Proximity to university campus and park redevelopment big pluses for Greystone

Here’s a link to an article that’s part of a series that appears in Bridges in which Charles Hamilton gets a feel for a Saskatoon neighbourhood from a resident of the area. This one is about the Greystone Heights area of Saskatoon.

Diane, an area resident tells Charles, “The most significant change was the redevelopment of Greystone Park. When the community association at the time was approached by the city to get the community together and discuss what they wanted, there was a huge effort put into the development of that park. People had input and I feel the city really listened to us. We were able to make really nice changes and now there’s life in that park. It’s a safe place to be because we dealt with some of the safety issues.”

Read the entire article here.

See our neighbourhood page for Greystone Heights.

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

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon housing affordability improves in 2011: Demographia

Saskatoon recorded its third consecutive annual improvement in affordability according to the 8th Annual Demographia International Housing Affordability Survey: 2012. Demographia’s estimates suggest that Saskatoon home buyers can expect to pay four times the country’s median income to purchase a home priced at the median,* a number which the survey authors consider “moderately unaffordable”.

Calgary, Montreal and Victoria also showed modest affordability improvements during 2011 while Halifax, Ottawa, Regina, Toronto, Vancouver, and Winnipeg all became less affordable.

Vancouver once again reined for the largest income to price gap in Canada. In that area it now takes 10.6 times median income to purchase a home priced at the median, up from 9.5 times just a year ago.

Click image for a larger view.

See the entire Demographia survey for 2012 and past reports for 2011, 2010, 2009, 2008, 2007, and 2006.

*The median defines the centre point where half of all values are above and half are below that point. For instance, if the median income for an area were $50,000 then half off all income earners would earn more than that and half would earn less. In the case of home values, it’s the point at which half of all sales occur above the number, and half occur below.

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.

Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate week in review: January 15-21, 2012

The second full week of the new year wrapped itself up looking a lot like the first. Saskatoon real estate agents reported a total of 52 house and condominium sales to the local MLS®, for a weekly decline of three homes and a year-over-year increase of four. New listings in the same housing categories slipped by seven units from last week to just 96 and finished two units shy of last year’s numbers. For those who can’t read between the lines, the most recent numbers show three consecutive weeks of increasing sales and decreasing new listings when viewed on a year-over-year basis. It’s far too early to draw any conclusions from that because we’re dealing with some pretty small numbers but it will be interesting to watch and see if any notable trends develop in the weeks ahead.
The total inventory of active residential listings on the Saskatoon multiple listing service® continued to edge higher growing by 16 homes over the course of the week to 918, just nine fewer than were available at the same time in early 2011. Today’s total inventory shows 535 active single-family home listings and 305 condominiums. At the same time last year, those Saskatoon housing categories stood at 503 and 376 respectively. The year-over-year decline in available condo listings continues to widen moving from 15 percent last week to 19 percent by the close of this week.
Cancelled and withdrawn listings slipped lower to just 21 with eight of those returning to the system on the same day they were removed, most at a lower price. This week, an additional 15 sellers adjusted the asking price on their existing MLS® listing. Another 15 properties expired from the system without a sale.

Fewer sales at the upper end of the real estate market brought the average selling price of a Saskatoon home lower this week by $45K to $305,680. The median sale price followed along and in fact, slid a bit more to $283,000. The six-week average still managed to push a little higher, gaining less than a thousand dollars on the week to close at $318,244 while it claimed an annual increase of just over seven thousand dollars. The four-week median price slipped about twelve thousand dollars to $309,500 finishing above the close of $298,000 recorded during the same week of 2011.


Overbid activity was pretty scarce as just one lucky seller found a buyer who was prepared to bid up their price.  That particular sale closed $2,000 above the asking price. Seven sellers closed with a full price offer while 44 of 52 recorded sales resulted in a sale price that was $8,640 below the asking price, on average.


Highlights from the news this week

Big banks warn on housing market – CBC News
Saskatoon housing prices see slight increase in fourth quarter – Star Phoenix
Canadian home sales edge higher in December – CREA News
Locking in never looked better – Financial Post
Housing appears set for a soft landing, but not Vancouver? – Globe and Mail
Low rates boost home sales – Financial Post
Is now the time to lock in my mortgage? – Globe and Mail
More expensive homes selling in Saskatoon – Star Phoenix
Mark Carney sees consumer debt burdens growing fatter – Globe and Mail
Our love affair with home ownership might be doomed – Globe and Mail
Canadians fueling Phoenix housing recovery – Financial Post

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

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Clear softening trend will lead to correction in Canadian home prices: CIBC

In a short report from CIBC economist Benjamin Tal says there are “clear signs that the Canadian housing market is softening.” He points to a small decrease in the national sales to listings ratio and the smallest year-over-year price increases since October 2010 as leading indicators of a softening real estate market.

“While we do not see house prices crashing, we do believe that house prices in Canada will level off in the near future and might start trending downward modestly. Further out, the most likely scenario is that the eventual increase in interest rates will lead to a decline in prices (probably in the magnitude of 10%-15%). But given the current balanced affordability position, the more significant adjustment will be in housing market fundamentals that are likely to catch up with prices in the coming years—paving the way for a healthier housing market later in the decade.”

Indeed a softening in house prices in the next year or so is a necessary condition for such a soft-landing scenario. If the pace of house price increases accelerates during that period, then a year or two from now the likelihood of a violent price correction will be higher than it is now. “

Read the CIBC report here.

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

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

 

Canadian home sales edge higher in December, 2011: CREA

CREA economist Gregory Klump reports on MLS® sales and listings for the Canadian real estate market for December, 2011.

Highlights from CREA’s release

  • Sales activity rose 1.8 per cent from November to December.
  • Annual activity totalled 456,749 sales in 2011, up 2.2 per cent from 2010.
  • The number of newly listed homes increased 3 per cent from November to December.
  • A simultaneous increase in sales and new listings kept the national resale housing in balanced territory.
  • The national average home price was up just 0.9 per cent on a year-over-year basis in December, marking the smallest increase since October 2010.

Read the complete release 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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate