The city of Saskatoon real estate market has reached a new peak in the first quarter of 2008. All recent numbers indicate that the average cost of a home in Saskaton is now more expensive than the city of Edmonton. A standard bungalow in the city of Saskatoon sold for an average of $340,000 in the first three months this year. This is a 50 per cent raise in only one years time in Saskatoon. In Edmonton the average price of a standard bungalow was $330,000 which is a drop of 4.9 per cent from the same time last year. Two-story homes in Saskatoon on average are selling for $395,000 while in Edmonton they are selling for $363,707. There is only one category where Edmonton is still more expensive than Saskatoon which is condos. In Edmonton an average condo is selling for $235,000 while in Saskatoon they are selling for $220,00 but rising fast. It is projected that the Saskatoon real estate market in all aspects will surpass the Edmonton real estate market by the second quarter of this year.
This is great news for existing Saskatoon home owners as they have earned a lot of equity in their homes. This does however make it much more difficult for first time buyers or low income families. The Saskatchewan economy is the fastest growing in Canada and it does not appear to be slowing down anytime soon. The government of Saskatchewan are recording record profits and spending as well almost weekly we are hearing about new multi-billion dollar projects happening in our province. The biggest issue that people trying to get involved into the Saskatoon real estate market face is that wages have not kept up to the cost of real estate prices. In cities like Edmonton and Calgary the average household income exceeds Saskatoon’s by a fair amount. We need to see an increase in wages to be able to maintain our current growth. As more companies relocate to Saskatchewan we will start to see a more competitive job market resulting in higher wages.
If you currently own Saskatoon real estate or real estate in the surrounding towns such as Warman then this is your market. If you are interested in selling your home be sure to contact me and I will provide you in depth information on the current market. I can provide you a free home evaluation as well will ensure you get top dollar for your Saskatoon property.
To read more about this topic visit the Saskatoon Star Phoenix.
Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.