Canadian homes sales grow for third consecutive month in July of 2018: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for July of 2018 today.

According to the report, “Statistics released today by The Canadian Real Estate Association (CREA) show national home sales were up from June to July 2018. National home sales via Canadian MLS® Systems rose 1.9% in July 2018, building on increases in each of the two previous months but still running below levels recorded from mid-2013 to the end of last year.

Highlights of CREA’s report

  • National home sales rose 1.9% from June to July.
  • Actual (not seasonally adjusted) activity was down 1.3% from July 2017.
  • The number of newly listed homes edged down 1.2% from June to July.
  • The MLS® Home Price Index (HPI) in July was up 2.1% year-over-year (y-o-y).
  • The national average sale price edged up 1% y-o-y.

Read the entire report on Canadian MLS® sales for July of 2018.

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

Saskatoon home sales increase significantly in July of 2018: SRAR

The month of July saw an increase of over 25 percent in Multiple Listing Service® (MLS®) sales activity, year-over-year (Norm’s note: that is the largest year-over-year increase for any month in the past five years). In July, a total of 390 Saskatoon homes were sold, up from 310 transactions in the same month of 2017. Year-to-date, MLS® transactions for Saskatoon were down 3.3 percent with 2,082 home sales compared to 2,152 to the end of July 2017. “Although one month does not constitute a trend, it is very encouraging to see such a significant increase in activity during a month when many buyers typically leave town on vacation,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®.

MLS® sales below $200,000 totaled 57 in July, 55 percent higher than in July of 2017. Year-to-date, sales in the same price range increased by 26 percent to 307 transactions. Homes that sold for between $300,000 and $400,000 showed an increase of 27 percent over the previous July. The number of sales year-to-date in this price range totaled 1,229 for a decline of five percent compared to sales by this time in 2017. Home sales at prices that exceeded $400,000 totaled 540 so far this year, a decline of 12 percent over the previous year.
Another positive indicator is a decline in the number of new MLS® listings coming on to the market. A total of 710 new MLS® listings were added to the system in July, a decrease of ten percent over the same period of last year, and well below the five-year average of 830 listings. Fewer new listings combined with an increase in sales reduced the number of active listings from 2,109 in June to 2,048 at the end of July. The five-year average for active MLS® listings at this time of year is 1,977 units. “Lower inventory levels will help move the market from a buyer’s market towards balance and stabilize home prices,” adds Yochim.


Year-to-date, the average sale price of a residential property in Saskatoon was $334,676, down 4.1 percent from the same period last year.

Average prices can be misleading as outlier sales can skew the average sale value one way or the other over a short period of time. This is why the median price of Home Price Index (HPI) benchmark value is a better indicator of the market. The HPI measures the change in value over time for a typical single family home with a standard set of attributes. This rate of change reports similar to the Consumer Price Index and is the most accurate indicator of home pricing.

The (HPI) benchmark value for Saskatoon single-family homes saw a slight decrease to $315,400 compared to $315,800 at the end of June (Norm’s note: a 1.3 percent annual decline).

The HPI benchmark value for townhouse style properties continued on an upward trend, increasing by 1.2 percent for the month to $234,400 (Norm’s note: down 6.4 percent, year-over-year).

Last month, Saskatoon homes took an average of 49 days to sell. The five-year average days to sell during July is 48.

For more information contact:

Jason Yochim
CEO of the Saskatoon Region Association of REALTORS®

Canadian home sales see “first meaningful rise” since new mortgage stress testing began: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for June of 2018 today.

According to the report, “National home sales via Canadian MLS® Systems rose 4.1% in June 2018 compared to May. While this marks the first substantive month-over-month increase this year, sales remain well down from monthly levels recorded over the past five years.”

“This year’s new stress-test on mortgage applicants has been weighing on homes sales activity; however, the increase in June suggests its impact may be starting to lift,” said CREA President Barb Sukkau. “The extent to which the stress-test continues to sideline home buyers varies by housing market and price range. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future,” said Sukkau.

Highlights of CREA’s report

  • National home sales rose 4.1% from May to June.
  • Actual (not seasonally adjusted) activity was down 10.7% from June 2017.
  • The number of newly listed homes eased 1.8% from May to June.
  • The MLS® Home Price Index (HPI) in June was up 0.9% year-over-year (y-o-y).
  • The national average sale price edged down 1.3% y-o-y in June.

Read the entire report on Canadian MLS® sales for June of 2018.

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

Dollar Volume of Saskatoon Home Sales Continues to Decline Through June 2018

At the mid-point of the year, the total dollar volume for residential MLS® sales in Saskatoon sits at $565,435,958. This is down 12 percent from last year and is the lowest dollar volume of sales for any June in the past ten years. “This is a reflection of a decrease in unit sales volume coupled with lower prices,” according to Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. Last month there were 350 MLS® home sales, an 11 percent decline from last June and the lowest number of homes sold for the month of June in 10 years. Year-to-date, 1,693 Saskatoon homes have sold through the MLS®, down eight percent from this time last year.

Year-to-date, the average sale price was $333,985, down five percent from the same period last year. The highest average residential sale price for June was in 2015 at $361,719. Average prices can be misleading as outlier sales can skew the average sale value one way or the other over a short period of time. This is why the median price of HPI value is a better indicator of the market.

The median sale price of a Saskatoon home (all residential categories) was $316,500 in June, its lowest point this year, and down from $330,000 in January. The Home Price Index (HPI) Value for Saskatoon single-family homes continued its slow but steady increase from February when it was $308,900 and climbing to $315,800 at the end of June. The HPI Value for single-family residential reached its highest level in May of 2015 at $331,800. The HPI value for apartments has been on a steady decline since January but appears to have leveled out at $179,100. HPI value for townhouse style residences has been trending up sharply since March and was at $231,600. The HPI measures the change in value over time for a typical home with a standard set of attributes. This index works similarly to the Consumer Price Index and is the most accurate indicator of home pricing.

Inventory levels continue to be elevated with 2,109 residential properties available on the MLS® in Saskatoon at the end of June. This is just slightly above the five-year average for active listings which is 1,990. The sales to listing ratio remained virtually unchanged from a year ago at 40%. The sale-to-listing ratio is a comparison of the number of sales for a period of time to the number of new listings. This number shows that four out of every ten homes that hit the market end up selling. In reality, this percentage is likely higher as many homeowners that do not sell will cancel their current listing and re-list, often at a different price. This elevates the true number of listings relative to sales. Last month, it took 47 days on average to sell a Saskatoon home, unchanged from May of this year.

Jason Yochim
CEO of the Saskatoon Region Association of REALTORS®

Canadian homes sales reach a five-year low as measures to cool markets hit the mark: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of May of 2018 today.

According to the report, “National home sales via Canadian MLS® Systems remained little changed in May 2018. Having edged 0.1% lower, it marked the lowest level for national sales activity in more than five years. Slightly more than half of all local housing markets reported fewer sales in May compared to April, led by the Okanagan region, Chilliwack and the Fraser Valley, together with the Durham region of the Greater Toronto Area (GTA) and Quebec City. Declines in activity were offset by gains in Calgary, Thunder Bay, Brantford, London and St. Thomas, Oakville-Milton and the Quinte Region west of Kingston. A small increase in GTA sales also supported the national tally.”

Highlights of CREA’s report

  • National home sales edged down 0.1% from April to May.
  • Actual (not seasonally adjusted) activity was down 16.2% from May 2017..
  • The number of newly listed homes rose 5.1% from April to May.
  • The MLS® Home Price Index (HPI) in May was up 1% year-over-year (y-o-y).
  • The national average sale price declined by 6.4% y-o-y in May.

Read the entire report on Canadian MLS® sales for May of 2018.

CREA’s updated Canadian housing forecast can also be found 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 Vidorra