Saskatoon neighbourhoods, profiles and price trends

Selecting a neighbourhood that you think you’ll be comfortable in isn’t easy, particularly if you’re trying to do it from half way across the country and you’re more or less unfamiliar with Saskatoon.


I’d like to introduce you to a resource which I think you’ll find helpful. I call it Saskatoon Neighbourhoods, Profile and Price Trends. In this section of the Saskatoon Real Estate Resource Centre website, there’s a separate page for each area of Saskatoon. On the most developed pages, you’ll find the following information about neighbourhoods which you may want to consider.


  • Photos taken around the area schools, parks, etc. (a work in progress).
  • Real estate data from the previous year including the number of units sold (houses & condos), the low selling price, the high selling price and the average selling price.
  • The six months rolling average selling price of both houses and condos in the area.
  • A house price trend chart which shows how prices have changed over a ten year period, comparing changes in neighbourhood values to Saskatoon in general.
  • The kinds of occupations that area residents are involved in.
  • Household income statistics for residents of the area.
  • Some information about the types of homes which exist in the neighborhood.
  • A chart which shows the history of development for the neighbourhood.
  • Some information on the percentage of homes which are owner occupied
  • Links to schools in the area.
  • A Google map of the neighbourhood (zoom out to see exactly where the area is situated).
  • In some cases, one or two reviews of the area written and submitted by residents.

If you currently live in Saskatoon, I have a favour to ask of you. I’d really appreciate it of you’d visit the page for your neighbourhood, scroll way down to the bottom of the page and jot me a few words about your area in the provided form. There’s nothing that tells a story like somebody’s story. I know that people will find your words helpful.


Click through to the Saskatoon Neighbourhoods, Profiles & Price Trends page here.


I’m always happy to answer your Saskatoon real estate questions. Feel free to drop me an email.


Norm Fisher

Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (January 21-25 2008)

Typical seasonal listing activity, combined with an unseasonably strong week of residential sales caused active Saskatoon real estate listings to slide again closing the week at 356 units including 159 single family homes and 157 condominiums.


A total of 91 Saskatoon homes were reported sold on the local multiple listing service this week producing the largest volume of unit sales since the week of August 13-17.


Overbidding made a bit of a comeback this past week with 12 of the 91 homes sold reporting prices in excess of the list price, the highest number since the week of November 5-9. Overbid activity was highest in Area 5 where sales at, or above the list price occurred on slightly more than half of the homes sold. The average selling price in the area topped $280,000, driven up by an unusually high number of sales in the more expensive neighbourhoods like Dundonald, Hampton Village and Parkridge.

Across all areas, the average selling price dropped to $250,511, down fairly sharply from the previous week. In Area 1, which was by far the most active, 22 of the 31 reported sales were condominiums and the lower selling prices generated in this category caused the overall average to decline.

Saskatoon real estate: Week in review (January 21-25)

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

New study shows housing affordability in Saskatoon on a serious slide: Demographia

New study shows housing affordability in Saskatoon on a serious slide: Demographia Saskatoon homes have taken a serious slide in affordability over the past year, landing us in the “Moderately Unaffordable” category according to the Demographia International Housing Affordability Survey: 2008.


The survey, prepared by Pavletich Properties Ltd. compares median incomes in 227 markets around the world to median housing prices for the area. Their method of measuring affordability is based on a “median multiple” which is arrived at by dividing the median price of a home by the median income for each municipality. A “median” is the number separating the higher half of a sample from the lower half. For instance, if the median price of a home in Saskatoon is $212,900, we can assume that half of all homes sold here sell above that number and the other half below.


In their 2007 survey, which was based on data from the third quarter of 2006, Saskatoon was tied for 15th on the “Most Affordable” list. At that time, the median Saskatoon income was $52,100 and the median price of a home in the city was $138,000. Buyers could expect to pay about 2.6 times annual income for a home.


Just one year later, the median income has shown good growth to $60,900 but the median price of a home has risen sharply to $212,900, or 3.5 times annual income, moving us to 77th place internationally on the “Moderately Unaffordable” list.


In spite of some deterioration in affordability, Regina managed to maintain its place on the “Most Affordable” list sliding from first place to 12th place, while seeing their median multiplier increase from 2.0 to 2.4. Neither incomes, nor housing prices increased in Regina to the degree that they did in Saskatoon.


