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We've been hearing a lot of "negative" economic news this week. But how much of it is based in fact? The stock market takes a 600 point drop, then recovers 500 points the next day. That's a mere 1% decline. The Canadian Real Estate Association has issued a news release about the future of Canada's real estate market. Canadian residential real estate future is solid OTTAWA – January 23, 2008 – The Canadian housing market in 2007 set anumber of MLS® sales records, and the re-sale housing market is expected to remain at near record sales levels in 2008, according to The Canadian Real Estate Association. Annual residential MLS® sales activity totaled 520,747 units in 2007, up 7.6 per cent from 2006 levels. This was the largest annual sales growth since 2002, and the first time transactions via the MLS® systems of real estate boards in Canada have surpassed 500,000 units sold in one year. “The results in 2007 show the strength and the affordability of the Canadian residential market,” says CREA President Ann Bosley. “The statistics again show just how different the housing markets are in Canada and the United States. Canadian REALTORS® know that Canadian mortgage lenders correctly see that home prices will continue rising. We know there is still strong competition for mortgage business in Canada.” Three key economic ingredients will keep Canada’s housing market on a different track from the United States. One is consumer confidence, the second is employment, and third is affordable interest rates. The Bank of Canada cut interest rates on January 22nd because of weaker prospects for Canadianeconomic growth in 2008. “Those lower interest rates will also help temper the erosion in housing affordability due to additional home price increases,” Bosley added. The Bank of Canada is expected to cut its trend-setting rate again in March. CREA’s Chief Economist Gregory Klump says that the Canadian housing market in 2008 will pull back from the breakneck pace set in 2007, but this is still forecast to be the second-busiest year on record in almost all provinces, with residential unit sales reaching an estimated 512,705 units. Average prices for MLS® home sales are expected to keep setting records in 2008, although prices will increase more slowly as the market becomes more balanced. In most provinces, the market will nevertheless remain historically tight – with the tightest markets being in Saskatchewan and Manitoba. Nationwide, the average residential price is forecast to increase 5.5 per cent to about $322,700. According to CREA’s Chief Economist, a larger supply of listings will be one of the balancing influences in 2008. New listings are forecast to rise in all provinces except Alberta, where they’re expected to retreat after spiking in late 2007. “The challenge for the Canadian housing market will be the extent to which employment and consumer confidence may be affected by a slowdown in the U.S. economy,” Ann Bosley adds. “Slower job growth, not massive layoffs, are forecast for Canada in 2008,” CREA’s Chief Economist Gregory Klump adds. “Consumer confidence may be sideswiped by stock market volatility, and reports that chances of a U.S. economic recession will put the brakes on the Canadian economy. With slower job growth, a low unemployment rate and the absence of widespread layoffs, consumer confidence will bounce back. The domestic economy and the housing market will weather the sub-prime fallout with the help of lower interest rates”. - 30 -
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Here is the December/Year End news release from the Saskatoon Region Association of Realtors. 2007 Was a Record Breaking Year in Residential Home Sales Saskatoon REALTORS® were kept busy in 2007 assisting 4,446 home buyers with their purchase of over one billion dollars of residential real estate. The $1,034,826,425.00 number represents an 88% increase in residential dollar volume from 2006, which had a dollar volume total of $ 550,779,874.00. 2007 saw a total MLS® dollar volume record of $1.367 billion dollars with over 6,000 properties being purchased. This number, also a record, was up by 37% from 2006 when 4,411 units were sold. The month of December was very active with 210 residential units selling, up 34% from December 2006 when only 157 units were purchased. Year to date 4,446 residential homes were sold. The six-month rolling average sale price was $250,428.00. The average residential selling price in December was $255,271.00. This number also up 46% from December 2006 when the average sales price was $175,301.00.This increase in the average selling price indicates strong demand for mid to upper price range homes. Year to date the average selling price is $232,754.00 up 45% from 2006. The average selling price is derived by dividing the month’s unit sales number into the month’s dollar volume. The percentage of change from month to month should not be used unilaterally as prices do vary from area to area. Consumers wishing to know the value of their home should contact a REALTOR® member for an accurate evaluation of their property. Residential listing inventory was up at the end of December with 346 properties being available for sale. That number up 37% from December 2006 when 253 homes were available for purchase. 1,050 rural residential units were purchased in 2007. This number is up 35% from 2006 when 780 rural residential properties were purchased. The average selling price for rural residential properties in 2007 was $182,314.00 increasing by 24% from 2006 when the average selling price was $146,573.00. All indicators point to a very strong real estate market in 2008. There is exceptional consumer optimism in Saskatoon. Investors from across Canada and other parts of the world are excited about our city and our province and appear ready to invest in all areas of real estate. It is easy to share this optimism when one considers Saskatchewan’s opportunity for unlimited growth while still remaining one of the most affordable places to live in Canada.
