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Saskatoon’s perimeter highway concept
The province of Saskatchewan has begun planning for a perimeter highway around Saskatoon. The hope is to allow highway traffic to bypass the city entirely and to alleviate thru city traffic to areas surrounding Saskatoon.
The infrastructure project has no start date and estimates are the project could cost close to $2 billion once the road is complete. This would make it the province’s most expensive project to date.
The project is in the first phase of planning and the provincial highways ministry has established a preliminary route for the north half of the road but the stretch south of highway 5 to it’s intersection with highway 11 is still being determined. The ministry is allocating a path 800 metres wide which will allow some flexibility when it comes time to determine the final route.
An open house is being held tonight in Saskatoon at the German Concordia Club that will allow residents to look at 4 possible routes for the southeast stretch.
The north half of the route was approved by city council on Monday but no land has been purchased as of yet but the RM of Corman Park has agreed to postpone development in an area about the size of Martensville until the southeast portion of the highway is finalized.
There are no locations identified for where the highway would intersect Highway 16 and 11 south of the city. This would also mean that a bridge would be required southwest of the city as well as the one proposed north of the city, near Wanuskewin Heritage Park, to connect the highway entirely in a circle.
No timeline has been estimated at this point for the project.
Kari Calder
Saskatoon real estate agent
Century 21 Fusion
Saskatoon real estate market update for May 2015
The May 2015 Saskatoon real estate market sales has decreased from 2014 where 493 houses for sale in Saskatoon sold. This year we saw a market decrease with 422 houses in Saskatoon selling for the month of May.
The average home price in Saskatoon did see significant changes from last year with the average house price at $363,297 for 2015. This is up 1.8% from last year’s $356,843 in May.
Currently, the average time to sell a house in Saskatoon has decreased from April’s 51 days to 45 days.
By the end of May, homebuyers in Saskatoon had 1,938 homes to choose from with 714 of those being condos for sale in Saskatoon.
Listing inventory in Saskatoon has increased with 986 new house listings in Saskatoon in 2015 while in 2014 we saw 946 new units placed on the market, signifying an increase of 4.2%.
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
Know when to hold ’em
Not all offers that are written are accepted. If that’s the case, usually the buyer or the seller has unrealistic expectations of the market or they get lost in the details.
This is true no matter the scale of the property. For example, the City of Saskatoon has had the former police station on 4th Ave and 23rd St for sale for 20 months now. Initially the City placed a minimum bid requirement on the sale at $15.6 million. When no offers materialized, the requirement was removed in December.
Finally, after 20 months on the market, the City finally received an offer of $11 million. It would house a national research institute, the Lung Health Institute of Canada, along with a mix of retail and commercial tenants. Meridian Developments placed the bid for the police station and the adjacent parking lot.
Downtown Saskatoon office space has recently seen vacancy rates above 15% and the market has shifted. Sellers and landlords need to be realistic about their prices as it’s no longer a sellers market. After all, a property is only worth what someone is willing to pay for it.
The developer believes that the lung institute’s public service and the potential to attract many national researchers should also be taken into consideration.
While the goal is to get the best deal for the taxpayers, the city is maintaining that patience is key in this situation. They believe the market will rebound and since it’s such a substantial site, patience is key.
I don’t know if they made the right decision, what are your thoughts? Typically, the first offer is usually the best in my experience.
Kari Calder
Saskatoon real estate agent
Century 21 Fusion
Kari@saskatoonrealestate.net
Millennial buyers across Canada; results.
Genworth Canada recently took a survey entitled The First-Time Homeownership Study. The study focused on the buying strategies and ideas of people of the Millennial generation. Many believe that this generation is one of the most important and will shape the economy for the future. This group also forms the largest segment of first time buyers. 1,800 people were surveyed across Canada and the majority (77%) were millennials, aged 35 or less. One-fifth were born outside Canada with 62% of those having immigrated in the past 10 years.
While buying a home may come with a lot of stress and trepidation, the survey found that the first time buyers who had gone through the process were confident in the decision that they made.
As for motivation, 53% believed owning a home was a wise financial decision and they disliked renting or wanted to buy a home before prices increased further.
The average house price was $293,000 across Canada but regionally it varied. Toronto was the highest at $425,000 and the Atlantic provinces were the lowest at $185,000.
Almost 2/3 of the people surveyed had a down payment of less than 20% with the average being around 8 or 9%. The highest down payments were found in Toronto and Vancouver.
Toronto also showed a high level of ‘gifting’, where parents gift a lump sum to their child for a down payment. The trend seen is parents are taking out equity of their current homes, allowing their children to buy when it otherwise wasn’t possible.
62% of first time buyers purchased a house with a spouse or significant other, a whopping 35% bought a house on their own. Those in Atlantic Canada, Manitoba and Saskatchewan are more likely to live in detached homes, while those in Montreal, Toronto, Calgary and Vancouver are more likely to purchase a condo.
What is the number 1 consideration for a home? Price. Following close behind is a safe neighbourhood that’s also close to work. Size and style also are important factors as it the potential to renovate, resell, or rent out part of the home.
Regardless of what the results of the survey are, every buyer and their situation is unique. If you are looking for an experienced REALTOR® who is able to listen and understand your situation, then please contact me today.
