Canada Mortgage and Housing Corporation (CMHC) released their fall outlook for the Saskatoon real estate market today, predicting a decline in unit sales and an increase in house prices through 2009.
“Saskatoon resales will decline almost 20 per cent by the end of 2008 with a further 11 per cent reduction occurring in 2009. Notwithstanding 2008’s forecast decline, resales will still be in excess of the ten-year average of 3,170 sales.”
“Our forecast calls for the average price to reach $287,000 in 2008 and approach the $300,000 mark in 2009 as price gains cool from the 2007 pace. Higher listings and buyer resistance to higher prices will result in relatively weaker price gains compared to 2007 for the balance of 2008 and 2009.”
Read CMHC’s Fall Housing Outlook for Saskatoon here.
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Royal LePage Saskatoon Real Estate