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Buyers Market Continues

Conditions remain ideal for those in search of a new home in Saskatoon. There was a total of 1,967 active listings at the end of October in Saskatoon plus an additional 1,022 available residential properties in the region outside Saskatoon. This is an increase of almost 12% in active residential listings compared to the same point last year. With upcoming mortgage rule changes in the new year, relatively low interest rates and more available homes, this is an ideal time for buyers to tie up that purchase. The sales to listing ratio for Saskatoon was just over 40% in Saskatoon in October. This means that for every 10 homes that were listed, four were successfully sold. The number of sales for October in Saskatoon was 287 units. Although this was an 8% decline compared to October 2016, it represented an increase of 10% over Septembers sales of 262. Year to date sales for Saskatoon a the end of last month were 3,030 units which is a 6.7% decrease for the same period last year. Year to date a total of 8,069 home were placed on the market in Saskatoon, down slightly from 8,217 the previous year. “I expect that there may be a slight spike in sales as the year winds down” comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®, “this would be due to recently introduced mortgage qualification rules for conventional buyers plus a sense of upward pressure on interest rates.” The federal government continues to address issues with overheated markets in Canadas two largest cities. These rule changes however affect local real estate markets much differently.

The average days on market for a home in Saskatoon was 54 days which is unchanged from September and slightly higher when compared to October of 2016 where it took an average of 50 days to sell. Not surprising, with higher inventory levels, and declines in sales, the average selling price for a home in Saskatoon continues to decrease, with a year over year decline of 3.2% to $331,889. The Medan price however remained unchanged at $330,000.  The MLS® Composite Home Price Index (HPI) Benchmark Price increased by 5.1% to $328,600. The Composite HPI measures the rate of change in a benchmark price for a typical home and is the most accurate indicator of pricing direction in a market. This increase would suggest that in spite of a decline in the average home price, the trend is moving upward for home prices.

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Friday, October 20th, 2017

Deep Dark Woods

Broadway Theatre – 715 Broadway Ave

Time: 8:00 pm

Website: https://broadwaytheatre.ca/events?p=event&event=3904

 

Jubilee Residences Oktoberfest Dinner and Comedy Night

German Cultural Centre – 160 Cartwright St E

Time: 6:00 – 10:00 pm

Price: $125.00

 

U of S Huskies Volleyball VS Trinity Western Spartans

Physical Activity Complex – 87 Campus Drive

Time: Women – 6:00 pm, Men – 8:00 pm

Price: Adult - $13.00, Youth - $7.00

Website: huskies.usask.ca

 

Wide Mouth Mason – Rockin’ for the Noggin’

O’Briens Event Centre – 241 2nd Ave S

Time: 7:00 pm

Price: $40.00

Website: https://www.myshowpass.com/l/cfe735dd/

 

U of S Huskies Women’s Hockey VS Manitoba Bisons

Rutherford Rink – 69 Campus Drive

Time: 7:00 pm

Price: Adult - $13.00, Youth - $7.00

Website: huskies.usask.ca

 

Saturday, October 21st, 2017

Be Jammin’ Oral Fuentes

Finn’s Irish Pub – Park Town Hotel – 924 Spadina Cres E

Time: 7:00 pm

Price: Free

Website: www.parktownhotel.com/blog/page/finns-irish-pub

 

G.H.O.S.T. Investigations

Breakout Escape Rooms – 805-48th St

Time: 10:00 am – 2:00 pm

Price: $150.00 per team

 

Martha Wainwright

Broadway Theatre – 715 Broadway Ave

Time: 8:00 pm

Website: broadwaytheatre.ca/events

 

The Mavericks

TCU Place – 35-22nd Street East

Time: 8:30 pm

Price: $52.50 - $62.50 + service charges

Website: https://tcutickets.ca/Online/mavericks

 

U of S Huskies Volleyball VS Trinity Western Spartans

Physical Activity Complex – 87 Campus Drive

Time: Women – 4:00 pm, Men – 6:00 pm

Price: Adult - $13.00, Youth - $7.00

Website: huskies.usask.ca

 

U of S Huskies Women’s Hockey VS Manitoba Bisons

Rutherford Rink – 69 Campus Drive

Time: 5:00 pm

Price: Adult - $13.00, Youth - $7.00

Website: huskies.usask.ca

 

