River Landing Village delayed again: Star Phoenix

According to a story in today’s Star Phoenix, Lake Placid Developments is seeking a one-year extension on the current deadline to complete the excavation of the building site for its proposed $200 million River Landing development.

In a letter to the city, the developer requested an extension to June 30, 2010. City manager, Murray Totland will recommend to city council on Monday that the extension be granted.

Read the Star Phoenix story 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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon new and resale house prices to slide in 2009, rebound in 2010: CMHC

The Canada Mortgage and Housing Corporation (CMHC) released their Spring Housing Market Outlook for the Saskatoon CMA today. Here’s the gist of it.

After the strongest two-year performance since the late 1970’s, Saskatoon single-detached housing starts will decline to 600 units in 2009 and bounce back to 725 units in 2010. The 2009 singles forecast represents the lowest number of housing starts since 2001 when 542 single starts took place.

Statistics Canada’s New House Price Index (NHPI) measures the increase in the price of a house where the detailed specifications pertaining to each house remain the same between two consecutive periods. Given the decline in production, we forecast a 6.6 per cent decline in the NHPI in 2009. Next year will see a partial recovery of these losses with growth of three per cent.

Saskatoon resales will continue to slow in 2009, slipping 15.3 per cent to 3,000 sales. Sales were last at this level in 2004 when 2,999 resales took place. Price reductions should contribute to a rebound in 2010 with sales of 3,150 units, a five per cent increase over the 2009 figure. Slower in-migration and a cooler economy combined with elevated housing prices have dampened demand and restrained sales from the historically high levels seen in 2005 to 2008. MLS® sales peaked in 2007 with 4,446 resales recorded.

Seasonally adjusted monthly sales are trending downward, but the severity of the decline has eased in recent months. In June 2008, the monthly trend was down close to five per cent compared to the previous month while seasonally adjusted sales were down by only one per cent from February to March 2009.

By the end of the first quarter, year-to-date new listings were up 16 per cent from last year at that time. March seasonally adjusted new listings were down 0.8 per cent from February 2009. March marked the sixth month-over-month decline in seasonally adjusted new listings activity. This suggests the new listings trend has peaked.

A slower decline in the number of sales and lower new listings have not yet worked their way into the inventory of homes for sale on the MLS® service. In March, there were 2,399 active listings, more than double the 2008 March figure. Seasonally adjusted active listings increased by 4.8 per cent compared to the previous month and reached the highest level on record in March.

Our forecast calls for average price to slip to $275,000 in 2009, a 4.4 per cent decline from the 2008 annual figure. Historically high active listings and buyer resistance to higher prices will result in the 2009 fall off in average price. There will be a modest increase of close to two per cent in 2010, bringing the aver-age price to the $280,000 mark. The firmer market expected in 2010 will allow modest price gains.

The full report is 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.

Follow our daily updates on Twitter @Norm_Fisher.
Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon’s River Landing Village now for sale, construction to begin soon

I received this email today stating that the title issues we previously heard about that were holding Lake Placid back on the River Landing Village project have been resolved and that construction will begin “as soon as changes are complete.”

Dear Norm,

“The legislation needed to move forward with two of the biggest private developments in the province, both slated for downtown Saskatoon, was passed this week.”

Star Phoenix, May 02 2009

We have very exciting news! We are now offering the Residences at River Landing Village for sale! For those of you that have reserved a unit, this is your opportunity to make that unit yours with a 10% deposit. If you have not reserved a unit we encourage you to visit our sales centre, as we have many great suites still available. Please call Richard or Gail at (306) 683-4350 to make an appointment.

As you may know, we have experienced delays due to the current land titles act. As you can see in the quote above from the Star Phoenix, we have overcome these issues.  In simple terms, the Government is going to allow multiple strata’s (owners and users) on a single title (parcel of land). We are very excited about this progress, and we will begin construction as soon as these changes are complete.

We hope to hear from you soon and encourage you to visit us, as suites are selling quickly!

Sincerely.

Lake Placid River Landing

The River Landing Village website is 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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Housing starts tumble across Canada; Saskatoon among the hardest hit

Housing starts across Canada continued to weaken through the month of February falling 59% nationally and 69% in Saskatchewan, according to “Preliminary Housing Start Data” released by Canada Mortgage and Housing Corporation today.  Only British Columbia and Prince Edward Island showed larger drops as both provinces saw starts decline 76% in February compared to the same month last year.

On a year-to-date basis (January and February), housing starts are down 50% across Canada. Saskatchewan leads the provinces showing the largest decline, off 74% with just 152 starts this year compared to 578 for the same period in 2008.

Saskatoon’s year-to-date housing starts sit at 57 units, a decline of 85% over the same period last year. Kelowna was the only Canadian city to post a larger drop with starts falling 96%, year-over-year, from 735 last year to just 28 this year.

Paul Caton, CMHC senior market analyst told the Saskatoon Star Phoenix that new home construction is off to a slow start this year as developers work to finish and sell the houses they began building in 2008.

CMHC’s Preliminary Housing Start Data is here.
The Star Phoenix story is 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.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatchewan to buck national trend of declining resale activity and housing starts: CMHC

The latest release of CMHC’s Housing Market Outlook forecasts declining resale activity and housing starts on a national level, but predicts Saskatchewan will buck the trend showing increases in both categories.


While existing home sales across Canada will experience an 8.5% decline, resale activity in Saskatchewan is expected to “facilitate a record number of transactions in 2008, reaching 13,400 units,” according to the report. Nationally, housing starts will decrease by 6% while Saskatchewan experiences an increase of 17% to 4,600 units, “the highest total in nearly 30 years.”


CMHC believes positive migration trends, expanded production of potash and oil, higher commodity prices and surging government expenditures will continue to drive Saskatchewan’s economy forward in the years ahead.


“The province’s changing economic fortunes are clearly reflected in the 2007 migration figures. After 22 consecutive years of decline, net migration in Saskatchewan rebounded with a record high of 13,583 migrants. Last year’s performance erased all of the losses in the preceding three years.”


Does Saskatchewan have the goods to buck this national trend?


Read CMHC’s Housing Market Outlook 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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate