worried about their jobs, or who have lost money on investments, might want to save more money, Holt said. The low interest rates, however, don't give much incentive to save a lot of money.

"In terms of the short-term cycle, rates are designed to discourage too much of a personal savings rate and ensuring you get enough spending [throughout the economy]," Holt said.

depenner@vancouversun.com

 Saskatchewan a jobs 'hot spot' in Canada

 (CNN) -- Normally, "hot spot" isn't the first phrase that comes to mind when talking about Saskatchewan, Canada.

But with most of Canada suffering from devastating job losses, this cold province is becoming exactly that.

It's an asterisk to the entire country when it comes to the economic climate, and Premier Brad Wall is shouting it as loud as he can.

"It's a great time to come to Saskatchewan," said Wall, who even called the Toronto Star newspaper to tout his province's economic success and let Ontarians know there were jobs for the taking.

"For those who are losing their jobs, we need them to know we have thousands of jobs open right now in both the private and public sector," Wall said. "We have a powerful story to tell, a story of success and that's something we want to share with those who are struggling."

Wall's province is one of the exceptions to the unemployment increases battering provinces across Canada. Saskatchewan's unemployment rate fell to 4.1 percent in January from 4.2 percent in December, making it the only province recording a decline. In Ontario and the city of Toronto, unemployment rates rose to 7.2 percent and 8.5 percent respectively. To the west, British Columbia shed 68,000 full-time jobs in January.

More Saskatchewan jobs should be on the way. To stave off any possible recession, Wall announced a $500 million infrastructure "booster shot" to help keep the economy strong.

"All across the country, industries are getting quite ill," Wall said. "We aren't immune to it. We see some impacts in terms of layoffs and new vehicle purchases slowing off, and so we want to be proactive in staying ahead of the curve."

On Tuesday, the Conference Board of Canada released a report that said Saskatchewan will likely continue to lead the nation in economic growth in 2009 because of the infrastructure investment and tax reductions.

The province has also been reaping the benefits of an influx from nearby Alberta. When the government in Alberta decided to raise the oil royalty rates, oil exploration and expedition companies decided to move their operations to Saskatchewan in hopes of making more money.

With the province's growing opportunities, David Montgomery, president of Calgary's Qwest Haven Relocation Services, said he is moving more people to Saskatchewan each day.

"Alberta has always been the gravy train of oil," said Montgomery, who is also a former resident of Regina, the capitol and second-largest city in Saskatchewan. "But with the new royalties, oil companies are saying 'Why stay here and make less when the opportunities right next door are even better?' Many other companies may start to follow suit."

Montgomery said people looking to move have said that cheaper land and insurance prices are among the other reasons they are headed to Saskatchewan.

"There, government insurance is cheaper than anywhere else in the country and it comes with your license plates," he said. "With the amount of jobs, cheaper opportunities and great way of life, the government there has made it very attractive to move there."

That means more business for Wall's province and more jobs coming to the area.

Not that there's a shortage of jobs. On Tuesday night there were nearly 6,000 private- and public-sector jobs on the Web site Saskjobs.com.

A constant stream of revenue from oil production and exports also buoys the economy in the province.

Saskatchewan is the largest producer of oil in Canada and exports more oil to the United States than Kuwait. It is the leader in uranium production and produces a third of the world's potash.

The province continues to keep ahead of the curve, Wall said, finding ways to diversify its resources and embark on ambitious green projects and new oil projects. The province is working with Montana on a $212 million climate change initiative that would create the first major greenhouse gas storage project in North America. The carbon dioxide from coal-fueled power plants would be stored in the ground in Montana and later be withdrawn for use in oil production.

Wall also said what may be the largest discovery of sweet, light crude oil in the southeast part of the province means it could have even more oil to work with. The Bakken Formation could potentially have 413 billion barrels of oil, according to the U.S. Geological Survey. That would be another huge untapped revenue gold mine.

Despite the growth of nearly all sectors across the board, Wall cautioned that it is possible his province may see economic stress, just later in the game than other places.

"We need to be circumspect and prudent about promoting our province," he said. "We are not immune; we do see the impacts. It isn't some sort of panacea or answer to economic questions that don't exist elsewhere. We are a bit of an asterisk that says there is some stress, but it's relatively calm here."

Wall encouraged people not to count out a move to the province based on stereotypes that it is "only winter here," and "all of the land is just rolling hills."

