Saskatoon real estate week in review: November 19-25, 2017

It was another decent week of sales for the Saskatoon real estate market, given the season. Local REALTORS® reported 66 firm deals to the multiple listing service®, up just one from the previous week, and topping sales for the same period last year by a dozen trades. Meanwhile, 116 new listings were added to the MLS®, up nine from the week before, and seven fewer than were placed on the system during the same week last year.

The inventory of Saskatoon homes for sale on the MLS® declined again, though just marginally. It fell lower by 12 listings when compared to last week’s close to settle at 1856. That number is out of record territory for this particular week for the fourth consecutive week, though just barely. At the close of the same week in 2015 the number was 1858. That said, the year-over-year increase in listings is at just 50 homes, the smallest annual increase since spring. However, where it ends up as this year closes is not nearly as important as where it goes when the new selling season gets underway. Clearly we have a ways to go before this market gets back to balance, particularly for condos. Today, we have 678 options for condominium buyers, up six from a year ago. Again, as I reported to you last week the number of new condos that are currently under construction is half of what it was a year ago, so that’s a marked improvement. Single-family inventory shows greater annual gains as it grew from 980 at the close of the same period last year to 1060 today.

This was one of those rare weeks that saw upward movement to all four price measures that we track. With the four highest priced home sales averaging more than $860,000 a piece the average sale price of a Saskatoon home moved up to $344,320 this week. We also saw our 14th sale this year of one million dollars or more. The four-week median price grew by five thousand dollars to reach $330,000 which is still lower than it was at the close of the same period last year by a little more than 10K. The six-week average price grew by just $600 from the week before to reach $336,135 to take an annual loss of eight thousand dollars.

One lucky seller in area four apparently had more than one buyer who wanted that house and it sold for $5,100 more than the asking price. On the other had, 62 of this week’s sales were reported to have sold below the seller’s asking price netting buyers an average discount of $12,991.

Here is a breakdown of what the sales to listing price ration looked like on this week’s sales.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is

Royal LePage Golf Tournament Raises $25,000 for Saskatoon Women’s Shelters

The donations have been collected and the bills have been paid!

The great news is that $25,000 has been raised for YWCA Saskatoon and Saskatoon Interval House through this year’s Golf Tournament for Shelter. These amazing women’s shelters were so grateful to each receive a $12,500 contribution as we move into the holiday season, which is consistently their busiest. The donations were received with tears of joy and wide smiles and rewarded with hugs. It was an honour and a privilege for the golf

The committee for Royal LePage Golf Tournament for Shelter present a cheque for $12,500 to Saskatoon Interval House.

committee to present these gifts but our colleagues, friends, and business partners are the real heroes of this story. Without you, this would not have been possible, so thank you, and know that we deeply appreciate your commitment to this community, and your willingness to support us in our mission to provide a safe place for all of the women and children of Saskatoon.

I’m going to list the fine people and companies that supported this tournament. If you know any of them, I’d appreciate it if you’d share this post with them, and give them your thanks for making Saskatoon a better place, a safer place for those who have no option but to flee their homes due to violence.

Meal Sponsors

Tawny Bley and Tyler Hildebrand of oneSt. Mortgage
Mike Derbowka and Brad Jamieson of Cuelenaere LLP

This is such a significant contribution, one that allows us to give an additional $6,000 to these shelters. Thank you so much!

Hole Sponsors

Daytona Homes Saskatoon
Dave Gibson from Scotiabank
Tara Chornoby from CJC & Co. Law Office LLP
Lori Emde from TMG The Mortgage Group
Thomson Jaspar & Associates
Prairie Building Inspections
oneStreet Mortgage (Tawny and Tyler again)
Cuelenare LLP (Mike and Brad again)
Royal LePage Varsity
McDougall Gauley LLP
Scott Brown from Amerispec Home Inspections
Royal LePage Saskatoon
In Fine Order Real Estate Staging Services
Saskatoon Appliance & Midtown Appliance World
Ens Lexus Toyota
Abacus Signs
Linda Pittner from Royal LePage Saskatoon
C95, Rock 102 and 650 CKOM
Royal LePage Vidorra
Tj’s Pizza
Helen Hyde from Royal LePage Hallmark
Leland Kimpinski LLP

