It’s been a tough couple of years for the housing market in Saskatchewan. Falling oil, potash, and uranium prices led to a downturn in the economy. Lots of people lost their jobs, and their optimism. At the same time, construction of new homes and condos continued unabated. The result – a lot of choices for a reduced number of buyers. And now we are hearing that things may not be improving much in 2017.
A new report from the Canadian Bankers Association shows that the percentage of Saskatchewan people behind on their mortgages is at 0.70 percent. That sounds low, but it is more than double the national percentage of .28 percent, and it is the highest level in Saskatchewan in 24 years.
Saskatchewan had the most people per capita in arrears – followed by Atlantic Canada at 0.62%, Alberta at 0.47%, and Manitoba at 0.33%. And the Saskatoon Region Association of Realtors says their home sales in Saskatoon are down so far in 2017.
At saskhouses.com, we have seen some promising signs in the first few months of 2017. People are still selling, and people are still buying. But there is still lots for buyers to choose from, and it’s very important that if you are selling, you need to be competitively, and realistically priced.
If you are selling, and having trouble meeting your mortgage payments, that means you probably don’t have a lot of equity in your home. Keep in mind that if you sell with an Agent, a large percentage of that equity could go to your Real Estate Fees.
A lot of people don’t realize that buying and selling privately is an option, but it is, and especially for the seller, it can save you a lot of money. And in the market we are in right now, that could make a huge difference.