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Saskatoon real estate market update for August 2016
The August 2016 Saskatoon real estate market sales has increased from 2015 where 448 houses for sale in Saskatoon sold. This year we saw 506 houses in Saskatoon selling for the month of August.
The average home price in Saskatoon did see a small decrease from last year with the average house price at $353,012 for 2016. Last year was at $353,971 in August.
Currently, the average time to sell a house in Saskatoon has decreased slightly from July’s 52 days to 50 days.
By the end of July, homebuyers in Saskatoon had 1,984 homes to choose from with 770 of those being condos for sale in Saskatoon.
Listing inventory in Saskatoon has decreased with 831 new house listings in Saskatoon in 2016 while in 2015 we saw 843 new units placed on the market, increasing from the year before.
If you are looking for a qualified and experienced Saskatoon real estate agent, contact me for more information or to set up a meeting to discuss the current market and all your real estate needs.
Kari Calder
Saskatoon Real Estate Agent
Century 21 Fusion
Your families largest expense may surprise you
A recent study done by the Fraser Institute shows that the average Canadian family has spent more on taxes than food and housing combined last year. The average family paid $34,154 in taxes last year including taxes passed along in the price of goods and services purchased.
The Vancouver based company estimates that the average income tax collected collected by government -provincial and federal, was $10,616 in 2015. Payroll and health taxes equaled $7,160, sales taxes at $4,973 and property taxes at $3,832. Also included in the total was taxes on profits, fuel, tobacco, liquor, natural resources, and import duties which totaled $7,573.
The Institute concluded that the total of the of taxes would have equaled 42.4% of the average Canadian family income in 2015, which is estimated at $80,593.
In comparison, the study estimates that the average Canadian family spent $30,293 on housing, food, and clothing last year which totals 37.6% of the family’s total income.
The objective of the report was to not trace the tax experience of a particular family but rather to trace the experience of an average families spending in a year.
If you’re unsure whether or not you qualify for a mortgage or want to determine how much you want to spend monthly on housing, contact me and I can refer you to a proven mortgage specialist.
Kari Calder
Saskatoon real estate agent
Century 21 Fusion
Saskatoon’s new infill housing regulations
The City of Saskatoon has recently come forward with new regulations concerning design guidelines for infill housing. Infill housing has become a very popular trend within certain neighbourhoods. It consists of demolishing and rebuilding new housing within neighbourhoods already built up in the city. The most predominant neighbourhoods that have seen infill housing tend to be those that are the oldest such as Buena Vista, Nutana, Varsity View, Caswell Hill, Montgomery Place, City Park, and North Park.
After many years of infills being built and some not quite assimilating to the character and essence of the area, the city of Saskatoon has decided that regulations were necessary. The Neighbourhood Level Infill Development Strategy was adopted to ensure that distinctive patterns within the existing development and historic characteristics of the neighbourhoods are maintained. The regulations will help minimize massing of new developments, regulate infill lot grading, address parking concerns, and protect the general streetscape.
If new housing in an already developed neighbourhood is something you are considering to purchase, contact me and I can help you determine which area is best for you. I can also put you in touch with several Trusted Saskatoon partners to ensure your build goes smoothly.
Kari Calder
Saskatoon real estate agent
Century 21 Fusion
Kari@saskatoonrealestate.net
Saskatoon may see an insurgent of foreign buyers
On August 2nd, B.C.’s new foreign property tax laws came into effect and the end of last week saw a record 15,000 property transfer applications. Friday saw more than 9,200 transactions filed which broke the 2007/08 record of more than 8,400 in a day. Thursday also reported over 5,800 transactions which totaled close to the amount registered for the entire month of April.
Now as days have passed, real estate boards and brokers in BC are reporting through as foreign buyers are backing out of the deals and forfeiting deposits on firm deals rather than paying the newly implemented 15% tax for purchases made in Metro Vancouver. Also affected are local buyers who are withdrawing offers in expectation that the market will soften.
Local real estate agents are seeing cases where foreign buyers unable to rearrange previously negotiated closing dates and choosing to simply walk away.
The next chapter in this will be the number of court cases for sellers trying to obtain the deposit out of trust or even suing the buyer for damages or even trying to get them to complete.
Not all foreign buyers are wealthy. Most are there on a work visa or working towards a landed immigrant status. Most are considered middle to upper income professionals and make up 3-5% of the sales each year.
The tax law also did not take into account any long term contracts, pre-sale agreements for housing under construction or already pending property purchases. All transactions for foreign buyers processed after the date will be taxed at 15% with only 8 days notice given. Buyers in Vancouver will also see an increase in the property transfer tax.
The new tax laws implemented by the government aim to make housing more affordable for middle class buyers. Last month, the benchmark price for detached properties rose to over $1.5 million in Vancouver.
This tax may shift foreign buyers to other markets such as Saskatoon as foreigners look to invest in new markets. Not all buyers will be specific to BC and are indifferent to where they are purchasing. Hopefully Saskatoon will benefit from these buyers and with a strong economy, I believe Saskatoon is a great choice for all buyers.
Kari Calder
Saskatoon real estate agent
Century 21 Fusion
Kari@saskatoonrealestate.net
Saskatoon real estate market update for July 2016
The July 2016 Saskatoon real estate market sales has decreased from 2015 where 442 houses for sale in Saskatoon sold. This year we saw 370 houses in Saskatoon selling for the month of July.
The average home price in Saskatoon did see a small decrease from last year with the average house price at $367,359 for 2016. This is an increase from last year at $357,459 in July.