Kari Calder
Saskatoon real estate agent
Century 21 Fusion
Saskatoon real estate market update for April 2015
The April 2015 Saskatoon real estate market sales has decreased from 2014 where 382 houses for sale in Saskatoon sold. This year we saw a market decrease with 348 houses in Saskatoon selling for the month of April.
The average home price in Saskatoon did see significant changes from last year with the average house price at $339,921 for 2015. This is down 4.0% from last year’s $353,973 in April.
Currently, the average time to sell a house in Saskatoon has increased from March’s 49 days to 51 days.
By the end of April, homebuyers in Saskatoon had 1,938 homes to choose from with 714 of those being condos for sale in Saskatoon.
Listing inventory in Saskatoon has increased with 888 new house listings in Saskatoon in 2015 while in 2014 we saw 766 new units placed on the market, signifying an increase of 15.9%.
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
How to save this tax season
Many Canadian taxpayers overpay on their taxes because they fail to claim some of the common credits they are entitled to. Don’t let ignorance stop you this year. As a homeowner there are several tax deductions available to claim. It’s best to ask an accounting expert about all the tax credits available for you however here is a list of the most frequently over-looked ones for homeowners.
First time buyer’s tax credit. If you bought a home for the first time, you are eligible to claim a non-refundable tax credit of up to $750. You or your common law partner can claim this tax credit.
GST tax rebate (new housing rebate). If you purchase a new home as your principal residence and if the home is less than $450,000 you may also be able to claim the GST new housing rebate. Other home tax deductions exist for homes that are built by the owner as well as for residential rental properties.
Home Buyer’s Plan. The Home Buyer’s Plan allows a buyer to withdraw up to $25,000 from your RRSP’s to help with the downpayment. Certain conditions apply.
Medical expenses tax credit. People with mobility impairments can claim renovation expenses to make their home more accessible. The Government of Canada provides an extensive list of expenses that are eligible and ones that are not.
Moving expenses. If you move within Canada, your moving expenses may be tax deductible. Conditions are: you must be employed and your new location must be 40kms closer to your place of work. Included are situations of moving out to start your first job and starting your own business. The expenses eligible include hiring movers, breaking a lease, storage, meals and lodging while traveling, legal fees, and real estate commissions.
Working from home expenses. If you operate a business out of your home, you can claim a deduction for that part of the home that is used to conduct business activities. Eligible expenses include a portion of your mortgage interest, property taxes, and utilities. The portion eligible is the percentage of the space allotted to run the business (sq ft of room/sq ft of whole house).
Rental income. Did you know as an investor you can claim things like advertising, insurance, and interest on money you borrow to buy or improve the property? Many investors miss out on this one.
These are just a few that homeowners would be eligible to claim on their taxes consult a tax professional for suggestions based on your individual situation. Hopefully this will save you some money at tax time.
Kari Calder
Saskatoon real estate agent
Century 21 Fusion
Saskatoon real estate market update for February 2015
The February 2015 Saskatoon real estate market sales has decreased from 2014 where 300 houses for sale in Saskatoon sold. This year we saw a market decrease with 240 houses in Saskatoon selling for the month of February.
The average home price in Saskatoon did see significant changes from last year with the average house price at $364,429 for 2015. This is up 4.4% from last year’s $349,092 in February.
Currently, the average time to sell a house in Saskatoon has decreased from January’s 55 days to 49 days.
By the end of February, homebuyers in Saskatoon had 1,615 homes to choose from with 612 of those being condos for sale in Saskatoon.
Listing inventory in Saskatoon has increased with 655 new house listings in Saskatoon in 2015 while in 2014 we saw 575 new units placed on the market, signifying an increase of 13.9%.
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
A great local home builder
I’ve recently partnered with Mosaic Developments to market and sell their listings. They are such a down-to-earth home builder and so sweet, that I’m very excited to be working with them.
From their website: Our mission is to integrate quality, service and trust in all that we do.
Believe me, this is very true. If you walk into one of their homes, the quality and pride is found throughout. Thought has been considered in every aspect of the home and they truly understand the wants and needs of the consumer. These aren’t your ‘cookie cutter’ homes found by the dozen on every block in the new neighbourhoods, these are homes that have built with love and offer original and unique finishes you wouldn’t expect for the price.
If you are interested in finding out more about Mosaic Developments and wanting to make one of their houses in Saskatoon a home, contact me and I’ll help you find the perfect fit.
Kari Calder
Saskatoon real estate agent
Century 21 Fusion
Saskatoon real estate market update for January 2015
The January 2015 Saskatoon real estate market sales has decreased from 2014 where 179 houses for sale in Saskatoon sold. This year we saw a market decrease with 227 houses in Saskatoon selling for the month of January.
The average home price in Saskatoon did see significant changes from last year with the average house price at $358,648 for 2015. This is up 1.2% from last year’s $354,461 in January.
Currently, the average time to sell a house in Saskatoon has increased slightly from December’s 43 days to 55 days.
By the end of January, homebuyers in Saskatoon had 1,484 homes to choose from with 544 of those being condos for sale in Saskatoon.
Listing inventory in Saskatoon has increased with 724 new house listings in Saskatoon in 2015 while in 2014 we saw 637 new units placed on the market, signifying an increase of 13.7%.
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
