Saskatoon's Real Estate Market - Early 2015. The Underlying Factors

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MyAgentMyHome.ca | Posted on Sat, Feb 21st 2015 09:24
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Early in the year, as we anticipated the coming spring real estate market, there was much talk about crude oil prices, the weakened Canadian dollar, lower interest rates from the Bank of Canada, and the impact these factors would have on home prices.

We also wanted to take a look at how inventory and sales activity would impact the housing market, using statistics compiled during the first month of 2015. In January, for example, MLS statistics showed that inventory rose by 14 percent and home sales fell by 21 percent when comparing year-over-year activity.

This might reveal to us certain things about the real estate housing market, but in order to avoid losing perspective and arriving at false conclusions, we have to consider the housing market’s underlying factors as well.

Saskatoon's Real Estate Market - Early 2015. The Underlying Factors

For example, it’s important to take a look at typical January sales volume in the Saskatoon housing market. January sales volume is typically low in comparison to the spring/summer/fall months. There were also high-priced new homes in the statistical mix (homes that typically take four to six times longer to sell than the average priced home).

Furthermore, as Jason Yochim, CEO of the Saskatoon Region Association of Realtors pointed out in a recent media release, “The 21% reduction in sales year to date actually represents only 40 fewer home sales when compared to last January.”

Based on all of that evidence, and the relevant statistics we have on hand so far for 2015, we can determine that the area’s real estate market might be facing a decline from the steep increases from recent years. Inventory has risen some, new construction continues to unfold, and oil prices are bound to impact us to some degree.

However, due to our strong diversified economy, our high employment rate, our low interest rates, and continued consumer demand for real estate, homes valued at $450,000 and under will see a slight value decrease in the year ahead.

As you can see, it’s always important to look at the underlying factors in any market, much less one as diverse as Saskatoon. So far, 2015 is shaping up to continue several trends that we’ve noticed over the past few years and to pare back on certain other trends that may be reversing themselves.

We’ll continue to look at supply and demand in terms of inventory and home sales (among other statistics) and examine how they will impact home prices throughout the market through the remainder of the year. Armed with this knowledge, you can make an informed decision with the help of your REALTOR® and determine your best course of action moving forward in what promises to be an active and interesting real estate market this year.

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Saskatoon (Areas 1-5)

May 2017

May 2018

Percent Change

  • New Listings
  • 1043.00
  • 972.00
  • -6.81%
  • Days on Market Until Sale
  • 48.17
  • 46.00
  • -4.5%
  • Average Sales Price
  • $354,000
  • $332,753
  • -6%

Surrounding Saskatoon (Areas 6-9)

  • New Listings
  • 429.00
  • 970.00
  • +126.11%
  • Days on Market Until Sale
  • 55.41
  • 61.00
  • +10.09%
  • Average Sales Price
  • $321,000
  • $414,044
  • +28.99%

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