February Housing Stats Review:
Highlights from February:
- National home sales declined 2.1% from January 2017 to February 2017.
- Actual (not seasonally adjusted) activity in February was down 1.2% from a year earlier.
- The number of newly listed homes dropped 6.7% from January to February 2017.
- The MLS® Home Price Index (HPI) in February was up 2.7% year-over-year (y-o-y).
- There is currently 6.8 months of housing inventory on the market
Housing starts are now on pace to hit 204,669 units in Canada, whereas January saw them hitting 200,255 units, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
February Housing Stats:
- Current single family listings 993
- Current Condo listings 739
- 440 of the condo listings are apartment style
- 195 condo listings are townhouse style homes.
Saskatoon Housing Market:The housing market in Saskatoon has picked up after November. We are also seeing more active buyers since the mortgage change rules, including the stress test, were laid out. If you have questions or concerns regarding the new mortgage rules, please do not hesitate to contact us.
Currently, in Saskatoon, if properties are priced right you may receive multiple offers. We’ve had two of our properties in the last week, in the price range around $330,000, that received multiple offers.
Many properties that are sitting on the market for a long period of time are still over priced. This is a result of the small down turn in the real estate market in Saskatoon over the past year and a half but over all things have levelled out. If your house is one that has sat on the market for a few months call us, maybe we can help.
Many buyers are looking to find a home in Saskatoon and if they find a property priced according to market value it’s selling within a couple weeks.
Census 2016 states that Saskatoon is the 3rd fastest growing city in Canada thus resulting in more home development, more sales and more homes exchanging hands.
From what we see we are going to have a very active year with a lot of properties changing hands.
If you need help buying or selling your home please contact us at any time.