Archive for January, 2010

Saskatoon Housing Unaffordable?

Thursday, January 28th, 2010

According to the Frontier Centre for Public Policy Saskatoon’s housing market has been deemed seriously unaffordable. We are at a rate of 4.6 (same as 2008) and that rate is on par with Calgary, Edmonton, Hamilton and Montreal.

How they figure this out is by taking the median house price in Saskatoon (the exact mid point between the highest and the lowest priced homes that sold in Saskatoon in the third quarter) and dividing it by the median annual gross income.  The rate means that, to pay of your home purchase in Saskatoon, it would take 4.6 years of your entire salary to pay off a typical Saskatoon home.

This had definitely changed since the Saskatoon real estate boom of 2007, but it has changed across the country. The rate for paying off your house in Saskatoon was 2.0 in 2006, then in 2007 it went up to 2.6, then 3.5 in 2008 and now 4.6 in 2009.

Buying a house in Regina and Winnipeg are the most affordable markets out of the major markets across Canada. Vancouver is the most expensive market out of the 28 measured in Canada but it is also topping the charts out of 272 metropolitan areas in Ireland, the U.K., New Zealand,  Australia, the U.S. and Canada. Victoria was also severely unaffordable at 7.4 but Ottawa is still moderately affordable with a reading of 3.8 up from 3.4 the previous year. I can help put you in touch with a realtor in Regina or any city if you are in need.

Affordability in Alberta homes has improved slightly; Calgary fell from 4.8 to 4.6 this year and Edmonton just slightly from 4.2 to 4.1. On the other side of the country Toronto went from 4.8 to 5.2. So ask yourself, would you rather live in Vancouver, Toronto or Saskatoon as the prices of homes for sale in Saskatoon is still more manageable, as is the commute time and the quality of life. If you are looking to buy a house or condo in Saskatoon contact me. I can set you up with a great Saskatoon mortgage broker or two to get you on your way.

These reports should be taken with a grain of salt however as any statistic should considering they aren’t looking at the entire picture of real estate in Saskatoon or anywhere else. They use limited data with small numbers which can easily be skewed.

Our market is trending towards being more of a sellers market so if you are looking to sell your house in Saskatoon contact me.

Kari Calder
Century 21 Conexus Realty Ltd
306-653-8222
karicalder@sasktel.net

Multiple Offers are Baaaaaack

Wednesday, January 27th, 2010

If a house for sale in Saskatoon is priced right and within a certain price range, you may have to deal with multiple offers and you may have to offer above list price to get the house you want.

The Saskatoon real estate market has picked up and inventory is low in certain price ranges and areas. I have been told of a recent listing that received several offers within the first day. One of the offers that was $5000 above list price was the lowest of at least 4 offers that he knew of on a Saskatoon house for sale on the east side. If you are thinking of buying a house or condo for sale in Saskatoon you need to have a Saskatoon realtor (R) dedicated to helping you buy a house in Saskatoon and one who can react quickly.

That doesn’t mean we can go back to overpricing homes and hoping for the best…today’s home buyer in Saskatoon is more savvy than even 2 years ago and a lot more cautious, so when selling your house in Saskatoon you still need to be on the mark with your prices and remember that most serious buyers will be using the professional services of a Saskatoon Realtor(r). If you are looking to sell your house in Saskatoon then contact me for more information.

I genuinely hope that we don’t go back to every listing receiving multiple offers, but I believe a lot of that was driven by investors whereas now if a good solid home hits the Saskatoon MLS and it is priced right, there will be enough interest to generate several offers.

Kari Calder
Residential Real Estate Specialist
Century 21 Conexus Realty Ltd Saskatoon
http://www.karicalder.com/AboutMe/testimonials.html

New Listing-Condo for Sale in Downtown Saskatoon

Tuesday, January 26th, 2010

Yesterday I listed a condo for sale in Saskatoon on 3rd Avenue North in downtown Saskatoon. MLS 359045

This condo is a 1 bedroom 1 bathroom unit in a concrete building. The main advantage of a concrete building is sound, but there are also other benefits such as fire safety and safety in general. The unit is bright and open with neutral colours and features a sun room (not included in square footage). The City Park condo in Saskatoon means a quick walk to the river, U of S, City Hospital, and downtown. The condo for sale in Saskatoon is ideal for students, first time buyers, or older people looking for a condo for sale in a quiet and safe building with elevators and an amenities room. This unit has covered parking in the carport that is secure and features video surveillance.

There are many differences between buying a house for sale in Saskatoon and a condo for sale in Saskatoon. Make sure to speak to your real estate agent in Saskatoon about these differences or use a qualified Realtor, like myself, to help you purchase a condo or a house for sale in Saskatoon.

Kari Calder
Residential Real Estate Specialist
Century 21 Conexus Realty Ltd
Saskatoon
www.karicalder.com
653-8222

Blizzard Leaves Saskatoon in a Rut

Tuesday, January 26th, 2010

Abandoned cars, low visibility, out of hand snow piles…reminds us us of the infamous blizzard in Saskatoon in January of 2007.  From Friday afternoon until Monday morning there was 25 cms of snow dumped on the city.

Living in Stonebridgein Saskatoon has been a challenge as in my particular phase of Stonebridge it is so new and there is a lot of open space that the snow tends to drift right up to my front door! The city of Saskatoon has admitted in an article in the Star Phoenixthat some of the worst hit areas in the city are Stonebridge, Willowgrove and Hampton Village as we don’t have anything to stop the blowing of the snow into huge drifts.