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If this doesn't convince you that Saskatchewan has a bright future ahead, nothing will. By The Canadian Press OTTAWA - Statistics Canada says Canada's population has exceeded the 33-million mark. And Saskatchewan, with more than a million people for the first time in six years, has supplanted Alberta as the country's fastest growing province. The federal agency estimated Canada's population at 33,091,200 on Oct. 1, up 115,200 from July 1. The population increased 0.35 per cent during the third quarter, the strongest growth rate since the third quarter of 2001. The population growth rates in four provinces - Saskatchewan, British Columbia, Ontario and Alberta - exceeded the national rate during the third quarter. Immigration remained strong during the third quarter, with about 71,600 newcomers, the second highest quarterly level since 1971. Net international migration accounted for two-thirds of the country's population increase. Saskatchewan's population was estimated at 1,003,300, up by 6,400, or 0.65 per cent, from July 1. These gains were record highs as interprovincial migration accounted for two-thirds of the increase. The Northwest Territories was the only jurisdiction to record a demographic decline. Its population fell 0.5 per cent in the third quarter.
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The following is the month-end news release from the Saskatoon Region Association of REALTORS which reports the market remained stronge for sales in November. Saskatoon REALTORS® were kept very busy in the month of November assisting 316 home buyers fulfill their dreams. That number is up 37% from last year at this time when 230 properties were sold. Year to date REALTORS® have sold 4,236 homes that number up 29% from last year when 3,273 homes were sold. The average residential selling price is derived by dividing the month’s unit sales number into the dollar volume number. The average selling price for November was $251,202.00 up 50% from November 2006 when the average selling price was $ 167,480.00. The six month rolling average sales price is $249,957.00. Purchasing a home in Saskatoon is still very affordable when measured against markets such as Calgary’s where a single family home average price hovers around the $420,500.00 mark. Year to date Saskatoon REALTORS® have sold 1.3 billion dollars of real estate up 98% from 2006 when $656,491,000.00 of real estate had sold. Year to date the highest number of unit sales have taken place in the $300,000 to $400,000 price range with 652 properties having sold. The next highest unit sales are in the $225,000 to $250,000 price range with 465 properties having sold. Listing inventory continues to improve with 375 properties being listed in November up 60% from last November when 235 homes were placed on the market for sale. Home buyers had 538 homes to select from at the end of the month as compared to 363 homes being available at the end of November 2006 representing a 48% increase. This inventory increase plays a very important part in balancing the market place environment. All indicators point to a strong finish in residential home sales for 2007 with much optimism present for a strong start to 2008. REALTOR® members continue to receive out of province inquiries for investment opportunities in the Saskatoon market. Ex pats continue to return home with significant equity earned by selling their homes in Alberta and returning to Saskatchewan.
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Double-digit sales gains reported in most major markets in 2007
Kelowna, BC (November 14, 2007) -- After more than three decades of slow but steady growth, the condominium concept has finally clicked with Canadian homeowners. The lifestyle has proven to be a solid investment in housing markets across the country, chalking up some of the most impressive gains in residential real estate in 2007, according to the RE/MAX Condominium Report released today.
Their universal appeal is substantiated, with every market reporting increased momentum in condominium sales volume over 2006 levels. In fact, 80 per cent of markets surveyed reported double-digit gains in sales year-over-year, with 53 per cent reporting increases over 20 per cent. The greatest growth was experienced in Canada’s small to mid-sized markets. Leading the country, in terms of percentage increase in sales so far this year, are Kitchener-Waterloo (+59%), Regina (+57%), St. John’s (+54%), and Saskatoon (+33%).
