Saskatoon real estate week in review - Jan 17th

One can finally say spring has arrived… in spirit anyway. The weather hasn’t been ideal as of late, however the spring upswing for real estate sales in Saskatoon has officially begun. In total there were 42 firm sales reported on the Saskatoon MLS last week which is 18 more than the week previous and 2 more than the same period in 2010. In terms of new listings, last week there were 113 posted on the local MLS which is 26 more than the same period in 2010. The total listings in Saskatoon are 905 (492 single family, 363 condominiums) which is 52 more than the week previous and considerably higher than the same period in 2010 where there were only 695 listings (388 single family, 259 condominiums). The entry level market made a resurgence last week as the average selling price was $297,526 which is lower than usual. Real estate professionals expect that as the new mortgage rules have been applied across Canada will impact the market over the next year. In the immediate future, an increased rate of activity will be evident in real estate markets before a cool off period as buyers will have their interest rates locked in for roughly 3 months. The Canadian finance minister announced that the maximum amortization length for a mortgage is due to change from 35 to 30 years, which will affect what individuals can qualify for. Also refinancing rates are to lower from 90% to 85% of the home value, which affects how much a home owner can borrow against their mortgage. These changes are occurring because the average household debt-to-income ratio in Canada is rising past the levels of that in the USA. In the foreseeable future these adjustments will stabilize the economy and cool off spending for the time being. For any questions or advice about your situation please give us a call Matthew @381-3982 or Tyler @ 260-5129. Have a great week everyone!      

The Matthew Olsgard Team

The Matthew Olsgard Team

REALTORĀ®
CENTURY 21 Fusion
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