The Saskatoon Region Association of Realtors (SRAR) has released the sales statistics for the Saskatoon area in July 2012. The number of listings in July was 1021, up from 980 in July 2011. The total number of sales in July was 573, also up from July 2011's total of 527. The average sale price this July was $331,517.00, up considerably from July 2011. At that time, the average sale price was only $305,419.00.
These statistics indicate a strong improvement in the market value of Saskatoon homes. Higher sale prices are attracting potential sellers generating market interest. But the higher values are making it harder for some people to buy into the growing Saskatoon market.
Also in July, changes were made to the Canadian mortgage rules. Amortization periods were cut from 30 to 25 years. Also, equity loans can only be issued in the amount of 80% of the home's value, down from 85%. So not only will home buyers have less time to pay off their mortgage, they will have a higher down payment when they first purchase. The obvious reason for the changes is to protect the stability of Canada's recovering but fragile economy.
Despite the added difficulty for home buyers across Canada, the July 2012 statistics show that Saskatoon's real estate market is continuing to grow and buyers are continuing to buy. Although there was initially a fear that the market would take a hit from the changes to mortgage rules, the opposite is proving to be true. Saskatoon is still one of the hottest real estate markets in Canada.