“The white picket fence, sprawling green lawn and tidy urban bungalow has become an unattainable ideal for many first-time buyers—especially in the West,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “By necessity, condominiums have become the only practical means to homeownership for a growing segment of the population. Today’s entry-level purchasers aspire to manageable mortgage payments, sunset city views, and the non-stop action and amenities of central core living, all packed into 600 to 800 sq. ft. The momentum of the market in recent decades has redefined the home buying process.”
While price appreciation on freehold properties, in particular, was the primary factor in the upswing, the strong desire among baby boomers to lead an active, carefree lifestyle has also driven the concept to unprecedented popularity. The RE/MAX Condominium Report identified Greater Vancouver as the strongest market in the country – where close to 60 per cent of all residential sales now involve a condominium. Condominium presence is also on the rise in centres such as Toronto, Edmonton, Calgary, Regina, Ottawa, and Hamilton-Burlington, where condos now represent 20 to 30 per cent of all MLS sales.
“Deteriorating affordability levels in major Canadian centres have lead to the resurrection of the condominium lifestyle in recent years,” says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada. “Condominiums are clearly the answer to the skyrocketing cost of land and shelter that has all but eradicated the dream of homeownership for many first-time buyers.”
Condominium values were also up from coast-to-coast in 2007, with all major markets reporting an increase in average price. Thirty-three per cent of cities surveyed reported double-digit price appreciation. The most dramatic hikes were seen in Western Canada’s red-hot housing markets, led by Saskatoon (+24%), Calgary (+22%), Edmonton (+19%), Kelowna (+16 0.000000or town homes, +12 0.000000or apartments), Vancouver (+14 0.000000or town homes, +11 0.000000or apartments), and Victoria (+9 0.000000or town homes, +12 0.000000or apartments).
At the top end of the market, condominium ownership has been equated with lifestyle. Throughout 2007, aging baby boomers fuelled demand for luxury condominium units. Upper-end activity was reported to be on the rise in all markets examined, with the greatest appreciation occurring in Edmonton (+154 %), Greater Toronto (+98 %), Victoria (+85 %), Winnipeg (+58%), Vancouver (+49%) and Kitchener-Waterloo (+39%). The maintenance-free factor, the ability to travel and to enjoy the best the city has to offer—from restaurants to recreation—were citied in overall condominium appeal.
“In years past, there seemed to be a ceiling in terms of what buyers were willing to pay for this type of product,” says Polzler. “Widespread acceptance has seen that philosophy tossed out the window. In the upper-end especially, buyers have demonstrated a willingness to set new benchmarks, and in some cases, are spending more than what a detached home might cost. Multiple offers, once unheard of, have become a reality in some centres.”
New benchmarks for the most expensive apartment-style condominium units ever sold through MLS have been reported in several cities in 2007, including Vancouver ($18 million), Calgary ($3.7 million), Edmonton ($2.3 million), Winnipeg ($1.25 million), and Kitchener-Waterloo ($670,000).
Given solid demand through all price ranges, it comes as no surprise that investors have been very active in the majority of markets surveyed, hoping to snap up a piece of the pie while demand remains at peak levels. Yet, with a growing number looking for a quick return on investment, swelling inventory levels have become a serious concern in several markets, most notably in Calgary and Edmonton, and to a much lesser extent, Kelowna.
“The impact of speculation, especially in Canada’s largest condominium markets, have yet to be determined, but concerns for the future are relevant,” says Ash. “In downtown Vancouver, an estimated 50 per cent of sales activity is attributed to investors, whereas as much as 60-85 per cent of new condominiums sales in Toronto’s downtown core reportedly involved investors in 2007. This is a major factor that could influence prices in years to come.”
For now, a number of market fundamentals point to increased growth in sales, prices and demand well into 2008. These include vibrant economies, Canada’s aging population, rising prices, and higher levels of immigration, to name a few.
