The number of units sold in Saskatoon declined by 10% when compared with January of 2012, however, sales activity in the communities and acreages outside of the city increased by 40% compared with last January. "The decrease in sales is partly the result of the mortgage rule changes in July of 2012 as well as a shortage of product in the $250 - 400,000 price range." says Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS® (SRAR). Of the 1,105 active listings at the end of January, only 200 of them fall between $250,000 and $400,000. "More buyers are considering bedroom communities in an attempt to find what they are looking for in this price range."
The average sale price in Saskatoon and area continues to increase at a healthy rate of around 5% which insulates our market from price corrections as experienced in major Canadian cities like Vancouver and Toronto. Currently the average price for a home in Saskatoon sits at just over $335,000 while the surrounding communities' average price is $279,000.
New listings in Saskatoon in the month of January totaled 571 units which is an 8% increase compared to the same period last year, while the 204 listings outside of Saskatoon represented a 10% increase. "It's encouraging to see that our listing activity is up at the outset this year in contrast to 2012, which saw a slight decrease in new listings over the year." says Yochim.