Prize Sponsors

Boston Pizza
Hudsons Canada’s Pub
Delta Bessborough
Fox and Hounds Pub & Brewery
Cindy Westfield from Royal LePage Renaud Realty
Ed Wojcichowsky from Royal LePage Saskatoon
Rock Creek YXE
CUT Casual Steak & Tap
Fionn MacCool’s Saskatoon
Scott Crossman from Royal LePage Saskatoon
Lavish Blowout Bar
James Haywood from Royal LePage Hallmark
Jason MacNevin from Can-Seed Equipment Ltd.
Garry Frie from Royal LePage Saskatoon
Boryski’s Butcher Block
Troy Gordon from Royal LePage Regina Realty
Jason Rumpel from Royal LePage Regina Realty
Lloyd McLean from Royal LePage Hallmark
Mike Derbowka from Cuelenare LLP
Brad Jamieson from Cuelenare LLP
Tawny Bley from oneStreet Mortgage
Tyler Hildebrand from oneStreet Mortgage
Rich Gabruch from Gabruch Legal Group
Lyndon Neher from Royal LePage Vidorra
Ramada Saskatoon
Ramada Plaza Regina
Tara Chornoby from CJC and Company Law Office
Sheraton Cavalier Saskatoon Hotel
Lisa Aron and Alan Aron
CTV Saskatoon
Gateway Travel
WMCZ Lawyers
Don McIvor from Royal LePage Hallmark
Don Cenaiko from Royal LePage Hallmark
Hilton – Airline Hotels

Cash Donors

Ed Wojcichowsky from Royal LePage Saskatoon
Don McIvor from Royal LePage Hallmark
Lana Kirchgessner from Royal LePage Saskatoon
Albert Hondros from Royal LePage Hallmark
Ron Thompson from Royal LePage Saskatoon

On behalf of the Royal LePage Shelter Foundation and the committee for the 3rd Annual Royal LePage Golf Tournament for Shelter (Colette Gates, Lyndon Neher, Michelle Butler, Lisa Poier, Lloyd McLean and Norm Fisher) thank you so much.

Saskatoon real estate week in review: November 12-18, 2017

Saskatoon real estate sales activity softened this week as just 65 homes were reported firmly sold to the multiple listing service®, down from 72 the previous week for an annual decline of four. New listing activity fell off even more significantly. Just 103 properties were added to the MLS®, down 58 from last week, and also well below numbers recorded for the same period last year when 155 homes were listed for sale.

Reasonably decent sales, fewer new listings and 51 properties that expired without a sale all contributed to a decline in the inventory of Saskatoon homes for sale on the MLS® system. The total fell to 1868 by this morning, the lowest number we’ve recorded since the end of March when inventory numbers were on their way up. This week’s number is up 38 from where it stood at this time last year, which is the smallest year-over-year increase in six months time, and also falls out of “record” territory for the third consecutive week. Today, there are 1071 single-family homes for sale on the MLS® in Saskatoon, 36 fewer than there were a week earlier, and 84 more than were available a year ago. Condominium inventory sits at 671 for a weekly decline of nine and an annual drop of 14 units.

Interesting to me is the change to the new condo numbers over the past year. These screenshots from the October edition of CMHC’s Residential Construction Digest show that the number of “complete and unabsorbed” homes in the multi-family housing category is down just 2.1 percent from where they stood a year ago…

New construction that is completed and unabsorbed in Saskatoon at 10/31/2017.

…but, the number of multi-family homes that are under construction has fallen by 53.6 percent from where they were at this time last year.

New homes under construction in Saskatoon at 10/31/2017

So, there have been a fairly significant number of these new units absorbed over the past 12 months, and with relatively few new starts happening this year, the inventory in this category should continue to move towards more manageable levels.

Moving on.

Very strong sales at entry levels of the Saskatoon real estate market brought the weekly median sale price sharply lower this week to $290,900. That’s down about 40K from last week. With just five sales above the $500,000 mark, the weekly average price also took a solid tumble, also slipping roughly 40K from last week to $314,318. After a two week recovery that brought the six-week average price up by 13K, it slipped lower by two thousand dollars to close the week at $335,513 for an annual loss of eleven thousand bucks. The four-week average price headed lower by twenty-five hundred dollars compared to last week’s close and setting at $325,000 for a year-over-year decline of 20K.

Overbid sales were non-existent this past week as buyers clearly won at the negotiating table. While three did agree to pay the seller’s price, 62 of this week’s 65 sales were reported to have closed below the listed price netting those buyers an average discount of $13,791.

Here is a breakdown of what the sales to listing price ration looked like on this week’s sales.

List to sale price ration of homes sold through the Saskatoon MLS from November 12-18, 2017

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is

Canadian home sales edge up again in October 2017: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of October 2017 this week. According to the CREA, “National home sales posted a modest monthly increase in October but remain below levels recorded one year ago.

Home sales via Canadian MLS® Systems edged up 0.9% in October 2017 on the heels of monthly increases in August and September, but remained almost 11% below the record set in March.

Highlights of CREA’s report

  • National home sales rose 0.9% from September to October.
  • Actual (not seasonally adjusted) activity stood 4.3% below last October’s level.
  • The number of newly listed homes edged back by 0.8% from September to October.
  • The MLS® Home Price Index (HPI) was up 9.7% year-over-year (y-o-y) in October 2017.
  • The national average sale price climbed by 5% y-o-y in October.

Read the entire report on Canadian MLS® sales for October, 2017.

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.

Norm Fisher

Royal LePage Vidorra