Housing Sales to Rise Again in Saskatoon

Saskatoon’s housing market is expected to be one of the few that comes out ahead in 2009. Re/Max representatives have been quoted as predicting Saskatoon’s real estate market will see the highest percentage increase in sales units for 2009 out of 22 major markets. Regina’s real estate market is expected to stay the same, matching this year’s sales.

Of course, Canada’s housing market performance will depend on economic performance, says Michael Polzier, of Re/Max in Ontario/Atlantic Canada. Until consumer confidence is regained, the housing market in Canada will not be remedied, but if inventory levels remain stable this could happen as early as spring. The lower interest rates also stimulate home-buying activity. The new interest rate along with the abundance of product make this a great time to buy a house in Saskatoon and other areas. The average Saskatoon home price is expected to end up at approximately $289,000, up 24% from last year and it is expected to creep up even closer to $300,000 in 2009.

Although unit sales (number of houses sold in Saskatoon) are down from 2007, they should rise slightly in 2009. High inventory levels played a role in the Saskatoon housing market. New houses in Saskatoon and speculation also affected the inventory levels, but we should see a more balanced market in 2009.

One of the reasons for the increased demand for housing in Saskatoon for 2009 is that there will be more job opportunities in Saskatoon at higher income levels which will attract people from out of town and out of province. Also, thanks to improved economy in Saskatoon, more people will return from out of province.

We won’t see vast increases in house prices in Saskatoon next year, but a more conservative increase once the inventory gets back to normal. Our Saskatoon real estate market is now stabilizing. There are some that still expect house prices dropping further in Saskatoon, but we are starting to see houses selling in Saskatoon much more quickly and there are many more sold signs in the past 2 weeks than there had been in a few months.

This is a great time to pick up a bargain in Saskatoon!

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.

This entry was posted on 11. December 2008 at 02:29 and is filed under Saskatchewan News, Canda Real Estate News, Saskatchewan Real Estate, Buyers, News, Current Market, Saskatoon Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.