Average house price trends for Saskatoon neighbourhoods

A number of my clients have asked me how homes in their neighbourhoods have appreciated relative to the Saskatoon real estate market in general. The question sparked an idea for my neighbourhood profiles page. I have prepared and posted a graph for each Saskatoon neighbourhood that shows the average house price trend for that area over a ten year period and compares it to the average house price trend for Saskatoon.

Are you curious about how values are changing in your area? 

Visit our Neighbourhood Profile page and click on your neighbourhood.

I am always looking for ways in which I can improve our website. If you have ideas or suggestions which I might use to provide prospective home buyers and sellers with information about Saskatoon, or the Saskatoon real estate market, I would love to hear them. Please, drop me an email at the link below.

Norm Fisher
Royal LePage Vidorra

Average Saskatoon house and condominium prices by area for 2006

I have completed my updates to the TeamFisher’s neighbourhood pages for 2006. Each neighbourhood page includes details on sales of houses and condominiums in the area including the low sale price, the high sale price and the average sale price for 2006.

I did something a little different this year in that I also included the average selling price of houses and condominiums for the last six months. I plan to update those numbers on a monthly basis so that a more accurate reflection of what’s happening in the Saskatoon real estate market, and within your neighbourhood can be seen at any time. With the sharp increases our market experienced through 2006, the annual average from the previous year was almost useless as we approached the close of the year. The averages shown didn’t really give an accurate picture of current Saskatoon real estate values.

We get a lot of visits from people who live outside of the province, who are considering a move to Saskatoon so these updated profiles are helpful in determining which areas meet their price objectives.

Another feature which will be added soon (hopefully before the New Year) is a graph which shows the change in average selling prices for each area over a ten year period. I have the data put together and we just need to prepare and post the graphs.

Do you know someone who is moving to Saskatoon? Why not refer them to our website? They’ll find it a great resource in their search for Saskatoon real estate.

Norm Fisher
Royal LePage Vidorra

Average house price rises in Saskatoon and Regina – Royal LePage House Price Survey

SASKATCHEWAN, December 14, 2006 – Strong in-migration from the Western provinces lead to tight inventory levels in the major markets in Saskatchewan, causing average house prices to rise, year-over-year, according to a year-end report released today by Royal LePage Real Estate Services.

Saskatoon

Low inventory levels continued to pressure prices upwards in Saskatoon, where buying activity remained brisk throughout the quarter. Accurately priced properties that showed well continued to attract multiple offers and often sold above list price, with the average time on the market falling to below 30 days.

Of the four markets examined in Saskatoon, the average price of a standard condominium experienced the greatest increase compared to other housing types surveyed, rising by 15.3 per cent to $124,000, year-over-year. Standard two-storey homes increased by 13.3 per cent, to $205,000, while the price of a detached bungalow rose by 14.2 per cent to $188,500, year-over-year.

Saskatoon has continued to experience an increase in in-migration – a population who is accounting for a large portion of the activity within the housing market. People have been moving to the city to take advantage of the affordable cost of living and excellent job opportunities, as many businesses in a variety of sectors are expanding.

“Saskatoon has experienced an increase in in-migration, and inventory has not been able to satisfy demand which has resulted in continued double-digit increases in average house prices,” said Norm Fisher, sales manager, Royal LePage Saskatoon Real Estate. “Moving into 2007 we should see some reprieve from the shortage of inventory as some current building projects are completed, helping to free up inventory for the resale market.”

Demand for condominiums has seen continued to grow in the fourth quarter, as an increasing number of entry-level purchasers have been turning to condominiums when they are unable to find a home that is affordable. Luxury homes priced above $300,000 have also seen an upswing in activity, largely attributable to out-of-province purchasers.

In Saskatoon North, the average price of a standard two-storey home rose by 14.0 per cent to $212,000, year-over-year. Detached bungalows rose by 13.4 per cent, to $195,000, while the price of a standard condominium rose by 14.3 per cent to $128,000 over the same period in 2005.

In Saskatoon West, the average price of a standard two-storey home rose by 13.4 per cent, to $178,000, while the average value of a detached bungalow also increased, rising by 13.5 per cent, year-over-year, to $164,000.

In the East End, the average price of a detached bungalow rose by 15.6 per cent, to $200,000, year-over-year. The average price for standard two-storey homes also increased, rising by 11.9 per cent from the same period last year to $225,000.

In East Central, the price of a standard two-storey home rose by 13.9 per cent to $205,000, while a detached bungalow rose by 14.0 per cent to $195,000, year-over-year. A standard condominium also appreciated by 16.5 per cent compared to the same period last year to $120,000

Regina

Of the markets examined in Regina, the average price of detached bungalows experienced the greatest increase compared to the other housing types surveyed, rising by 6.9 per cent to $150,375, year-over-year. Standard two-storey homes increased by 3.1 per cent, to $146,500, while the price of a standard condominium rose by 2.1 per cent to $96,500, year-over-year.

“Demand for all types of housing remained strong during the fourth quarter, as affordable interest rates and strong consumer confidence continued to drive buyers into the market, placing pressure on already tight inventory levels,” said Mike Duggleby, manager, Royal LePage Regina Realty, Regina. “In some cases, we have seen the lack of available inventory result in purchasers deciding to wait until the new year to make a purchase as they have become frustrated by the limited supply.”

Activity in the upper end of the market has seen an upswing of activity in the fourth quarter, driven by purchasers from the Western provinces, seeking out a lower cost of living and the excellent employment opportunities that the city offers. Windsor Park and Wascana are popular areas located in the southeast of the city, while the bedroom communities of Emerald Park and White City have seen strong activity in the fourth quarter.

