Henry Moulin ABR, CRES

Saskatoon, SK | 306-221-9221 | henry@saskatoonrealestate.com

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Here are three suggestions to increase the value of your home. Before renovations start, be sure to calculate all the costs and map out a timeline for the renovations.

 

  1. Add a bedroom

 

Known as one of the best ways to add revenue to any property, adding a bedroom to your house will most defiantly add value to your house. Owning a house with a flexible floor plan helps enable you to either move internal walls, or enclose a large outside area within a roofline of the house, like a balcony.

 

  1. Add a kitchen

 

The main focal point of a house is the kitchen, because this room is used every day by everyone in the household. Adding clean new cupboards, upgrading your appliances, and adding new storage space is a sure way of adding value to your house. 

 

  1. Add a bathroom

 

Another room that always creates an impression on a house is the bathroom. Changing a bathroom by simply repainting the walls a bright color, and refurnishing can change a dreary and dark bathroom, into a bright and colorful bathroom. To make a small bathroom seem larger, laying large rectangular tiles laid horizontally really makes a small bathroom seem bigger. To add another wow factor to a simple bathroom, put in a free standing bath tub or a frameless glass shower screen.

 

 

When deciding to renovate a home, always be sure to ask for professional and expert help to ensure that even the smallest space, can look amazing with just a few simple changes.

 

Also make sure, that before starting anything, that all your finances are in check and that you have a backup in case of a delay or over runs.  

 

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Friday, April 21st, 2017

Soul to Sole Retreat

Queen’s House Retreat – 601 Taylor St W

Time: 8:00 am – 4:30 pm

Price: $100.00

 

Saturday, April 22nd, 2017

SSO Presents the Music of Star Wars

TCU Place – 35-22nd St E

Time: 7:30 pm

Price: $15.00 - $70.00

Website: saskatoonsymphony.org/event/careless-whisper-sso-does-the-80s/

 

Sharp Tailed Grouse Dance

Northeast Swale – Lowe Road & Agra Road

Time: 4:45 am – 8:00 am

Price: Free

 

Saskatchewan Rush VS Toronto Rock

SaskTel Centre – 101-3515 Thatcher Ave

Time: 7:30 pm

Price: $25.00 - $69.00

Website: www.saskrush.com

 

Restless Gypsy Open House

Restless Gypsy Vendor Store – 510 33rd St W

Time: 10:00 am – 5:00 pm

Price: Free

Website: https://www.facebook.com/restlessgypsyvendorstore/

 

March for Science

Victoria Park

Time: 1:30 – 4:00 pm

Price: Free

 

Bret Higgins’ Atlas Revolt

The Bassment – B3 202-4th Ave N

Time: 8:00 pm

Price: $22.00 - $27.00

Website: thebassment.ca/event/bret-higgins-atlas-revolt/

 

Jessica Robinson: An Evening with Eva

The Bassment – B3 202-4th Ave N

Time: 9:00 pm

Price: $22.00 - $27.00

Website: thebassment.ca/event/jessica-robinson-an-evening-of-eva/

 

Monday, April 24th, 2017

Scott Cook

The Bassment – B3 202-4th Ave N

Time: 8:00 pm

Price: $18.00 - $23.00

Website: thebassment.ca/event/scott-cook/

 

Ongoing

April 21st – 22nd, 2017

Scribble Bots with the Saskatchewan Science Centre

Western Development Museum – 2610 Lorne Ave

Time: 9:00 am – 5:00 pm

Website: www.sasksciencecentre.com/events-calendar/

 

April 21st – 23rd, 2017

Artist’s Workshop Show & Sale

Grace West Minster Church – 505 10th St E

Time: Friday 7-9pm, Saturday 10am-5pm, Sunday 12-4pm

Price: Free

Website: https://artistsworkshop1.wordpress.com

 

April 17th – 22nd, 2017

Easter Week at the Creek

Beaver Creek Conservation Area

Time: 1:00 pm – 4:00 pm

Website: meewasin.com/events/

 

 

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Positive Indicators in Saskatoon Home Market

Year to date, the Saskatoon home market shows positive signs in a few of the key indicators. “There are a few key statistics that we watch ever month to get a sense of where our market is at and where it may be headed” according to Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® .“We keep a close eye on the number of transactions, the inventory levels and the change in pricing.” He adds. 

Year to date home sales are up 4% over 2016 with 558 unit sales. This is comparable to the number of home sales in 2015. The total dollar volume for those sales was just over $186 million, representing a 2% increase over last year. At the end of February, the inventory level for available residential property on the MLS® system in Saskatoon was 1,659 units, 5.4% lower than last year. The lower inventory levels are largely due to a significant drop in the number of new listings added to the MLS® system. So far this year there have been 1,337 new listings in the system compared to 1,410 last year. When comparing new listings for the last month, there were 15.7% fewer properties added to the market this past February than last February. 

