First Time Home Buyers – Now Is Your Opportunity

During the past year market conditions have improved vastly for first time home buyers in Saskatoon. While last year it was very hard to get into the market for first time buyers, this year it is easier to buy a house in Saskatoon as well as to get a good mortgage rate when buying a house in Saskatoon.

While last year the starting price for a 1 bedroom apartment style condo was around the $140,000 mark this year you can get into a 1 bedroom apartment style condo in Saskatoon for as little as $120,000. The house prices in Saskatoon peaked in the spring of 2008 and then went through a correction due to the high inventory of houses for sale in Saskatoon. New listings in Saskatoon went up to a record high in the summer of 2008 and due to that excess of inventory the house prices in Saskatoon dropped a bit. First time home buyers in Saskatoon should be taking advantage of the price decrease plus the incredible interest rates.

Certain communities in Saskatoon also allow for easier purchasing with first time home buyers in Saskatoon. On the west side, some of the favorable areas for first time home buyers are Mount Royal and Hudson Bay Park and on the east side of Saskatoon the favorable areas include Nutana and Avalon. These areas have more entry level homes than areas like Lakeview or Briarwood, but Nutana still has some very pricey homes due to its location close to the popular “Broadway” district and the downtown of Saskatoon.

Regina has also seen a correction in real estate prices down from 2008 and is also a favorable market for first time home buyers. A large number of houses for sale in Regina makes it a ‘buyers market’ and gives buyers the upper hand. Both Regina and Saskatoon are seeing a buyer’s market in 2009.

For more information on the Saskatoon real estate market be sure to contact me!

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd

Leave a Reply

You must be logged in to post a comment.