Regina’s housing market is expected to maintain its strength throughout the upcoming year, with tight inventory levels limiting the number of units sold. For the year ahead, purchasers can expect average property prices to rise by 5.9 per cent to $144,000, according to the 2007 Royal LePage Market Survey Forecast, while the number of property transactions is expected to increase by 1.0 per cent to 2, 970 units sold.

In 2007, move-up buyers are expected to account for a larger portion of activity than they have in previous years. Out-of-province buyers are expected to remain active, sustaining strong activity within the upper end of the market.

Added Duggleby: “New developments in the southwest and the northwest of the city should help to relieve some of the pressure on inventory levels next year, however, seller’s market conditions are expected to persist for all of 2007.”

In Regina North, the average price of a standard two-storey home remained stable, year-over-year, at $132,000, while the average price of a detached bungalow increased by 6.8 per cent to $146,750, while standard condominiums remained steady at $85,000, year-over-year.

In Regina South, standard two-storey homes showed the largest gains, rising by 5.7 per cent, year-over-year, to $161,000. The average price of a detached bungalow rose by 3.2 per cent, to $154,000, year-over-year. The average price of standard condominiums in the area rose by 3.8 per cent to $108,000, compared to the same period last year.

Saskatoon real estate market update for November, 2006: SRAR

The Saskatoon Real Estate Board released the MLS Listings and Sales statistics for November of 2006 yesterday.

Residential sales for the month totaled 230 units, down just one percent as compared to November of 2005. The average selling price for the month was $167,480 representing an increase of 10 percent for the same month last year.

The most notable numbers were the “active residential listings” which hit a new low of just 363 units across all Saskatoon areas and all price ranges. In my fourteen years in Saskatoon real estate, I can’t recall a time when active listings ever fell below 400 units.

Demand continues to be fairly high for this time of year. There are people out there who want to buy a home. If you’re considering offering your property for sale in the near future, now would be an excellent time to capitalize on the high demand and the unusually low supply of Saskatoon homes. I expect that we will see more units come available in the New Year as people building new houses begin to see the light at the end of the tunnel and start planning to sell their existing home. If you’re buying a home, waiting until January may be a good strategy.

Norm Fisher
Royal LePage Vidorra

Luxury home market sees huge growth in Saskatoon and across Canada

A new Carriage Trade Luxury Properties Report released today by Royal LePage Real Estate Services finds that sales of luxury homes far outpaced the general market across Canada. Year-over-year unit sales more than doubled in Calgary, Edmonton and Halifax.

While Saskatoon is not mentioned specifically in the report, I can confirm that a similar trend is occurring here. Of course, our “luxury market” still boasts a substantially lower price point than those used in this survey. For the most part, Royal LePage looked for properties which sold in excess of $500,000. So far this year, Saskatoon real estate agents have sold 152 homes priced over $300,000. That compares with just 73 homes sold for the same period last year. It’s also worth noting that one sale of a Riverside Estates property came it at the $1,000,000 mark, a new record for a residential home sale in this area. Read on for more of this report.


TORONTO, November 24, 2006 – Canadians are embracing luxury living more than ever before – and if they are not currently living in a luxury home, many aspire to someday live in the lap of luxury. As a result, the number of unit sales of luxury homes has skyrocketed in Canada’s major markets, according to the Carriage Trade Luxury Properties Report released today by Royal LePage Real Estate Services. The report found that there has been a surge of unit sales in all markets examined, with the greatest increases occurring in Calgary, Edmonton and Halifax, which all reported sales increases of more than 125 percent, year-over-year, in the first three-quarters of 2006.

If the aspirations of Canadians play a factor, sales of luxury homes will not diminish anytime soon. The report, which includes a market analysis of trends and activity in major markets across Canada, combined with a national omnibus poll (conducted by Maritz Research Canada), found that over one-third (37%) of Canadians aged eighteen and older, currently live in a luxury home, plan to buy a luxury home soon, or aspire to one day live in a luxury home.

“The pronounced increase in the number of luxury homes sold across the country is a strong reflection of Canadians’ confidence in the economy and the real estate market,” said Phil Soper, president, and CEO, Royal LePage Real Estate Services. “For the substantial sums that these homes command, buyers have come to expect distinctive properties outfitted with luxurious amenities, where it is clear that painstaking attention has been paid to every detail.”

When asked, “If you were purchasing a luxury home, what would be the most important criteria you would consider when choosing this type of home?” Canadians cited: investment potential (25%), proximity to excellent schools (19%), the prestige of the neighbourhood (17%), luxurious amenities throughout the house and the size of the house (11%) and the prominent neighbours (8%).

Added Soper: “House values have appreciated much more quickly than the underlying economy for much of this decade. The Carriage Trade brand is a unique way for Royal LePage Realtors to raise the profile of special homes which are not only priced in the upper end but also exhibit unique features and amenities that set them apart from other properties. Realtors using the Carriage Trade brand are experienced working with exceptional homes and have access to proprietary tools enabling them to succeed in this segment.”

In terms of the feature that would be the most important to Canadians if they were purchasing a luxury home, a commercial style kitchen assumed top rank (21%) in the poll. Interestingly, a gender divide was evident when it came to cooking as 26 percent of women cited the commercial style kitchen as the most important feature, compared to 15 percent of men. The men’s den prevails with 11 per cent of males citing the luxury in-home movie-viewing theatre as the feature that would be most important to them if they were purchasing a luxury home, compared to only five percent of females.

The poll also found additional features that would be of most importance to Canadians if purchasing a luxury home to include an indoor or outdoor pool (14%), smart wiring (12%), heated floors and driveway (11%) and a fitness centre/pilates/yoga studio and luxury in-home movie theatre (both at 8%).

Norm Fisher
Royal LePage Vidorra