Monday, October 23rd, 2017

Shane Koyczan

Broadway Theatre – 715 Broadway Ave

Time: 8:00 pm

Website: https://broadwaytheatre.ca/events?p=event&event=3879

 

SSO National Arts Centre Orchestra

TCU Place – 35-22nd St E

Time: $7:30 pm

Price: $30.00 - $50.00

Website: saskatoonsymphony.org/event/national-arts-centre-orchestra/

 

Ongoing

October 20th – 21st, 2017

2017 Monster Energy PBR Canadian Finals

SaskTel Centre – 101-3515 Thatcher Ave

Time: 7:30 pm

Price: $25.00 - $75.00

Website: www.sasktelcentre.com

 

October 11th – 21st, 2017

Girl in the Goldfish Bowl

Greystone Theatre – John Mitchell Building, 118 Science Place

Time: 8:00 pm

Price: Adult - $22.00, Senior - $19.00, Student - $17.00

Website: artsandscience.usask.ca/drama/greystone/greystone-theatre.php

 

October 12th – 31st, 2017

The Berry Barn’s Haunted House

Berry Barn – 830 Valley Road

Time: 11:00 am – 8:00 pm

Price: Family - $10.00, Adults - $5.00

Website: https://www.berrybarn.ca/

 

October 20th – 21st, 2017

The Great Big Boo!

Scotiabank Theatre – 347-2nd Ave S

Price: $22.00 per person

Website: www.thegreatbigboo.com/

 

 

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Friday, October 13th, 2017

Oktoberfest 2017

German Culture Centre – 160 Cartwright St E

Time: 7:00 pm to 12:00 am

Price: $18.00

Website: saskgerman.com

 

Sarah Slean

Broadway Theatre – 715 Broadway Ave

Time: 8:00 pm

Website: https://broadwaytheatre.ca/events?p=event&event=3903

 

The Great Canadian Sleepwalk

Shakespeare on the Saskatchewan – Tents by the Mendel Art Gallery

Time: 6:30 pm

Price: $20.00

Website: sk.lung.ca

 

Saturday, October 14th, 2017

Chris Collins and Boulder Canyon: A Tribute to John Denver

Dakota Dunes Casino – 204 Dakota Dunes Way

Time: 6:30 pm

Price: $45.00

Website: https://tickets.siga.sk.ca/eventperformances.asp?evt=897

 

SSO Stardust – The Music of Bowie

TCU Place – Sid Buckwold Theatre – 35-22nd St E

Time: 7:30 pm

Price: $15.00 - $95.00

Website: saskatoonsymphony.org/event/pops-1-stardust-bowie/

 

U of S Huskies Football VS UBC Thunderbirds

Griffiths Stadium at PotashCorp Park

Time: 7:00 pm

Price: Premium - $27.00, Adult - $22.00, Youth - $10.00

Website: www.huskies.usask.ca

 

Ongoing

October 13th – 14th, 2017

Christmas Craft Fair

Western Development Museum – 2610 Lorne Ave

Price: $5.00

Website: www.wdm.ca

 

October 11th – 21st, 2017

Girl in the Goldfish Bowl

Greystone Theatre – John Mitchell Building – 118 Science Place

Time: 8:00 pm

Price: Adult - $22.00, Senior - $19.00, Student - $17.00

Website: artsandscience.usask.ca/drama/greystone/greystone-theatre.php

 

October 11th – 15th, 2017

Prairie Trio: An Evening of Sight, Sound & Taste

Barn Playhouse – 25 km North of Saskatoon on Hwy. 12

Time: 7:00 pm

Website: https://www.barnplayhouse.com/index.html

 

 

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Friday, September 29th, 2017

Elvis: If I Can Dream

Broadway Theatre – 715 Broadway Ave

Time: 7:30 pm

Website: https://broadwaytheatre.ca/events?p=event&event=3890

 

Lisa Leblanc

Broadway Theatre – 715 Broadway Theatre

Time: 9:00 pm

Website: https://broadwaytheatre.ca/events?p=event&event=3907

 

Publishing Symposium

Western Development Museum – 2610 Lorne Ave

Time: 1:00 – 4:30 pm

Price: Free

Website: www.skbooks.com/publishing-symposium/

 

