Saskatoon real estate: Week in review (June 23-27 2008)

New Saskatoon real estate listings came in at their lowest point in the past month with 199 residential properties listed for sale on the MLS including 41 condominiums and 145 single-family homes. Even still, the inventory of active listings pushed higher to settle at 1,440 units, a net gain of 53 properties compared to the close of the previous week. As of this morning, there are 931 single-family homes and 408 condominiums (1,339 total) in the “active” inventory.


You’d also have to go back a month to find a slower sales week. Total sales in the residential category sat at 72 units for the week with 65 of those properties falling in the single-family and condo categories.


Overbidding continued to slide off the map with just 3 of all sales recorded reporting an “above list” selling price. 11 sellers met their buyer at full list price, but 51 engaged in a negotiation which resulted in an average underbid of $12,026, the highest discount on record since we starting including this figure in the week in review.


Average selling prices remained remarkably high given the stiff competition sellers are facing but the gap between list and sell prices widened substantially to $9,263.

Saskatoon real estate: Week in review (June 23-27, 2008)

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

Canada’s housing boom ends…again

Canada’s housing boom has ended for the second time since Douglas Porter; deputy chief economist at BMO Nesbitt Burns officially declared it “over” in mid-April. Stay tuned for further endings as we move through summer and into the fall. 🙂


In a report released this week by TD Economics, economists Craig Alexander and Pascal Gauthier said, “The long-awaited end of the Canadian housing boom has occurred, reflecting more moderate demand and increased supply of properties for sale.”


In May, year-over-year price gains for existing home sales in Canada’s major markets fell to 1.1%, down from 8.6% just four months ago.


The report says that the cooling market is “nowhere as evident as in Alberta, with prices continuing to fall this year by eight to ten per cent from their peak.”


“The combination of significantly higher listings, reflecting the desire of homeowners to take advantage of the past increase in prices, and weaker demand, due to the past erosion in affordability, are leading to declining sales and softer price performance across the country, particularly in the west.”


“…Saskatchewan’s major markets offer an exception to the cooling trend on an annual basis, but this is mostly a question of timing. The price surge above 30% growth came late last year and much of the momentum is being carried into this year. But, if Regina and Saskatoon follow the path just recently threaded by Calgary and later Edmonton – and we think they will – Saskatchewan’s price growth will have come back down to earth by early next year. We are looking for 2-3% price growth in 2009, with a risk of a mild price correction.”


Not to be outdone, BMO economist Douglas Porter was quoted as saying, “Hey, I called it first!”


Well, not really, but he did throw this little gem forward in an interview with the Globe and Mail on June 27.


“It’s a bit unnerving to see how Canadian performance is beginning to look like that of the U.S. two years down the line.”


As disturbing as it is to see a “deputy chief economist” write reports in Comic Sans font, you have to admit that his graph is rather compelling.


“There is a litany of reasons why the Canadian market is different, but even a pale version of what we saw in the U.S. would not be good news,” said Porter.


The First “End” of Canada’s Housing Boom

TD Economics – Canada’s Housing Boom Comes to an End

Star Phoenix – Canada’s housing boom ends

Star Phoenix – National housing boom has come to an end

Globe and Mail – Housing Drop Looming in Canada?

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

Canadians bullish on Phoenix real estate

Jason Warick wrote a story in the June 26 edition of the Saskatoon Star Phoenix titled, ”Sask. residents find Arizona opportunity.”


“The strong Canadian dollar, combined with rock-bottom prices for real estate in many cities such as Phoenix, means Canadians can snap up vacation homes or investment properties for less than half of the price of just one year ago. That’s attracted Saskatchewan buyers in droves.”


Two of my favourite Phoenix Realtors were quoted in the story.


Jay Thompson, also known as the Phoenix Real Estate guy writes about the article here.


Jonathon Dalton, the only “guest blogger” I’ve ever hosted here had this to say about his contribution to the story.


If you were considering a real estate purchase in the Phoenix area I would gladly vouch for either of these guys to treat you right and look after your interests.

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 16-20 2008)

Active residential listings in the Saskatoon real estate market saw a net gain of approximately 60 units this week, climbing from 1,326 units last week to finish the current week at 1,387 units, including 1,283 homes (houses and condos). 228 residential properties were listed on the Saskatoon MLS including 161 houses and 56 condos, bringing total available listings in those two categories to 891 and 392 respectively. Approximately 60 of those “new listings” were actually reintroduced as new listings following a cancellation of an already active MLS listing. An additional 49 properties are flagged as “conditionally sold.”


This graph represents the growth of the total active residential listing inventory (houses, condos, duplexes, semi-detached, mobile and vacant lot) over the past 16 weeks.

Graph representing the growth of active residential real estate lsitings in Saskatoon, SK

A total of 82 properties were reported as firm sales for the week, including 76 in the house and condo categories, which represents a drop of 17 homes when compared to the previous week.


Slowly, but surely, overbidding continued its downward trend with just 6 of 76 Saskatoon homes drawing offers that exceeded the asking price. The average overbid came in at just $4,214, the lowest number we’ve seen since the week of April 28-May 2. At the same time, the average underbid also fell, settling at $7,397, and reaching its lowest point since the week of January 28-February 1. 86% of the homes reported sold published sale prices below the seller’s asking price.


Average sale prices for houses and condos combined bounced back from $303,453 last week to $317,145 this week. So far in June, 248 residential properties have traded at an average selling price of $312,445. In those totals, there have been 164 single-family home (houses) sales averaging $339,238 and 70 condo sales averaging $251,657.

Saskatoon real estate: Week in review (June 16-20, 2008)

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 9-13 2008)

New listing activity remained strong this past week as 221 properties were introduced to the Saskatoon real estate market, including 62 condominiums and 142 single-family homes (houses), pushing active listing inventories beyond record highs and settling at 1,326 units by the close of business Friday. Currently, there are 836 houses and 388 condominiums showing an “active” status on the Saskatoon Multiple Listing Service.


Sales in the single-family and condo categories took a big upward bounce, increasing from 67 homes last week, to 93 this week. Total residential sales came in at 99 units, showing their best performance since the last week of April. On the other hand, conditional sales were fairly low as of Friday with just 48 properties displaying the status.


Overbids were nearly non-existent in all of the major real estate areas, except area 3, where 25% of successful sellers bagged a sale at a price which was greater than their asking price. The average overbid ($6,438) reached its lowest level since the last week of January.


68 of 93 home buyers managed to negotiate a below list price purchase and the average underbid held steady, above the $10,000 mark, for the second week in a row.

The average selling price fell back to $303,453, a number that is likely more representative of our market than the figure of nearly $330K that we hit last week.

Saskatoon real estate: Week in review (June 9-13, 2008)

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