Real Estate Blog

 

10) Timing:

Spring is typically the best time of year to sell a house. Looking at the chart below, you can see that May has the most sales in Saskatoon, except for 2020, of course. (And we all know what is happening this year!)

Depending on your situation, though, you might not have the luxury of selling in May. But here in Saskatchewan, it is the time of year makes the most sense. This gives you the opportunity to have an end-of-June possession for both the house you're selling and the one you're buying. It also means you won't disrupt the school year and, if you time it right, you also won't lose out on too much of your summer vacation time either!

Now, this isn't to say your house won't sell at any other time of the year, but the

756 Views, 0 Comments

 

WEEKLY UPDATE

DURING COVID-19

Housing sales still strong in July!

June had 515 residential properties sell, that is an average of 17.17 per day. As of July 18th there were 284 residential sales, an average of 15.78 per day. July is on pace for 489 sales.

Good House are Selling!

64 of the 284 houses that sold in July sold in the first 14 days of being listed (22.5%)

112 sold in the first 21 days of being listed, 39%!

What type of property is selling the most? Single detached houses, 203 of the 284 were single detached, 71%

What price range is selling? 119 single detached homes under $400,000 sold in July, 42%

There are currently 466 single detached homes for sale in Saskatoon, 297 have been on the market for over 21

362 Views, 0 Comments

 

WEEKLY UPDATE

DURING COVID-19

In this report I will update the weekly stats for Saskatoon as well as the running stats during covid.

If you want to know where our housing market was before covid-19 click here.

This will eventually turn into live report!

New listings up last week! 12 more than the week before. Sales down again, 2 less than the previous week.

Good House are Selling!

The average days on the market (the time it takes for a house to sell once it has been listed) for the time period Jan. 1 2020 to the end of June 2020 is 103 days. The market has been "hot" ( houses are selling quickly) since the start of May, yet the average days on the market for May and June is 90, how can that be? You have to look deeper

586 Views, 0 Comments

 

SASKATOON REAL ESTATE REPORT

WEEKLY UPDATE

DURING COVID-19

In this report I will update the weekly stats for Saskatoon as well as the running stats during covid.

If you want to know where our housing market was before covid-19 click here.

This will eventually turn into live report!

Sales Level Off!

Week of June 16th - June 23rd 

We had 4 LESS sales last week than the week before! New listings are down 10%, 171 this week compared to 192 the previous week.

  New Listings Solds Conditional Sold Price Decrease Off Market
Single Detached 117 89  4 35 37
Semi Detached 2 4 0 1 4
Townhouse 25 12 2 5 3
Apartment Condo 27 15 0
295 Views, 0 Comments

 

SASKATOON REAL ESTATE REPORT

WEEKLY UPDATE

DURING COVID-19

In this report I will update the weekly stats for Saskatoon as well as the running stats during covid.

If you want to know where our housing market was before covid-19 click here.

This will eventually turn into live report!

 I missed last week as I took my kids camping!

Sales Still Increasing!

Week of June 9th - June 15th 

Last week 124 properties sold in Saskatoon, 15 more than the 2 weeks ago, up 14%! Apartment style Condos were up 70%, are buyers worried about the new mortgage rules?

New listings were up 15%! Does this mean sellers are becoming more comfortable with people entering their homes or are they worried the new mortgage rules will cause their

717 Views, 0 Comments

NEW MORTGAGE RULES JULY 1 2020!

Canada Mortgage & Housing Corporation (C.M.H.C.) announced Thursday that they would be tightening their rules for offering mortgage insurance as of July 1st after forecasting declines of 9% - 18% in home prices over the next 12 months!

What are the new changes?

Keep in mind these changes are for insured mortgages, 39% of mortgages are Conventional Mortgages. So 61% of borrowers will be affected.

The changes are;

1) At least one of the borrowers will need a credit score of 680 or higher, up from 600. Only 5.9% of CMHC insured mortgages had credit scores below 680

2) G.D.S (Gross Debt Service) ratio will go from as high as 39% down to 35%

3) T.D.S. (Total Debt Service) ratio will go from as high as

553 Views, 0 Comments

 

SASKATOON REAL ESTATE REPORT

WEEKLY UPDATE

DURING COVID-19

In this report I will update the weekly stats for Saskatoon as well as the running stats during covid.

If you want to know where our housing market was before covid-19 click here.

This will eventually turn into live report!

 

Sales Level Off

Sales have been rising the first 3 weeks of May and the final week saw 109 sales compared to 108 the week before. Good houses, expertly priced, are moving quickly! 

Did House Prices Go Up In May?

Let's look at 3 different stats;

Year over Year - This shows a 7.57% increase in average price compared to last May

Month over Month - This shows a 5.77% increase from April

This is the Benchmark Price - This shows a

782 Views, 0 Comments

 

SASKATOON REAL ESTATE REPORT

WEEKLY UPDATE

DURING COVID-19

In this report I will update the weekly stats for Saskatoon as well as the running stats during covid.

If you want to know where our housing market was before covid-19 click here.

This will eventually turn into live report!

 

Sales up again, 42%! 

Sales are up 42% from the week before and new listings were down 1.5%. Agents and buyers are telling me that good properties are moving quickly. One agent I spoke with told me a few of his listings were priced at the "top of the range" and sold for list price. 

What is causing this rise in sales? There were a group of buyers looking to buy in March and April, then the world hit the pause button and we all stayed in our

221 Views, 0 Comments

How to Sell a House

If it's not compelling......It's not selling!

What defines compelling? There are numerous factors that determine whether a house is compelling.

1) Location

2) Price

3) Style

4) Lot size

5) Condition

6) Competition

7) The Market

I am going to use my "Dented Tin" analogy to explain my theory.

Let's say shoppers need to buy a tin a crushed tomatoes, There are "Normal" tins and a few dented tins to choose from, do they choose the dented tins? No, not unless they have been marked down! Even though it's the same product inside! Let's take this a step further, No Name tomatoes and Brand Name tomatoes, more than likely the same tomatoes inside. (I knew someone that worked for Kraft Foods back in the 90's. He

44 Views, 0 Comments

 SASKATOON REAL ESTATE REPORT

WEEKLY UPDATE

DURING COVID-19

In this report I will update the weekly stats for Saskatoon as well as the running stats during covid.

This will eventually turn into live report!

 

Does "Saskatoon Home Sales up 55%" sound like a "Seller's Market"?

It's not! The truth is, during the week of May 4th - May 10th there were 49 home sales in Saskatoon.

The week of May 11th - May 17th there were 76 homes sell, up 55% from the week before.

It doesn't mean there is a Seller's market, it just means that people are becoming more confident leaving their homes. This is an example of "Economy Delayed", there were a group of home buyers that were looking to buy before the Covid-19 shutdown. I would speculate

240 Views, 0 Comments