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The following is the month-end news release issued by the Saskatoon Region Associaiton of REALTORS: October’s residential home sales market remained strong with a six month rolling average sales price of $247,076.00. The rolling average indicates the average price over the most recent six month period. The average sales price for the month of October was $255,613.00 up 53% from last year at this time. This number indicates strong demand for mid to upper price range homes. All indicators point to similar activity for the remainder of 2007 fuelled by consumer confidence in the Saskatoon and area economy. Market activity is expected to increase in the spring of 2008 accompanied by increased home sale prices. Click here to see all of the SRAR's stats for the past couple of years. Click here to contact us about your real estate needs.
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Fairhaven, Saskatoon - We invite everyone to visit our open house at 110 Stone Crescent on November 4 from 2:00 PM to 4:00 PM. Property information  Format: ???
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Consistent return on investment has prompted an unprecedented upswing in luxury home sales in major Canadian centres so far this year, according to a report released by RE/MAX. The RE/MAX Upper-End Market Trends Report examined trends and activity in 16 markets across the country between January and July 2007. Luxury home sales were up over the same period one-year ago in all markets, with percentage increases ranging from 13 per cent in Victoria to 521 per cent in Edmonton. Four markets, including Edmonton, Regina, Saskatoon and Ottawa, reported triple-digit increases while double-digit gains characterized remaining markets. The report also found that the upper-end price points were under stress in most markets surveyed. "Strong economic performance, especially in Western Canadian provinces, has bolstered consumer confidence levels to such a degree that purchasers in the upper-end are comfortable with a million dollar plus investment in real estate," says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. "Recent volatility in the stock market may trigger further investment in real estate as purchasers move to reallocate their holdings." | Year-to-Date (January to July) Unit Sales by Market | | Market | Upper-End Price Point | Unit Sales 2006 | Unit Sales 2007 | Percent Increase | | Vancouver | $2 million | 166 | 249 | 48 | | White Rock | $1.2 million | 73 | 105 | 44 | | Victoria | $1 million | 128 | 137 | 13 | | Kelowna | $1 million | 36 | 59 | 64 | | Calgary | $1 million | 198 | 311 | 57 | | Edmonton | $900,000 | 14 | 87 | 521 | | Saskatoon | $500,000 | 14 | 60 | 328 | | Regina | $500,000 | 2 | 11 | 450 | | Winnipeg | $400,000 | 91 | 170 | 86 | | Greater Toronto Area | $1.5 million | 395 | 505 | 28 | | Hamilton-Burlington | $500,000 | 342 | 460 | 34 | | Kitchener-Waterloo | $500,000 | 87 | 111 | 12 | | London | $500,000 | 47 | 62 | 32 | | Ottawa | $750,000 | 46 | 99 | 115 | | Halifax | $350,000 | 257 | 376 | 46 | | St. John´s | $350,000 | 22 | 53 | 57 |
Solid gains in housing values - especially in the top-end of the market - have garnered much attention. The steady upward trending has attracted a growing number of affluent purchasers who are taking advantage of both the increased equity and the capital gains exemption for a principle residence. "The consumer appetite for luxury property has been insatiable," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "Unabated demand throughout the year has created tight market conditions in a number of blue chip neighbourhoods. Limited availability of product has, in turn, placed mounting pressure on housing values. As a result, the million dollar home no longer holds the same cache it once did and in larger markets such as Vancouver, Calgary, and Toronto, it´s simply a starting price." Out-of-province and international purchasers are active in most markets surveyed, but locals still account for the majority of upper-end sales. Benchmark sales, including one home priced at close to $16 million in Toronto, are occurring with greater frequency and overall, there are more sales taking place in the very upper reaches of the marketplace this year. In smaller centres, benchmarks have been set throughout the year and although some, such as Regina, have yet to report a $1 million sale, the day is nearing. Upscale condominium sales are also climbing as empty-nesters and retirees up the ante for these types of property. The most expensive sale to date occurred in Vancouver at close to $5 million, while the priciest listing carries a price tag of $18.2 million in the same centre. "It appears that a growing percentage of the population has that kind of money to spend," says Polzler. "Growth in market capitalization has generated tremendous wealth in recent years - in fact, both the Dow Jones and S&P 500 reported double-digit growth in 2006. Demand for luxury goods overall - upscale homes, fine art, collectable cars -- is outpacing demand for everyday consumables. Inheritance has played a significant role as well, with the download on an estimated $1 trillion amount already underway." "When it comes to shelter, these upscale purchasers clearly want it all," says Ash. "Price is really no obstacle when it comes to creating a legacy."