Currently, the average time to sell a house in Saskatoon has increased slightly from June’s 49 days to 52 days.
By the end of June, homebuyers in Saskatoon had 1,986 homes to choose from with 802 of those being condos for sale in Saskatoon.
Listing inventory in Saskatoon has decreased with 789 new house listings in Saskatoon in 2016 while in 2015 we saw 916 new units placed on the market, increasing from the year before.
If you are looking for a qualified and experienced Saskatoon real estate agent, contact me for more information or to set up a meeting to discuss the current market and all your real estate needs.
Kari Calder
Saskatoon Real Estate Agent
Century 21 Fusion
Saskatoon real estate market update for June 2016
The June 2016 Saskatoon real estate market sales has decreased slightly from 2015 where 603 houses for sale in Saskatoon sold. This year we saw 547 houses in Saskatoon selling for the month of June.
The average home price in Saskatoon did see a small decrease from last year with the average house price at $354,038 for 2016. This is an decrease from last year at $360,319 in June.
Currently, the average time to sell a house in Saskatoon has increased slightly from June’s 48 days to 49 days.
By the end of June, homebuyers in Saskatoon had 2,047 homes to choose from with 814 of those being condos for sale in Saskatoon.
Listing inventory in Saskatoon has decreased with 1,345 new house listings in Saskatoon in 2016 while in 2015 we saw 1,345 new units placed on the market, increasing from the year before.
If you are looking for a qualified and experienced Saskatoon real estate agent, contact me for more information or to set up a meeting to discuss the current market and all your real estate needs.
Kari Calder
Saskatoon Real Estate Agent
Century 21 Fusion
Saskatoon real estate market update for May 2016
The May 2016 Saskatoon real estate market sales has decreased slightly from 2015 where 601 houses for sale in Saskatoon sold. This year we saw 524 houses in Saskatoon selling for the month of May.
The average home price in Saskatoon did see a small change from last year with the average house price at $353,197 for 2016. This is an decrease from last year at $364,338 in May.
Currently, the average time to sell a house in Saskatoon has decreased slightly from May’s 52 days to 48 days.
By the end of May, homebuyers in Saskatoon had 2,035 homes to choose from with 848 of those being condos for sale in Saskatoon.
Listing inventory in Saskatoon has decreased with 1,516 new house listings in Saskatoon in 2016 while in 2015 we saw 1,512 new units placed on the market, virtually unchanged from the year before.
If you are looking for a qualified and experienced Saskatoon real estate agent, contact me for more information or to set up a meeting to discuss the current market and all your real estate needs.
Kari Calder
Saskatoon Real Estate Agent
Century 21 Fusion
Grow op and meth lab public registry?
REALTORS® are pushing to have a public registry made available which will include those properties that have been contaminated by producing illegal drugs. According to the Association of Saskatchewan REALTORS® a comprehensive registry of former marijuana grow ops and methamphetamine labs.
The information is available to police and the Association believes that it should be also made available to real estate professionals and to potential buyers so they can make informed decisions when they look to buy a house. If there is potential damage, potential buyers can ensure they have other inspections done that would eliminate any concerns they may have.
The most common problems plaguing former grow ops is moldy drywall and insulation. Damage from chemicals and improper electrical is also possible and common in these types of homes.
It isn’t clear how many former grow ops and meth labs are in the province but the estimate is that there are at least 200 with many more likely not identified.
The Saskatoon City Police said that while the police force does not have an opinion on civil matters such as real estate transactions, there are privacy issues and concerns with the release of data collected during criminal investigations. Likely something would have to be legislated before the police would be required to divulge the information.
I think the more information available to buyers the better although there has to be some measures in place to protect privacy. In instances where a professional home inspection doesn’t catch the contamination, it’s good to have another safeguard in place.
Kari Calder
Saskatoon real estate agent
Century 21 Fusion
Kari@saskatoonrealestate.net
The Competition Tribunal has ruled
Recently Canada’s Competition Tribunal has ruled in the lengthy battle between the Toronto Real Estate Board (TREB) and the Competition Bureau. The fight began years ago over who should have access to the detailed data about home sales.
The bureau’s stance is that REALTORS® limits competition and subsequently keeps costs high by restricting access to data on its proprietary Multiple Listing Service®, on which more than 90% of all Canadian home sales get processed.
On the other side, TREB argues is that it owns the data and needs to limit access to it for the privacy of buyers and sellers.
The tribunal ruled in favor of the Competition Bureau late last week. A detailed ruling will be made public but for now, a one page explanation has been released. “The tribunal concluded that the restrictions have had, are having, and are likely to have the effect of preventing competition substantially in a market” the release states.
It’s not clear what the ruling means for consumers as the tribunal has yet to explain what penalties may be imposed or if TREB may be ordered to open up it’s data to anyone requesting it at some point. It’ll be interesting to see how and if this will impact our local Saskatoon real estate market. One thing is certain though, if the data is made public, consumers will see the value of a REALTOR® doesn’t just consist of the data.
Kari Calder
Saskatoon real estate agent
Century 21 Fusion
Kari@saskatoonrealestate.net
Pricing is key
Have a house to sell in the current real estate market in Saskatoon? The key for it to sell in a reasonable amount of time is pricing. More than any other factor, pricing your home to the current market is of the utmost importance.
Currently the average home in Saskatoon takes 46 days to sell which is a increase of 15% over the five year average. Another interesting statistic is the current sales to listing ratio. It currently sits at 34.4% which means that out of 10 houses that are listed for sale, only 4 will sell. The sale prices seen are equal to 97.2% of their asking price.
