Saskatoon Housing Market Update

Posted by Ashley Turner on Tuesday, April 11th, 2017 at 4:28pm.

Saskatoon housing market stable despite downturn

In case you didn't want to read the whole article, here are some important things to take away from the article:

-the average price of a home in Saskatoon declined just 1.2 per cent from the first quarter of 2016, to $340,303.

-Martensville’s population ballooned by 25 per cent over the last five years, but growth has since slowed to more sustainable levels, allowing commercial and industrial development to catch up.

-Saskatoon recorded 723 sales worth a total of $246 million in the first three months of the year, compared to 714 sales totalling $245.8 million in the same period last year, according to the Saskatoon Region Association of Realtors (SRAR).

What does all that mean? It's basically confirming what many of us have been saying for a while now: Saskatoon housing market is quite stable. We are very close to the 40% absorption rate number, which implies the market between buyers and sellers is extremely close to neutral. The budget cuts affected many things throughout the province, and home sales in some areas surrounding Saskatoon fell off a cliff in the first quarter of 2017, but the city’s real estate market appears to be holding on amid a commodities downturn that has led to layoffs, soaring vacancy rates and deep government cuts.

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