Thunder Bay was noted as the most affordable place to own a home out of all of the markets surveyed. You can purchase a residence there for only 1.8 times annual income. Other Canadian markets making the “Most Affordable” list include Saguenay, St. John, St. John’s, Windsor, Quebec, Trois-Rivieres, Winnipeg, Sudbury, London, Oshawa and Ottawa.


Canada’s “Moderately Unaffordable” markets include Barrie, Halifax, Kingston, Kitchener-Waterloo, Sherbrook, Hamilton, St. Catherines-Niagara and Montreal.


Markets landing in the “Seriously Unaffordable” category include Edmonton, Calgary, and Toronto.


The “Severely Unaffordable” list includes Abbotsford, Victoria, Vancouver and Kelowna which is billed as the least affordable market to own a home in Canada. Kelowna home buyers can expect to pay 8.5 times annual income for a home.


In Los Angeles, California a home costs 11.5 times annual income making it the least affordable place in the world to own a home.


Deteriorating housing affordability is a major issue around the world and a leading contributor to the growing gap between the world’s rich, and the poor. In the introduction to this report, Dr. Donald Brash writes, “And the one factor which clearly separates all of the urban areas with high median multiples from those with low median multiples is the severity of the artificial restraints on the availability of land for residential building…Despite all of the evidence, governments continue to pretend that they are powerless to make housing more affordable or, worse still, implement futile interventions which make the situation worse…”


Read the full Demographia International Housing Affordability Survey: 2008 here.

My post on the 2007 survey including a link to the survey is here.

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

Affordability to stabilize despite further increases in Sask house prices: RBC

Housing affordability is expected to improve in most Canadian provinces in 2008, but Saskatchewan is not among them according to the most recent Housing Affordability study just released by RBC Economics.


Following a year of record deterioration in housing affordability, the possibility of declining interest rates is the only hope which could move Saskatchewan into “stable” territory where the percentage of income used to service homeownership costs is concerned.


Recent reports released by RBC during 2007 characterized house prices in Saskatchewan as “considerably out of whack with the underlying fundamentals.” Apparently, the “fundamentals” are less important than we might have thought. RBC is predicting some fairly significant price growth for this area in 2008.


“In 2008, we expect softer, but still elevated conditions. Price gains should moderate from the 30% range down to somewhere in the 15% range. Unlike every other province where housing starts are expected to decline and affordability conditions to improve, Saskatchewan should actually see a modest increase in housing starts and only stabilization in affordability rather than an outright improvement.”


Read the most recent RBC Housing Affordability study here

Read also: Saskatchewan real estate on fire: TD Economics

Read also: Is Saskatoon real estate overvalued? Another economist says yes

Read also: Saskatoon and Edmonton homes most overvalued: Scotiabank economist

Read also: Worst quarterly deterioration of housing affordability on record for Sask


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

Buyer sues agent for letting them pay too much for a home

Buyer sues agent for letting them pay too much for a home“Marty Ummel feels she paid too much for her house. So do millions of other people who bought at the peak of the housing boom.


“What makes Ms. Ummel different is that she is suing her agent, saying it was all his fault.”


I came by this story from today’s New York Times by way of the 1000 Watt Blog, one of my favorite daily stops.


Naturally, I can’t speak to the facts of this particular case and it’s my guess that it will be a difficult argument to make. However, the story should serve as a reminder to agents that there is more to representing a client than finding them a home and putting a contract together.


Ultimately, we are responsible to “protect and promote the interests” of our client. If they’re offering to pay more than market value, they have a right to know it. They depend on us to tell them the truth.


Nobody can predict the direction of a real estate market with absolute certainty, yet almost daily I hear from people who claim that a Saskatoon real estate agent has told them that prices are going to go through the roof this spring. Just three weeks ago, one agent stood in my office and relayed portions of a conversation he had with a buyer. “This house will be worth $X by spring. I guarantee it!”


“Hmmm…and I think you just did guarantee it.”


If your agent is using this kind of language, he or she may be either ignorant or reckless. I could be wrong, but it’s worth thinking about. 🙂


The full New York Times story is here.

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