All indicators point to sustainable market activity in future: SRAR

The Saskatoon Region Association of REALTORS® released its housing statistics for September today, accompanied by this release.

Saskatoon REALTORS® assisted 246 home buyers to fulfill their home ownership dreams in September, this number is up slightly from last month. Year to date 2969 residential units have been purchased, that number down 18% from last year at this time when 3,638 had been purchased.

The average selling price for the month of September was $297,836.00 up 23% from September 2007 when the average selling price was $242,729.00. Year to date the average selling price remains strong at $289,657.00 up 27% from last year at this time when the year to date average was $227,942.00.

September inventory levels continued to provide buyers with excellent choice. Saskatoon REALTORS® listed 825 homes in September, up 54% from September 2007 when 535 homes were placed on the market for sale. Year to date 6,773 properties have been placed on the market for sale.

Year to date total MLS® REALTORS® sales exceed 1.1 billion dollars, up 1% from last year at this time. Residential year to date volume stands at $859,992,000.00 up 4% from 2007.

Much is being said in the media these days speculating that the Canadian mortgage market and economy will experience the same stress as the USA. Although we will see some slowing in the housing market, to compare Canada to the U.S. is way off-base as quoted by the Mortgage Group Canada Inc. in a September 25th, 2008 Special Update on Canadian mortgages.

The report indicates that Canadian mortgage markets are fundamentally healthier than the U.S. The report looks at debt growth over the full cycle and gives examples of how debt-to-income ratios could be misinterpreted. The full report is available at http://www.marksmortgages.ca/news.asp

The Saskatoon and Saskatchewan economy is very strong. All indicators point to significant economic growth for our area. SREDA recently reported corporation and business commitment to invest in excess of ten billion dollars in the Saskatchewan resource sector and general economy over the next ten years.

Labor shortage continues to be the greatest challenge for corporations and businesses verifying the need for skilled workers all of which require housing. At present our market is going through a correction stage with all indicators pointing to steady sustainable market activity in the future.

Our “Closer Look” at the Saskatoon real estate statistics will follow early next week.

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.

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Norm Fisher
Royal LePage Saskatoon Real Estate