Wow! I never thought I would see mortgage rates this low again but I am happy to see them! With the global economy once again in turmoil an earlier CREA forecast changed from a dip in sales to a boost in Canada's real estate market. The Bank of Canada is now expected to put off raising interest rates and, historically, real estate does well in time of uncertainty (according to CREA's chief economist Gregory Klump in a Canadian Press Article)
As we have already been through one global economic disaster in the past few years and we have seen in Saskatoon real estate that the house prices didn't fall much like other places, I think there will be a lot more consumer confidence this time around and people won't shy away from buying houses for sale in Saskatoon. First time home buyers in Saskatoon should jump on it!
These economists and experts are constantly throwing numbers out about real estate in Canada using words like "correction" and "adjustment" and "increase" but I think if someone were to actually note every time these numbers and words were used we would see that it all pretty much balances out but fear makes news so it isn't surprising that it is talked about as much as it is.
One thing I can't express enough is the "national average home price" does not have much, if any, bearing on the local Saskatoon real estate market. If Toronto and Vancouver, two of the highest markets, have a surge in multimillion dollar home sales, that will drive up the national average.
The same goes for the average house price in Saskatoon. We can look at the average price for houses for sale in Saskatoon under the same light. If one month saw more sales in high end homes, the average Saskatoon house price goes up...if the next month we sell a lot of the condos for sale in Saskatoon, the price goes down.
At any rate, if you are thinking of buying a house in Saskatoon and need some help from a good Saskatoon realtor (r) this is a great time! We are in a nice and balanced market right now and some houses for sale in Saskatoon have been sitting for awhile as they have been overpriced so you may be able to get a bit of a deal and have low interest rates to boot!
Saskatoon Real Estate Specialist
Century 21 Fusion