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After posting extraordinary gains in 2007, housing market performance will moderate in most major Canadian centres in 2008, according to a report released today by RE/MAX. The RE/MAX Housing Market Outlook 2008 examined residential real estate trends in 18 markets across the country. The report found that while economic prospects will continue to improve next year, few major markets are expected to exceed record sales levels set in 2007. Winnipeg, Hamilton-Burlington, Kitchener-Waterloo, London-St. Thomas, Ottawa, Sudbury, Saint John, Halifax-Dartmouth, and St. John’s are all predicted to buck the trend in 2008, with appreciation ranging from one to seven per cent. Average price is forecast to increase in 78 per cent of markets surveyed next year, with the lowest price increase expected in Edmonton and the highest in St. John’s.
Nationally, the number of homes sold is expected to break through the half-million threshold in 2007, climbing 13 per cent to an estimated 545,400 units, up from 483,770 units one year ago. Average price is projected to appreciate nine per cent to $303,000, up about $25,000 over 2006 levels. In 2008, home sales are expected to retreat to 500,000 units while Canadian housing values are forecast to continue their ascent, rising six per cent to $321,000. Clearly, economic prosperity has translated into increased housing sales and upward pressure on prices across the board. The country’s economic engine fired on all cylinders throughout the year, despite dire conditions south of the border. As in 2007, inventory will be the major wildcard next year—the ultimate variable most expected to influence housing market conditions and performance. A return to tight market conditions could mean all bets are off as buyers are forced to compete, creating increased market pressure. Major market frontrunners for price appreciation in 2008 include St. John’s (12 per cent), Regina and Kelowna – Central Okanagan (nine per cent), Hamilton-Burlington and Saint John (eight per cent) and Greater Vancouver (seven per cent). Leading the country in sales growth next year will be Kitchener-Waterloo (seven per cent), followed by Hamilton-Burlington, London-St. Thomas, Sudbury and Halifax-Dartmouth, each forecasting a five per cent gain. Higher mortgage rates and increased inventory levels failed to materialize in most major centres, making 2007 a record year for real estate activity in Canada. By year-end, housing values across the country are expected to shatter existing records. Serious double-digit increases in average price are forecasted for Saskatoon (49), Edmonton (31.5), Regina (21), Calgary (20), Sudbury (20), Kelowna (19.5) Saint John (17), St. John’s (12), and Greater Vancouver (10). Saskatchewan dominated real estate news in 2007, reporting some of the highest percentage increases in unit sales. The number of homes sold in Regina by year-end is expected to top 35 per cent, bringing sales to an estimated 4,000 units. Neighbouring Saskatoon is forecast to climb 28 per cent to 4,400 units in 2007. Other centres expected to post double-digit gains in activity include Saint John (19 per cent) Kitchener-Waterloo (13 per cent), Halifax-Dartmouth (12 per cent), St. John’s (11 per cent), and Toronto (10 per cent). RE/MAX Housing Market 2008 Report, 10/17/07 - RE/MAX of Western Canada (1998) Inc.
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Huge demand for houses in Saskatoon is translating into strong demand for houses in the four quadrants surrounding the city. The number of units sold so far this year is up 77% while the average selling price is up 25% to $163,551. This number might have been higher except for the number of acreage lots selling in the $80's and $90's. More stats can be found on my web site. These numbers include the many bedroom communities around Saskatoon.
