RBC predicts solid economic growth for Saskatchewan in 2007 and 2008

In a report titled, “Migration Drives Saskatchewan Housing Market and Economy,” RBC is predicting that Saskatchewan’s economy will grow by 4% in 2007, and 3.6% in 2008, outpacing the Canadian economy and all but two other provinces.


“After ten years of declining population, the province is enjoying its largest migration surge in 25 years,” said Craig Wright, vice-president and chief economist, RBC. “It has sparked a sudden housing boom that can be seen by increased construction activity, a massive pop in house prices particularly in Saskatoon, and a lift to consumer spending.”


The report also says, “caution is warranted regarding the sustainability of house prices” noting that it’s far too early to call this migration shift permanent.


Read the RBC Economic and Financial Market Outlook here

Read the short report for Saskatchewan

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (June 18-22 2007)

The Saskatoon real estate market continued its hectic pace through yet another week with buyers showing few signs that they’re willing to let up anytime soon. While the percentage of homes selling for more than the asking price was down from the previous week, the average overbid across all Saskatoon real estate areas set a new record coming in at $27,816, up just a smidge from the previous record of $27,770 which was recorded during the last week of May.


The average selling price of a Saskatoon home came in above the quarter million dollar mark for a second consecutive week.


Residential listings gained some traction, outpacing reported sales by 40%. 140 single family homes and condominiums were placed on the market this week, while only 100 homes actually changed hands. At today’s date there are 343 such properties displaying an “active” status on the Saskatoon Multiple Listing Service ® which is a higher number than I can recall at any point this year. Normal MLS ® listing levels for the Saskatoon market are closer to twice that number. With the increased demand we’re currently experiencing I expect that we would need closer to 1,000 Saskatoon homes for sale to bring any balance.

Interestingly, the percentage of homes selling for more than the asking price continued to decline in Area 4 to about 40% and the average overbid was $17,814, which is the lowest number recorded in any area since the week of April 16-20. I know I’ve mentioned before that Area 4 is typically the last area to catch fire when the Saskatoon real estate market heats up and the first area to cool as the market begins to level off. It’s difficult to know if this is a sign of things to come but it definitely does seem that we are seeing a bit of a cooling trend in Area 4.

Notable sales

  • East College Park apartment style condo (892’) sells for $195,900.
  • Brevoort Park bungalow (912’) without a garage brings $311,000.
  • Greystone Heights bungalow (1,432’) which appears to have some nice upgrades and a double detached garage sells $6,000 below list at $303,000.
  • Pacific Heights bi-level (950’) on a busy street fetches $242,100.
  • Briarwood executive home (3,693’) sells for $789,000.
  • Erindale executive home (2,765’) brings $840,000.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (June 11-15 2007)

Last week, and the week before we saw the percentage of Saskatoon homes which were selling above the asking price drop to levels than we hadn’t seen for a couple of months. The numbers from this week took us in the other direction showing the highest percentages of over list price sales on record. A full 81% of Saskatoon real estate sales in the “residential” category sold above the asking price. On Saskatoon’s east-side, 58 of 63 home sales reported fell into the above list column. Area 4 once again showed relatively poor performance with only about half of its home sellers hitting the overbid jackpot.


In spite of the fact that we had one of our highest volume listing weeks with 145 newly listed homes offered on the market, average overbids remained very high topping the $20,000 mark in all major areas and averaging $26,786 across the entire Saskatoon real estate market.

Notable sales.


  • 635 square foot one bedroom apartment at Forest Grove Village sells for $145,000.
  • Brevoort Park bungalow at 1,173 square feet with a single attached garage goes for $410,000.
  • Apparently, you can now pay $225,000 for a 912 square foot bungalow with a single garage in Mount Royal.
  • How about at 1,045 square foot bi-level on a busy Westview Heights street for $327,000. Double garage of course.
  • On the “remarkably reasonable” side, here’s a reasonably showy two-storey split boasting a prestigious Silverwood Heights crescent location, a double attached garage and numerous upgrades for only $379,900.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Housing affordability deteriorates nationally, but most sharply in Saskatoon

Housing affordability deteriorated across Canada during the first quarter of 2007, and most sharply in Saskatchewan according to RBC’s Housing Affordability survey which was released today. It probably comes as no surprise that Saskatoon wins the prize for the highest levels of change in the affordability measure when compared to the last quarter of 2006.


It is important to note that Saskatoon and Saskatchewan are still among the most affordable places in Canada to own a home. Only the Atlantic Provinces and Manitoba proved more affordable than Saskatchewan. Also keep in mind that this report examines affordability based on data gathered to the end of March, 2007. We can expect to see further erosion over the second quarter as prices of Saskatoon homes have continued to increase at a rather rapid pace.


Read the RBC Housing Affordabilty report here

Read the overview specific to Saskatchewan

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (June 4-8 2007)

“Do you think it’s slowing down?” This is a question which is being asked by many Saskatoon real estate agents lately.


There’s no question that things have felt a little different over the past few weeks. While my last few listings have all received multiple offers and sold above the asking price, they have seen fewer showings than I would have expected just a month ago. There are still many buyers in the market for a home, and those who are active remain fairly aggressive, but it does seem that demand is starting to soften and buyers are likely to find a less competitive Saskatoon real estate market in the weeks ahead.


The “Week in review” numbers don’t reveal many solid clues but there are some marginal differences which can be seen this week, and last. The percentage of homes which are selling above the asking price has slipped below 70% two weeks in a row. We haven’t seen that since the week of April 9. The most apparent change is seen in Area 4, where fewer than 50% of reported sales were above the asking price. This past week also recorded a lower than average number of sales when compared to activity over the past two months.

Here is a look at last week’s numbers.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate