Saskatoon real estate: Week in review (June 18-22 2007)

The Saskatoon real estate market continued its hectic pace through yet another week with buyers showing few signs that they’re willing to let up anytime soon. While the percentage of homes selling for more than the asking price was down from the previous week, the average overbid across all Saskatoon real estate areas set a new record coming in at $27,816, up just a smidge from the previous record of $27,770 which was recorded during the last week of May.


The average selling price of a Saskatoon home came in above the quarter million dollar mark for a second consecutive week.


Residential listings gained some traction, outpacing reported sales by 40%. 140 single family homes and condominiums were placed on the market this week, while only 100 homes actually changed hands. At today’s date there are 343 such properties displaying an “active” status on the Saskatoon Multiple Listing Service ® which is a higher number than I can recall at any point this year. Normal MLS ® listing levels for the Saskatoon market are closer to twice that number. With the increased demand we’re currently experiencing I expect that we would need closer to 1,000 Saskatoon homes for sale to bring any balance.

Interestingly, the percentage of homes selling for more than the asking price continued to decline in Area 4 to about 40% and the average overbid was $17,814, which is the lowest number recorded in any area since the week of April 16-20. I know I’ve mentioned before that Area 4 is typically the last area to catch fire when the Saskatoon real estate market heats up and the first area to cool as the market begins to level off. It’s difficult to know if this is a sign of things to come but it definitely does seem that we are seeing a bit of a cooling trend in Area 4.

Notable sales

  • East College Park apartment style condo (892’) sells for $195,900.
  • Brevoort Park bungalow (912’) without a garage brings $311,000.
  • Greystone Heights bungalow (1,432’) which appears to have some nice upgrades and a double detached garage sells $6,000 below list at $303,000.
  • Pacific Heights bi-level (950’) on a busy street fetches $242,100.
  • Briarwood executive home (3,693’) sells for $789,000.
  • Erindale executive home (2,765’) brings $840,000.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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

Saskatoon real estate: Week in review (June 11-15 2007)

Last week, and the week before we saw the percentage of Saskatoon homes which were selling above the asking price drop to levels than we hadn’t seen for a couple of months. The numbers from this week took us in the other direction showing the highest percentages of over list price sales on record. A full 81% of Saskatoon real estate sales in the “residential” category sold above the asking price. On Saskatoon’s east-side, 58 of 63 home sales reported fell into the above list column. Area 4 once again showed relatively poor performance with only about half of its home sellers hitting the overbid jackpot.


In spite of the fact that we had one of our highest volume listing weeks with 145 newly listed homes offered on the market, average overbids remained very high topping the $20,000 mark in all major areas and averaging $26,786 across the entire Saskatoon real estate market.

Notable sales.


  • 635 square foot one bedroom apartment at Forest Grove Village sells for $145,000.
  • Brevoort Park bungalow at 1,173 square feet with a single attached garage goes for $410,000.
  • Apparently, you can now pay $225,000 for a 912 square foot bungalow with a single garage in Mount Royal.
  • How about at 1,045 square foot bi-level on a busy Westview Heights street for $327,000. Double garage of course.
  • On the “remarkably reasonable” side, here’s a reasonably showy two-storey split boasting a prestigious Silverwood Heights crescent location, a double attached garage and numerous upgrades for only $379,900.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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

Housing affordability deteriorates nationally, but most sharply in Saskatoon

Housing affordability deteriorated across Canada during the first quarter of 2007, and most sharply in Saskatchewan according to RBC’s Housing Affordability survey which was released today. It probably comes as no surprise that Saskatoon wins the prize for the highest levels of change in the affordability measure when compared to the last quarter of 2006.


It is important to note that Saskatoon and Saskatchewan are still among the most affordable places in Canada to own a home. Only the Atlantic Provinces and Manitoba proved more affordable than Saskatchewan. Also keep in mind that this report examines affordability based on data gathered to the end of March, 2007. We can expect to see further erosion over the second quarter as prices of Saskatoon homes have continued to increase at a rather rapid pace.


Read the RBC Housing Affordabilty report here

Read the overview specific to Saskatchewan

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

Saskatoon real estate: Week in review (June 4-8 2007)

“Do you think it’s slowing down?” This is a question which is being asked by many Saskatoon real estate agents lately.


There’s no question that things have felt a little different over the past few weeks. While my last few listings have all received multiple offers and sold above the asking price, they have seen fewer showings than I would have expected just a month ago. There are still many buyers in the market for a home, and those who are active remain fairly aggressive, but it does seem that demand is starting to soften and buyers are likely to find a less competitive Saskatoon real estate market in the weeks ahead.


The “Week in review” numbers don’t reveal many solid clues but there are some marginal differences which can be seen this week, and last. The percentage of homes which are selling above the asking price has slipped below 70% two weeks in a row. We haven’t seen that since the week of April 9. The most apparent change is seen in Area 4, where fewer than 50% of reported sales were above the asking price. This past week also recorded a lower than average number of sales when compared to activity over the past two months.

Here is a look at last week’s numbers.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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

Watch for prices of Saskatoon condos to stabilize

Watch for prices of Saskatoon condos to stabalizeI read an article today written by commercial real estate/property management specialist, Don Sylvester of Saskatoon Real Estate Services which appeared in “The View,” the monthly newsletter of the Saskatoon and Region Association of REALTORS®. Don discusses the frenzy of buying activity in Saskatoon apartment buildings this year.


“The apartment sale for condo conversion frenzy is being fueled by out of province investors and first time homebuyers wanting to enter the market place.  The frenzy is heightened now by offers of up to $116,000 per unit, representing a near tripling of prices this year alone.  Multiple offers above the listing price are the norm and the demand has spread to small town Saskatchewan as well.”


Sound familiar?


He goes on to explain that when “resale prices of $180,000 to $220,000 for a renovated and converted two bedroom unit are common place” it’s not difficult for investors to justify this kind of huge up front investment and notes that developers can still “turn profits well in excess of 50% of their total investment.”


Last week, a number of converted units were sold between $215,000 and $222,000. I’ll suggest that we’re going to see a few more pushing the mid 230K mark within a week or two. Will buyers bite? Maybe, but these units are making less sense as an option with every price increase.


Don then goes to the fundamentals which are required to sustain any healthy real estate market like “affordability, new family creation, job and income growth.” He makes the point that resale prices have moved much closer to units available in Calgary.


He’s right! I see a selection of two-bedroom condos in Calgary between $250,000 and $300,000, some of them built in the last ten years.


Don reminds us that Saskatchewan lost 200 jobs in April, while seeing an increase of 200 in its labour force effectively pushing our unemployment rate to 4.1%. He points out that income growth in Calgary still outpaced Saskatoon by a full percentage point last year, never mind the fact that incomes were already 20% higher in Calgary before that.


“From a pure wages perspective a working couple can afford to spend $60,000 to $80,000 more on housing in Calgary than they can in Saskatoon.  The question is how close are we to Calgary prices and how much will our wages increase?  The answer to that question suggests that apartment prices should stabilize here soon.”


It looks to me like Saskatoon condo prices are already encroaching on that $60,000-$80,000 price gap. Consider also that the average selling price of a Saskatoon condo was up 75% in May when compared with May of 2006. Consider that hundreds of rental apartments have been removed for the rental market over the last couple of quarters and that many of them will be starting to come on the market as resale condos. Consider that the average selling price of a single family home increased just 39% for the same period outlined above and you see that the dollar difference to own a house as opposed to a condo has narrowed significantly over the last several months.


All of these factors suggest that the Bull Run which condos have enjoyed may soon come to a close. It’s doubtful that the current low inventory situation will allow prices to decline in the short term but I think we can expect to see prices begin to stabilize.


Read also: Saskatoon real estate market predictions.

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