A decline in new listings coupled with an increase in sales resulted in a sales-to-listing ratio of 37.4%in February. This is a significant increase from last February where this ratio was 30.9%. A market with a sales-to-listing ratio below 40% is considered to be a solid buyers market. This indicates a positive move towards a more balanced market. “Although we are seeing these positive indicators quite early on, these statistics indicate a shift in the marketplace in a positive direction,” comments Yochim. 

Home prices remain relatively unchanged year to date with the average price down a mere 0.7% to just under $340,000. The median price of $320,000 represents a slight drop of 1.6% year over year. The Home Price Index (HPI) is considered to be the most accurate measure of home values and where the market prices are trending. The HPI composite price is an aggregate of various residential home types in a particular market and is a measurement of change in value over time. A composite value was established with a base year and has been indexed on a monthly basis. The composite value in February was $297,900 representing a 1.2% decrease from a year ago. This value had been on a downward trend since mid-2016 which is not surprising considering elevated inventory levels through the year and a buyers market. 

The average number of days for a home to sell in Saskatoon was 54 days. This is only slightly longer than in 2016 with an average of 52 days. Because today's real estate buyers are well educated on the market, homes are selling at 97% of their asking price which is consistent with last year. 

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Slight Downward Pressure on Home Prices 

At the end of the first quarter the number of MLS home sales was 723 units or a 1% increase over last year. The number of properties listed for sale year to date was 2,193, just 2% lower than the first three months of 2016. “Although the first quarter unit sales are comparable to 2016, pricing seems to be slipping slightly” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® “The median price of $320,000 is down 4.3% from a year ago and the average price of $342,100 is down 1.5%.” he adds. The Home Price Index (HPI) published by the Canadian Real Estate Association indicates a downward trend in pricing as well. The composite price, an aggregate of all home types, for Saskatoon has been trending downaward since August of 2016 when the benchmark value was $309,500 compared to $297,900. This composite value reached its peak of $313,800 in July of 2015. The HPI is based on a benchmark value of $133,400 established in January of $2005. This value is indexed every month thereafter representing the changes to that base value. The downward pressure on pricing is likely to remain until there is a decrease in the current inventory of just over 1,850 active listings or an increase in demand.  

Multi-family sales of 220 units was up year to date by 18% compared to 187 unit sales last year. The number of single family sales of 510 units was a slight decline of just over 4% year over year. The federal changes to mortgage qualification introduced in October of 2017 no doubt have had an impact on some who found it harder to qualify for a single family home. These changes increased the number of multi family transactions due buyers qualifying at a substantially lower purchase price. This is reflected in a 5% increase in sales between $200,000 and $350,000 in the first quarter. During this same period, homes priced from $350,000 to $600,000 saw a 13% decline in unit sales.  

There is currently enough existing inventory to last almost six months based on current sales activity. This is slightly higher than the five year average of 4.84 months. For the homes that do sell, currently on average it takes 47 days. This is two days more than the five year average. These homes are selling at just under 98% of the asking price. This is a reflection of the “intelligent buyer” that we see in today’s market place. “Today’s consumer has access to detailed information at their fingertips and know very well what the true market price of a home should be. Sellers are equally informed and when they are able to think objectively, they price to market and the result is a quicker sale with the sale price tight to list.” according to Yochim. The problem lies in most of us unable to be objective even in the face of raw data. The mindset of many home sellers is that their home is worth more than the one down the street because they used ‘heavy duty’ nails in the construction or similar rationale. “This is one of the most critical reasons for enlisting the advice of a professional REALTOR® in pricing your home.”  

Activity in the area surrounding Saskatoon has experienced a decline of almost 17% in the number of sales for the first quarter of the year with 167 total sales. A positive here though is the average price is up 9.2% and the days on market is 64 days compared to 70 for last year. Martensville and Warman have not been affected the same way in the past three years. The city of Martensville experiences 38 sales and 153 listings so far in 2017. By comparison, in the first quarter of 2017 Warman recorded 57 sales and 144 new listings. In the first three months of 2015 Warman had 81 sales compared with 26 in Martensville.  The Saskatoon Region Association of REALTORS® has a membership of just over 600 licensed and knowledgeable REALTORS® who can provide sound market advice. REALTORS® also subscribe to a strict code of ethics and are dedicated to developing professional standards and continuing education in the real estate profession.  

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Henry Moulin

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Cell: 306-221-9221

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345 4th Ave South

Saskatoon,SK S7K 1N3

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