"'It's a beautiful, big place where life is great and right now there's also opportunity," he said. "I'm very, very biased, but I can't imagine a place I'd rather be, especially with what's going on economically around the world

Residential Home Sale Market Continued to Stabilize in February

When measured against the last two years which were an anomaly, the market has softened. When measured against activity over the last five years, market activity is on par and ahead of sales figures from 2004, 2005 and 2006. Home prices have increased considerably during this time. As a result of the significant swings in price, demand and in many

cases speculation the greatest challenge facing sellers currently is to adjust their expectations in this changed market place.

The February residential home sale market performed as forecasted. Unit sales are expected to soften during the first half of 2009. Demand for property in the month of February remained steady. REALTORS® sold 211 residential unit sales in February that number down 42% from February 2008 when 365 properties were sold. Year to date unit sale numbers are ahead of 2005 and 2006 sale figures.

Year to date REALTORS® have sold $118,569,000.00 of real estate, that number down 32% from 2008 when REALTORS® had sold $173,957,000.00. The average selling price remained steady for the month of February at $281,681.00 up 7% from 2008 when the average was $263,444.00. The average selling price was influenced by 25 sales in the over $400,000.00 price range. The average price indicates that sales activity focused on the mid to higher price ranges.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area.

Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member for a comparative market analysis.

Residential inventories remained above average for the month of February with home buyers having 1313 properties to select from at the end of the month. Inventory numbers are up 256 % from 2008 when 369 homes were available for purchase. Expectations are that it will take the better part of the year for this inventory to move through the market.

Residential sale trends in areas surrounding Saskatoon were on par with in city activity. Unit sales softened with 44 units selling in February, down 56% from the 100 unit sales figure from February 2008. The average selling price remained steady at $257,465.00 up 19% from 2008 when the average price was $217,012.00. Home buyers had 837 homes to select from at the end of the month.

Consumer confidence in the Saskatoon economy remains steady. REALTORS® are receiving numerous inquires of buyers from other provinces looking to move to our province. Markets are cyclical and the market in Saskatoon is at a low point and should begin to return to normal in the next few months. As a result, now is a good time to purchase a home or investment property.

Harry H. Janzen, CAE

Executive Officer

Saskatoon Region Association of REALTORS®

Saskatoon Real Estate Market Continues to Stabilize in January

Saskatoon REALTORS® assisted 213 buyers to fulfill their home ownership dream. This represents an increase in unit sales over the last three months. Compared to last years very active January market unit sales were down 29% when 300 residential units sold. Unit sales are on par with 2007 and ahead of 2005 and2006.

The average selling price remained steady at $278,545.00 an increase of 7% from January 2008 when the average selling price was $259,334.00. This increase indicates continued demand for mid to upper price range homes.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area.  Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

Listing inventory remained steady with home buyers having 1156 homes to select from at the end of January. This number is down substantially from September 2008 when inventory levels peaked at 1,748. January inventory levels were higher than in January 2008 when 324 homes were available for purchase. 

REALTORS® sold $59,330,000.00 of real estate in the month of January that number down 24% from January 2008 when $77,800,000.00 of real estate was sold. The $300,000 to $350,000.00 price range continues to see the greatest sales activity followed closely by the $250,000 to $300,000 price range. In the month of January eight homes sold for more than $500,000.00.

Consumer confidence in the Saskatoon economy remains steady. REALTORS® are receiving numerous inquires of buyers from other provinces and the USA looking to move to our province. Markets are cyclical and the market in  Saskatoon is at a low point and should begin to return to normal in the next few months. As a result, now is a good time to purchase a home or investment.

The Saskatoon market is not exempt from global economic pressures but well positioned to weather these economic times. The most recent announcements by the provincial government to support municipalities with infrastructure support is great news for Saskatoon, as infrastructure spending assists in stimulating the economy.

The federal government’s increase in the amount buyers may use in the Home Buyers Plan will also encourage many first time buyers to enter the market place. REALTORS® across Canada have lobbied the government for more than eight years to see this increase to be approved by government. REALTORS® continue to lobby the federal government for the Home Buyers Plan to extend to all buyers not just first time buyers.

Harry H. Janzen, CAE Executive Officer Saskatoon Region Association of REALTORS®

 Growing population in Saskatoon a reason 2008 was strong year

By Cassandra Kyle, The Star Phoenix January 20, 2009

Call it a hat trick for Saskatoon. For the third year in a row, the city is expected to lead the nation in GDP growth, a new report says.