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The average selling price for a home sold on the Saskatoon Region Association of REALTORS Multiple Listing Service hit another new record in may at $233,917. That's up from just over $220,000 in April and a climb of 44% from May of last year's $162,279. Full year-to-date stats can be found on my web site. Another interesting stat is the number of homes listed and sold. So far this year Saskatoon REALTORS have listed 2,328 homes in the city and sold 2,034 of them. For the month of May there were 707 properties listed and 586 sold, that's an 82% sales-to-list ratio. Questions or comments, I would be happy to help. Kevin Goyer RE/MAX Saskatoon 222-6333 or sold@kevingoyer.com
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Month end stats released by the Saskatoon Region Association of REALTORS show the communities surrounding Saskatoon are also noticing high demand for homes. Prices were up 7% in April compared to the same month last year. The average sale price so far this year is $159,563. But the number of units sold is way up, 79% more homes sold so far this year compared to the same period last year. You can view the rural stats by clicking here. The 4 quadrants surrounding Saskatoon are known as Areas 6-9. Area 6 is the northwest quadrant, Area 7 is the northeast, Area 8 is southeast and Area 9 is southwest. If you work in the city and don't mind commuting, there are some good deals to be found. Kevin Goyer Certified e-PRO RE/MAX Saskatoon
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The Saskatoon Region Association of REALTORS month end stats show the average sale price of a home in Saskatoon in April was $220,862. That's $20,000 higher than the average sale price the month before. Here's the Star Phoenix article. Another noteable statistic is that REALTORS have listed 2,406 homes so far this year and sold 1,938 of them. That's an 80% sales-to-list ratio. To view monthly sales stats for the last 3 years click here. I have noticed a few homes in the last week that failed to draw any offers during the delayed presentation period, and we're seeing an increase in the number of new listings every day, so if you're a home buyer trying to get into the market, don't give up hope. May tends to be one of the busiest months of the year for buying and selling homes in Saskatoon. Any questions or comments feel free to email me. Kevin Goyer Certified e-PRO RE/MAX Saskatoon
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Here's an article I found on the CREA (Canadian Real estate Association) web site: Parliament passed new financial services legislation (Bill C-37) at the end of March, which included a measure to lower the required down payment for mortgages. The requirement for mortgage default insurance dropped from 25 per cent to 20 per cent effective April 20th. The Bank of Montreal says homebuyers could save an average of $2,500 in insurance premiums, based on an average home price of $300,000. “We see a number of customers scrambling to meet the 25 per cent down payment, in order to avoid paying the insurance premium,'' said Cid Palacio, Vice President, Bank of Montreal. “These changes will allow those homebuyers to reduce their down payment and get into their new home faster.'' The new limit also affects individuals who intend to refinance their mortgages. RBC Royal Bank said a recent survey it did found 39 per cent of Canadians have borrowed against the equity of their home, by either refinancing their mortgage to a larger amount, or by taking out a home equity line of credit. “Now, with refinancing at 80 per cent, we're making an extra five per cent equity available to our clients for their financing needs,” said Catherine Adams, RBC Royal Bank's vice-president, Home Equity Financing. Under the existing Bank Act regulations, which have been in place for 40 years, a bank cannot provide a mortgage loan for more than 75 per cent of the value of the property, without having the customer purchase mortgage insurance. Bill C-37 raises the loan-to-value ratio requiring mortgage insurance from the current 75 per cent to 80 per cent.
Can I answer your real estate questions? Call me at 222-6333 or email me. Kevin Goyer - RE/MAX Saskatoon
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Let's face it, it's not a "fun" time to be in the market for a home in Saskatoon. And it has to be especially daunting if you're a first time homebuyer. But higher housing values, tight inventory levels, and all-out bidding wars have yet to deter first-time buyers in their quest to realize homeownership in major Canadian centres this year, according to a report released recently by RE/MAX. You can view the report here. I can remember back in 2001 when interest rates rose (a one-year closed mortgage was 7.5%) and it was no longer cheaper to buy than rent. Many people looking for their first home decided to stay put and the market slowed. In most of the market evluations I do, there's a noticeable spike in the average number of days to sell in 2001. Then 9-11 hit, interest rates dropped and the first-time homebuyers came back into the marketplace and it's been a strong market ever since. I guess what I'm saying is that without the entry level buyers, the market goes nowhere as the move-up buyers have no one to buy their home, and thus are unable to build a new home or buy a bigger, more expensive home. I welcome your questions and comments. You can contact me at 306-222-6333 or by email.
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