Courtesy CTV Saskatoon
Published Friday, November 3, 2017 11:18AM CST
Saskatoon is a buyer’s market according to the latest numbers for active home listings released Friday by the Saskatoon Region Association of Realtors (SRAR).
There was a total of 1,967 active listings in Saskatoon as of the end of October, plus an additional 1,022 available residential properties in the region outside of the city. SRAR says the new numbers represent an increase of almost 12 per cent in active residential listings compared to the same time last year and this may be a good time to purchase a home. “With upcoming mortgage rule changes in the new year, relatively low interest rates and more available homes, this is an ideal time for buyers to tie up that purchase,” a written release reads.
SRAR noted that the sales to listing ratio for Saskatoon was just over 40 per cent in Saskatoon in October. In total, 287 units were sold in October which is a 10 per cent increase from the 262 sales made in September. October’s home sales reflect an eight per cent decline compared to October of 2016.
Year to date sales for Saskatoon at the end of October were 3,030 units, according to SRAR. This reflects at 6.7 per cent decline in sales from the same period last year.
A total of 8,069 homes were placed on the market year to date in Saskatoon, which is slightly down from 8,217 homes in 2016. SRAR says the average days on market for a home in Saskatoon is 54, which is unchanged from September. This number is slightly higher when compared to the average of 50 days in October of 2016.
The average price for selling a home in Saskatoon has decreased year-over-year by 3.2 per cent to $331,889. “I expect that there may be a slight spike in sales as the year winds down,” said Jason Yochim, CEO with SRAR. “This would be due to recently introduced mortgage qualification rules for conventional buyers plus a sense of upward pressure on interest rates.”
SRAR added that the federal government has continued to address issues with overheated markets in Canada’s two largest cities, but the rule changes may affect local real estate markets much differently.