Housing affordability continues to trend sideways in Saskatchewan: RBC

Even though home prices made some small gains, incomes increased faster and Canadians saw a slightly improved picture in housing affordability through the fourth quarter of 2013, according to RBC’s latest Housing Trends and Affordability report. RBC Economics measures housing affordability in and across Canada by studying and reporting on the percentage of income required to pay for housing in various categories.

Closer to home, Saskatchewan home buyers saw a continuation of a “sideways trend” with affordability levels at historical norms as market activity was “quite stable at elevated levels for the second consecutive quarter.”

Right here in Saskatoon, home ownership costs as a percentage of income also remained stable across the three most popular housing types.

Read the entire RBC Housing Trends and Affordability report.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Housing affordability sees modest deterioration in Q2, 2013 nationally and at home: RBC

A recently released “Housing Trends and Affordability” study conducted by RBC Economics says, the “recent upswing in the Canadian housing market brought with it some mild erosion in housing affordability in the second quarter of 2013.” According to the report, tightening supply and demand conditions led to a modest increase in prices over the quarter, nationally.

Closer to home, RBC had this to say about housing affordability in Saskatchewan.

Housing affordability in Saskatchewan in the second quarter of 2013 continued to display the seesaw pattern that has been characteristic of that market in recent years. RBC’s measures for single-family homes rose modestly in the latest period (by 0.9 percentage points for bungalows and 0.5 percentage points for two-storey homes), largely offsetting declines in the first quarter, while the measure for condominium apartments inched lower (by 0.3 percentage points) and further reversed increases that occurred in late 2012. Alternating increases and declines from quarter to quarter generated a fairly flat trend in affordability since 2009, thereby maintaining affordability levels close to historical averages in the province. With little affordability pressure restraining them, Saskatchewan homebuyers sprung into action in the second quarter, boosting home resales by nearly 14% relative to the first quarter. Notable gains were registered in both Saskatoon and Regina. The province’s strong labour market and population growth should continue to support housing demand in the short term.

Download and read the entire RBC Housing Trends and Affordability report.

Read also: Housing market not the most affordable – Star Phoenix

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatchewan leads provinces for real estate sales gains in July, 2013: CREA

I mentioned in an earlier post that Saskatoon had its strongest July ever for the number of residential real estate sales recorded through the multiple listing service. It seems that this may have been the case across the province as Saskatchewan led the provinces for real estate sales gains.

This chart, featured in the Canadian Real Estate Association’s overview of national real estate activity for July, 2013 shows the percentage at which each Canadian province either exceeded or fell below the ten-year average number of sales for the province. In July, Saskatchewan recorded home sales 31.6 percent higher than the ten-year average.

Click the image for a larger version of the chart.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon posts strongest numbers for housing starts in decades for 2011

In 2011, Saskatoon and Regina both saw housing starts increase to levels not seen since the early 1980’s, according to a senior market analyst for the Canadian Mortgage and Housing Corporation (CMHC).

Builders in Saskatoon started construction on 1,608 single-family homes and 1,386 multi-family dwellings for a total of 2,994 homes, up from 2,381 last year to mark an annual gain of roughly 26 percent.

Meanwhile in Regina, construction got underway on 958 single-family homes and 736 multi-family dwellings to close the year with 1,694 starts and a year-over-year gain that also reached 26 percent.

“Saskatchewan’s expanding economy and labour market continued to attract elevated numbers of migrants into the province’s centres. This bolstered housing demand in 2011 and fuelled a pace of starts rarely seen across the province,”  Michael Fabiyi explained in the CMHC media release.

Read the coverage in today’s Star Phoenix.
See CMHC’s Preliminary Housing Start Data report.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate