Archive for the ‘Canda Real Estate News’ Category

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

Home Starts Rebounding Right into 2010

Monday, November 2nd, 2009

According to an article in the Financial Post today, housing starts are expected to continue to rebound in the fourth quarter of 2009 and into 2010 as inventories decline and demand increases.
Home contruction is forecase to reach just under 142,000 homes in 2009 and rise to almost 165,000 in 2010, according to the Canada Mortgage and Housing Corporation.
CMHC Chief Economist, Bob Dugan, is optimistic and expects the housing market across Canada to continue to strengthen as the economic conditions continue to improve.
Existing home sales are expected to reach over 441,000 in 2009 and up to over 445,000 in 2010. Average house price is also slated to increase from just under $313,000 in 2009 to $324,500 in 2010.
We are already seeing the rebound in Saskatoon Real Estate with the markets having picked up substantially since July, 2009. If you are looking to buy or sell your house in Saskatoon, contact me for all of your Saskatoon Real Estate needs.

Canada Out of the Recession

Saturday, October 31st, 2009

I think we have all seen evidence of this, but economists are saying that we are officially out of the recession. The sign of a recession is 3 out of the 4 quarters in a decline. We are now in our third quarter of increase in a row which means that it is pretty safe to say the recession of 2009 is over. Economists are predicting a 2.6% growth in 2010 and Canada’s confidence is the highest it has been since 2007. Overall, the average price of homes across Canada is estimated to see an increase of 2.1% in 2010 which is a great prediction.

Canada’s recession is over and the country will lead all G-7 peers in economic growth next year, paced by Alberta’s strong energy sector, said Benjamin Tal, senior economist with CIBC World Markets Inc.

Canada can expect to see two per cent economic growth in 2010 and 3.8 per cent in 2011 with Alberta’s economy growing by 2.5 per cent next year followed by four per cent growth in 2011, he said.

“We had a terrible recession. A year ago people thought it’s the end of the world. . . . There’s no question about the fact that, a year ago, comparing the situation to 1929 and the Great Depression was not only wrong, but also irresponsible,” said Tal, who was in Calgary Friday speaking at the Alberta Mortgage Brokers Association’s annual conference.

“Clearly it was a severe financial crisis, but it was not 1929. I think that’s very important to remember. This recession came to an end relatively quickly in Canada largely because of the fact this was not a made-in-Canada recession. This was a made-in-the-U. S. recession.”

So on that note, now is the best time for buyers to start buying houses for sale in Saskatoon before the prices go back up! Contact your Saskatoon realtor or if you don’t have a real estate agent in Saskatoon contact Kari Calder with Century 21 in Saskatoon.

 Kari Calder

Saskatoon Real Estate Specialist

Century 21 Conexus Realty Ltd. Saskatoon

Fintrac Petition

Monday, July 27th, 2009

There is a new petition circling around the Saskatchewan real estate community from a Regina Century 21 agent, but I am wholeheartedly against this petition regarding taking personal information when buying or selling a house in Saskatoon. The realtor in Regina has some good points about the collection and use of confidential information, but as long as the realtor who is taking the information complies with the regulations, the original and only copies will be sent to Ottawa and we, nor our offices, will not have any of the client’s private information on hand.

I have experienced clients attempting to launder money through real estate in Saskatoon and this new legislation has put them off from purchasing a house for sale in Saskatoon, for the time being, until they find a way around it. Even when the market was starting to slow I was getting calls from people who wanted to buy a house in Saskatoon to ‘flip’ but I was suspicious as they were looking for people they could pay cash to fix it up. Chances are, money was being laundered this way as the sellers would turn around and sell it and not necessarily make much (if anything) but their money would have been ‘cleaned’ so to speak.

Unfortunately, this does not prevent criminals from buying a house in Saskatoon privately and then turning around and putting the house for sale in Saskatoon privately, but buyers (and private sellers in Saskatoon) need to be aware that they may be helping aid in terrorism and crime.

I have had to provide my ID when buying RRSP’s, and I certainly wasn’t spending close to what a person spends when buying a house for sale in Saskatoon, or anywhere for that matter!

I am realtor in Saskatoon who is okay with taking photo ID from people who are buying a house in Saskatoon or selling a house in Saskatoon with me as their Saskatoon realtor as I would rather not deal with people who may be aiding in terrorism. Unfortunately, there are realtors in Saskatoon, and every other city, who are less concerned with ethics and more concerned with making money, but even they are forced to comply now and take ID from every client.

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

Housing Starts Down In Saskatoon

Monday, July 27th, 2009

For the first half of 2009 the housing starts in Saskatoon have fallen by a whopping 78%. We are down to 342 new houses in Saskatoon from 1574 new houses in Saskatoon started in the first 6 months of 2008. Multiple family starts dropped an astounding 93% from 754 to only 53 in the first 6 months this year while single family homes dropped from 820 in 2008 to 289 in 2009.

The decline has to do with many factors, but the overall economic downturn is a big part of that but our slowing of new housing in Saskatoon also has a lot to do with following one of the busiest years in history. Many builders were also trying to get rid of last year’s inventory as well as there are still many vacant new homes in Saskatoon. This helps the existing homes for sale in Saskatoon as the inventory of new homes in Saskatoon is starting to clean up.

Houses for sale in Saskatoon have been reduced in number in June with many more sold signs popping up. June did see more housing starts than in earlier months with 116 single family starts, but still down 28% from last June. Regina has also seen a decrease in new housing while Moose Jaw, Prince Albert, and Yorkton saw increases in houses being built.

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

Oxbow Homes For Sale!

Saturday, June 27th, 2009

There are still a few brand new homes for sale in Oxbow, Saskatchewan. These homes are located in the exclusive subdivision on Spruce Drive. There are architectural controls in this area therefore there will not be any trailers or low end homes.

Each lot is 100 feet wide by 150 feet deep (the lots on the North side of the street have the option of accessing even more square footage in depth)

All of these custom homes feature 3 bedrooms, maple cabinets, vaulted ceilings, main floor laundry, high eff. furnace, central air, 9 ft. basement, architectural shingles and much more!

The 3 remaining properties are:

110 Spruce Dr. – 1540 sq. ft.
North side – 2.5 baths, huge double attached garage with 8×10 overhead doors

113 Spruce Dr. – 1515 sq. ft.
South side – 2.5 baths, unique ensuite off master with attractive double sliding doors

122 Spruce Dr. – 1344 sq. ft.
MLS #334351 – North side – huge double attached garage with 8×10 overhead doors

Call local Estevan and area Realtor ® Darcy Calder of Carnduff Agencies Inc for your personal showing before they are all sold.

Carnduff Agencies Inc. Box 69 Carnduff, SK S0C 0S0
1-306-461-7728 or 1-306-461-9062

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

Saskatoon Population Rises Again

Saturday, June 27th, 2009

Statistics Canada released figures today that show that our population in Saskatchewan continues to grow and is the highest it has been in 20 years. In the first quarter of 2009, Saskatchewan grew by 3282 people which brings our province up to 1,027,092 people which is the highest since July 1, 1988. In the past year (from April to April) our province has grown by 15048 people. We notice this in the Saskatoon real estate market as the amount of homes for sale in Saskatoon has been staying quite steady with speculators now out but personal use home buyers taking over.

These numbers reflect that our province is still a place where people look for opportunity and it also shows that Saskatchewan’s economy is resilient and strong. We lead the country in employment growth which means more people moving to Saskatchewan but also more people staying in Saskatchewan to work and raise their families.

Our largest supplier of in-migrration this year was from Ontario as there was a net migration from Ontario to Saskatchewan of 889 people. Alberta led the in-migration for the country with Saskatchewan coming in second.

The Saskatoon real estate market reflects this in-migration as does the amount of Ontario license plates to be seen in our city. While in 2006-2008 we saw a lot of Alberta plates, this year Ontario is outnumbering them.

If you are looking to buy a house for sale in Saskatoon or want to speak to a Realtor ® in Saskatoon, give me a call or send me an email. I am an efficient Saskatoon realtor ® and put my buyers first.

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

Average House Price In Saskatchewan Up 4%

Monday, June 22nd, 2009

Average house prices in Saskatchewan were up 4% in May thanks to increases in 4 Saskatchewan cities. The average house price in Sask is now $242,829. While the average home price in Saskatoon is down 7% from last May to $279, 477 this year, the average price of a house for sale in Regina is up 12% to $263, 424.

The other 3 Saskatchewan communities that are posting record average prices are Yorkton, Swift Current, and Prince Albert.

The Saskatoon real estate market has seen stabilizing prices with listings down and sales up and it is expected that sales will remain steady.

President of CREA, Regina broker Dale Ripplinger, says that sales activity is closer to the pre-recession peak than the trough hit in January. Several things are helping buyers purchase houses for sale in Saskatoon such as improved consumer confidence, low interest rates, and better affordability.

If you are looking to buy a house for sale in Saskatoon call your local Saskatoon realtor ® Kari Calder as I can help you with purchasing any house for sale in Saskatoon, whether it be a private sale or a Saskatoon MLS property.

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

Rent in Saskatoon Up $100/Month In the Past Year

Sunday, June 21st, 2009

Although the Vacancy Rate in Saskatoon has went from 0.9% in April of 2008 to 1.9% in April of 2009, the average price for a rental property in Saskatoon has also gone up by approximately $100/month. The average price for an apartment for rent in Saskatoon last year was $689 while in 2009 the average price is now $790. So, although rental accommodation in Saskatoon is slightly easier to find, it is also harder on the pocket book.

With the increase in the rent prices in Saskatoon some have been forced to double up to reduce costs, move in with friends, etc.

This rent increase, however, is making buying a house for sale in Saskatoon much more appealing. Houses for sale in Saskatoon are still very easy to find, combined with a low interest rate and a decreased marketing, buying a house for sale in Saskatoon is much easier to do than it was a year ago.

Not everyone is in a situation where they can afford to buy a house for sale in Saskatoon nor is everyone in a situation where they have good enough credit to buy one of the many houses for sale in Saskatoon, but there are ways to improve your credit and to improve your financial situation so that you can eventually buy a house in Saskatoon.

Sometimes a poor decision with your finances a few years ago is preventing you from being able to buy your own house in Saskatoon. Sometimes a life situation (divorce, separation, etc) forces you to have to rent, but with the high prices of rent combined with the (sometimes) low prices of houses for sale in Saskatoon, it isn’t impossible out unattainable by many people who think it hopeless.

It is important to speak to a really good Saskatoon mortgage broker to see what steps you need to take to get into a situation where you can eventually buy a house for sale in Saskatoon. Even if it takes a year to clean up your credit and you have to buckle down and make some life and lifestyle changes, that could be a lifetime of building equity in your house in Saskatoon instead of paying someone else’s mortgage.

I have dealt with many clients who had some credit problems in the past, but with the right people to talk to and to provide some direction, many of these clients are now home owners in Saskatoon. With all of the houses for sale in Saskatoon there is still time to buy your own.

I am always happy to visit with people on the process of buying a house in Saskatoon and surrounding area and to provide the names of some great mortgage brokers who may help you achieve your dream of owning a home in Saskatoon.

Call me or email me,  I look forward to hearing from you and hopefully helping you achieve your dream of owning a house in Saskatoon.

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

Housing Stars Fall Dramatically – 85% from 2008 First Quarter

Tuesday, April 14th, 2009

Saskatoon real estate should tighten up again with the dramatic housing start decrease in 2009. Regina real estate will also see the same thing as they also had a huge drop in housing starts. Not only are Saskatoon realtors trying to juggle the overabundance of listings, Saskatoon home builders are also dealing with their high inventory. The decreases were fully expected announces Paul Caton, CMHC market analyst in Saskatchewan, but they do expect an increase in 2010. What is happening in the current Saskatoon real estate market is there are a lot of resale houses for sale in Saskatoon. This means less work for the home buyer and often times less money for an ‘almost new’ house for sale in Saskatoon. Saskatoon builders have only started 77 single-detached houses this year which is down from 284 new home starts in Saskatoon just last year…down 73%. In March these starts fell 75% to 32 units down from 128 new housing starts in Saskatoon in March of 2008, but keep in mind that March 2008 was one of the strongest months on record for new housing in Saskatoon to be started.

As for multi-family dwellings in Saskatoon only 12 have been started this year, down 96% from 2008 and the lowest number since 1991. Last year 306 multi-family units were started in the first quarter.

Regina is much the same with Regina builders only breaking ground on 42 new houses in Regina in March, down 40% from last March. There are only 117 new houses in Regina that have been started in the first quarter and multiple units were down 90%.

Saskatchewan in general is down 73% with 257 units from 948 units last year for the first quarter.

What does this mean? House prices should remain stable and strong and we should only see a modest decrease this year and potentially some increases in house prices in the next year in some Saskatchewan real estate markets.

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.