Both Saskatoon and Regina experienced very similar real estate market conditions in the month of April.
The Saskatoon Region Association of REALTORS® reported that optimism in Saskatoon’s economy remains high which is reflected in consumers’ willingness to invest both in residential and commercial real estate. Renters want to purchase, many current home owners are looking to move up and REALTORS® also report significant interest from clients wanting to move to Saskatoon from out of province.
An important factor of a strong housing market is the activity experienced in new home sales. Saskatoon’s new home market remains strong with steady city lot sales taking place. Interest rates are favorable to purchase that next home and job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to continue to balance and for resale prices to move up slightly due to demand.
The Association of Regina REALTORS® reported that for the most part, balanced conditions are prevailing, although it’s a tighter supply situation in the city than in the surrounding areas. So far this year, there are higher priced homes selling and fewer lower priced homes which is causing the average price to increase.
Increased activity is expected in the next three or four months. We are entering what is typically the busiest time of the year with more buyers in the market looking for summer possession dates.