The Conference Board of Canada predicted Monday in its metropolitan outlook that Saskatoon will see a 3.3 per cent growth in its GDP in 2009. The city ended 2008 with an estimated GDP growth of 5.4 per cent, the highest rate in the country.

"I think it's a story that keeps on repeating itself," said Mario Lefebvre, director of the centre of municipal studies for the conference board. "It's almost sounding like same old, same old now where this economy has managed to find an incredible amount of dynamism over the years."

Apart from demand for agricultural and mining exports and positive consumer spending, Lefebvre said the reason 2008 was strong -- and 2009 will be -- is because of Saskatoon's growing population. The Conference Board of Canada expects the Saskatoon census metropolitan area's (CMA) population to rise to 252,000 by the end of the year, up from 248,000 in 2008 and 241,000 in 2007.

"I think this has been a very important result and one to add to the long series of nice results (Saskatoon) has been having, and ultimately it's taking (Saskatoon) right to the top. It seems almost never-ending," he said.

The conference board predicts the CMA will have a population of 264,000 by 2013.

Although the future looks rosy for the city, Lefebvre warns there will be challenges along the way. Hand-in-hand with a growing population comes managing and providing for an influx of people. The economic downturn will also affect exporters. The Conference Board of Canada warns in its report if the global economic downturn is longer and deeper than expected, regional exporters will suffer.

"This is still a very tough economic period -- one that most economists have not seen in a while, one that we were hoping we would never see again," he said.

"Saskatoon is still doing well and managing its own, but it's not as if it's completely immune from what's going on in the outside world."

However, the city is poised to continue to withstand the bulk of the downturn, said Alan Migneault, CEO of the Saskatoon Regional Economic Development Authority (SREDA). Although a long-term economic slowdown may eventually hurt exporters, Migneault says for now, Saskatoon's economy will grow because of them.

"When you think about the region of Saskatoon and what the companies in the region provide to the world, we are providing a lot of food and fuel and this is what people will need in the long run. And we expect that the Saskatoon region will continue to be growing as a result of that," he said.

The Conference Board of Canada report says Saskatoon's GDP rate will moderate to an average of 2.7 per cent for the years 2010 to 2013.

It expects the provincial economy to grow 3.6 per cent this year on demand for natural resources and agricultural commodities.

Saskatoon housing market to lead country: forecast

 By Joanne Paulson December 3, 2008 1:01 PM

Saskatoon’s housing market is expected to be one of few bright spots in Canada next year, with the average price rising by two per cent and sales going up by three per cent, Re/Max forecasted Wednesday.

In fact, Re/Max predicts that Saskatoon will see the highest increase in unit sales for 2009, out of 22 major markets. Regina is expected to hold the line, matching this year’s sales.

Re/Max says 11 of the markets surveyed will match or exceed 2008 sales levels, while the remainder will slide back.

Canada’s housing market performance will be contingent on economic performance, says Michael Polzler, executive vice-president with Re/Max in Ontario and Atlantic Canada.

“Issues affecting the overall economy are impacting housing markets across the country and the situation is not expected to be remedied until consumer confidence is restored,” said Polzler in a release.

“That said, we could see a bounce back as early as spring — if inventory levels remain stable, pent-up demand kicks into gear, and lower interest rates stimulate home-buying activity.”

The average price of a Saskatoon home is expected to end 2008 at $289,000, up 24 per cent from 2007. Re/Max expects it to creep up to $296,000 next year.

Unit sales should end the year in the 3,600 range, down 19 per cent from 2007, but rise slightly to 3,700 in 2009.

In Regina, home sales will number 3,450 in both 2008 and 2009, while the average price of a home will jump to $250,000 next year from $230,000 this year, an increase of nine per cent.

Re/Max says global demand for Saskatchewan’s resources led the boost to the Saskatoon residential real estate market in recent years, but diminishing demand has dampened sales activity in the second part of 2008.

High inventory levels played a role in the local housing market. New home construction contributed to a 40 per cent increase in the number of homes listed for sale, and speculation was also a factor in the market.

Re/Max sees a more balanced market for 2009. First-time home buyers will play less of a role in the market, in part because financing options have become tighter, including the elimination of the zero-down payment option.

However, “more job opportunities at higher income levels are predicted to attract out of town purchasers to the city,” says the Re/Max report. “Former residents are also expected to return to Saskatoon, thanks to vastly improved economic conditions.”

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Mark Wouters Realty Inc

Re/Max Saskatoon

Phone 306-933-0000  E-Mail:  wouters@woutersrealty.com

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Mark and Barb Wouters

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