The snow crews are apparently cleaning around the clock, yet it is still nearly impossible to show houses for sale in the residential areas of Saskatoon. Even downtown Saskatoon, which was supposed to be a priority Monday night, looked pretty messy today.

And move your car if youa re parked in a “Snow Route” as your car will be ticketed and then impounded as crews are trying to remove the snow this week. Around residential homes in Saskatoon parking is a challenge.

I have a few first time home buyers in Saskatoon who are anxious to get out and look at houses and condos for sale in Saskatoon but with the road issues right now we have had to wait, even with driving an SUV it is just too questionable if we are going to make it back out! There have been 53 accidents/collisions on the streets in 3 days so we need to slow down.

Time to Slow Down

Friday, January 22nd, 2010

As a real estate agent in Saskatoon I spend plenty of time on the road and sometimes am in a rush to meet clients to view houses for sale in Saskatoon and can be guilty of driving too fast, but yesterday’s tragedy on Circle Drive is a reminder to slow down.

Around 10am Thursday morning a young woman was killed on the freeway and a 30 year old man was seriously injured. The northbound vehicle on Circle Drive lost control and crossed the ditch into the southbound lanes and caused a head on collision.

According to the Saskatoon Star Phoenix article, investigators had to close down the southbound lanes on Circle Drive and the northbound lane was restricted to one lane until about 6:30 pm.

There were 7 accidents yesterday in and around Saskatoon according to MD Ambulance.

It is an unfortunate reminder of how precious life is and how you can’t take a moment for granted. Our hearts go out to the friends and family members of those involved in yesterday’s accident.

Kari Calder
Residential Real Estate Specialist
Century 21 Conexus Realty Ltd
Saskatoon
www.karicalder.com

BOC Interest Rates Unchanged

Thursday, January 21st, 2010

In the news on January 19th, 2010 it was stated that the government will keep the lowest practical rate of 0.25% until at least the middle of 2010.

In Saskatoon real estate we are still seeing a 5 year mortgage around that 3.99% mark which has been fluctuating slightly, but that seems to be a common rate with several lending institutions.

This means that you can still get locked into a 5 year mortgage for a very good rate or wait a few months with an open variable mortgage and then lock in before the rates start increasing, but beware that in 5 years your interest rates may change substantially so be careful to only buy a house in Saskatoon that is within your means and not at the very end of your means if you don’t have a job that will be giving you a raise accordingly! It is generally best to see a mortgage broker in Saskatoon to get the best rates.

As a realtor in Saskatoon I work with many buyers who have mortgage approval for much higher than they spend. I do have clients who do max out with their pre-approved amount, but they generally know that they will have a second income paying for the house (spouse, room mate, etc) or they know that their jobs are secure and their wage will increase.

Economic growth across Canada is still lagging a bit, but it is expected to be higher than originally expected in 2011. Our high Canadian dollar against the US dollar is hampering Canada’s recovery as exports are less desirable.

Saskatoon is always a bit different than the rest of Canada and our listing inventory seems to prove that people are buying houses in Saskatoon and the Saskatoon real estate market has been seeing a recovery.

Contact me if you are looking for a mortgage broker in Saskatoon to get you pre-approved to buy a house in Saskatoon. I have a few great mortgage brokers in Saskatoon who I work with who will get you the best rates and the best mortgage for your needs.

Kari Calder
Residential Real Estate Specialist
Century 21 Conexus Realty Ltd.
306-653-8222
karicalder@sasktel.net

Home from Thailand, back to Real Estate!

Thursday, January 21st, 2010

I have been fortunate enough to take a break from real estate in Saskatoon and go see some of the world this year. We went to see my parents, who purchased a condo for sale in Florida about a year ago, for Christmas. From there we went to Thailand for a few weeks and finally Cambodia before going back to Thailand and then home to Saskatoon. For those who know me at all, they know that travel is my passion (of course right up there with real estate!) but I kept tabs on the Saskatoon real estate market while I was away as that is my second passion. Its not a job if you love it, right? Although finding the time to catch up on my blog is a bit challenging!

While I was away the Saskatoon real estate market was a bit slow as it was Christmas holidays and offices were closed, but since the new year things have been steady. It appears that the current market is moving more towards a sellers market than a buyers market in some areas, but it is balanced in other areas. Last week we saw only 115 new listings of houses for sale in Saskatoon while the houses selling in Saskatoon were up to 52 (from 36 the week before). The total active houses for sale in Saskatoon is sitting at 696 with the single family homes for sale in Saskatoon down to 388.

My own personal inventory is down to just 1 listing as I sold all of the houses I had listed before I left for holidays, so I am ready to take on more listings! It is a great time to look at selling your house in Saskatoon.

If you are looking to buy a house in Saskatoon or are a first time home buyer in Saskatoon just starting to understand the process please contact me and I will be more than happy to help you purchase a home. There is no fee to use a buyer’s agent on a Saskatoon MLS listed property. There are many reasons to hire a professional Realtor (r) in Saskatoon to help you buy a home and protect your greatest investment.

Kari Calder
Residential Real Estate Specialist
Century 21 Conexus Realty Ltd
Saskatoon, Sk
306-653-8222
http://www.karicalder.com/index.html