October Housing Market

Here is a recap of the September housing market:


According to statistics released today by The Canadian Real Estate Association (CREA), national home sales edged slightly higher in September 2016 compared to August.

Highlights:

• National home sales edged up 0.8% from August to September.
• Actual (not seasonally adjusted) activity in September rose 4.2% year-over-year (y-o-y).
• The number of newly listed homes ticked up 0.5% from August to September.
• The MLS® Home Price Index (HPI) in September was up 14.4% y-o-y.
• The national average sale price climbed 9.5% y-o-y.

The number of homes trading hands via Canadian MLS® Systems rose 0.8 percent month-over-month in September 2016. Having eased in each of the previous four months, national home sales are 5.6 percent below the record set in April 2016.

A Breakdown Of October Active Listings:


– Single family homes 1124
– Condominium – 735
– Apartment – 502
– Town house – 182
Average sale price has increased in the Saskatoon housing market. We are up 6% from last year at this time with an average home price of about $351,835.00.
Unit sales are down 7% from last year at this time and one reason for this is an increase in higher end properties selling coupled with a decline in affordable homes for new buyers.
Home selling between $300,000.00 and $500,000.00 are down 12% and homes selling between $750,000 are up 20%. Again, this may be a reflection of the new mortgage rules.
On the positive note, we needed to absorb some listing for our market as we did see some saturation this summer. We do have a little less activity but also less competition when selling. Correct pricing and proper exposure for listings are a must in todays market.
If you need help buying or selling your home please contact us at any time.