Saskatoon Real Estate News May 29, 2014

Sharpest increase is found in Saskatchewan

It was announced yesterday by Statistics Canada that Saskatchewan had the highest percentage increase for residential property values in Canada between 2005-2011.

The rise was reported to be 139.8% or a total value of $87.7 billion. Not surprisingly, Saskatoon led all the metropolitan areas in the country for price increases. Property values increased a total of 163.6 per cent between those same years.

What does that translate to? The average house price in Saskatoon in 2006 was just under $150,000 and in 2011 it rose to just over $272,000.

The big question is why. Experts agree that the Saskatchewan housing market had been depressed for many decades until 2007-2008 where we saw bidding wars and the sharp increase in prices. However looking at the picture as a whole; the Saskatoon 2011 average price of $272,000 was still 33% less than Alberta’s and 23% below the national average.

As long as the province’s economy continues to thrive, and we experience a positive net migration into the province, house prices in Saskatoon are expected to increase.


Kari Calder

Saskatoon real estate agent

Century 21 Fusion