U of S Huskies Football VS Regina Rams

Griffiths Stadium at PotashCorp Park

Time: 7:00 pm

Price: Premium - $27.00, Adult - $22.00, Youth - $10.00

Website: www.huskies.usask.ca

 

Saskatoon Blades VS Medicine Hat Tigers

SaskTel Centre – 101-3515 Thatcher Ave

Time: 7:05

Price: Tickets from - $19.00 - $31.00

Website: www.saskatoonblades.com

 

Saturday, September 30th, 2017

Army Reserve Open House

SGT Hugh Cairns VC Armoury – 930 Idylwyld Drive

Time: 9:00am – 5:00 pm

Price: Free

 

Global March for Elephants & Rhinos

Friendship Park – Base of the Broadway Bridge

Time: 12:00 – 12:30 pm

Price: Free

Website: march4elesandrhinos.org

 

Light the Night Walk

Kiwanis Park North

Time: 5:00 pm

Website: www.lightthenight.ca

 

Prairie Fire Alpacas Open House

Arelee – 45 Minutes outside of Saskatoon

Time: 10:00 am – 5:00 pm

Price: Free

 

Ryde the Hangar

STARS Hangar in Saskatoon – Hangar 21, 2475 Airport Road

Time: 8:00 am

Price: Pre-Registration was required

Website: www.rydethehangar.com

 

Saskatoon Blades VS Calgary Hitmen

SaskTel Centre – 101-3515 Thatcher Ave

Time: 7:05

Price: Tickets from - $19.00 - $31.00

Website: www.saskatoonblades.com

Sunday, October 1st, 2017

Fall Fest

The Glen at Crossmount

5 kms South of Saskatoon on Hwy 219

Time: 10:00 am – 4:00pm

Price: Free

 

Fall Vendor and Craft Fair

German Cultural Centre – 160 Cartwright Street E

Time: 10:00 am – 4:00 pm

Price: Free

Website: saskgerman.com

 

Harlem Globetrotters

SaskTel Centre – 101-3515 Thatcher Ave

Time: 3:00 pm

Website: sasktelcentre.com/event.php?event=734-990b057d

 

Nature Journaling Workshop

Prairie Habitat Garden, College of Education at the U of S – 3079-28 Campus Drive

Time: 1:00 – 4:00 pm

Price: Saskoutdoors Members - $10.00, Non-members - $15.00

Website: saskoutdoors.org/event-calendar/post/nature-journaling-workshop

 

Ongoing

September 29th – 30th, 2017

Premier Showcase

TCU Place – 35-22nd Street East

Time: 6:30 – 10:00 pm

Price: $45.00

Website: www.tcuplace.com/pages/premier

 

September 30th – October 1st, 2017

Pumpkin Festival at Black Fox Farm and Distillery

Black Fox Farm & Distillery – 245 Valley Road

Time: 10:00 am – 5:00 pm

Price: $10.00 per vehicle

Website: www.tdsfarms.biz/pumpkin-festival

 

 

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Home sales in the Saskatoon market last month were up 8% over October of 2015. “This is a very positive change and speaks to consumer confidence in our market,” states Jason Yochim CEO with the Saskatoon Region Association of REALTORS®. Recent changes to lending rules by the federal finance minister were also a contributing factor in activity as buyers scrambled to beat the October 17th deadline when these changes came into effect. “Regardless of the factors leading to a sale, it is always good to see stronger sales activity.” he adds “every home sale contributes almost $50,000 of additional economic activity in the local economy.”

 

Strong sales in August and October of this year coupled with an overall decline in new listings has resulted in an 11% reduction in the inventory of active listings in Saskatoon. Active listings peaked at 2,047 units in June of this year and have declined steadily to 1,745 at the end of last month. This will have a positive impact in several areas. It will help maintain the average price as well as start to move the market in the direction of a seller’s market, although we’re not there yet. Total number of sales for Saskatoon year to date were 3,249 compared with 3,457 for the same period last year. The sales-to-listing ratio indicates whether we are in a buyer’s or seller’s market. It is determined by dividing the number of sales by the number of new listings for a period. A 50% ratio is considered balanced. Currently the market is at 42% which is a buyer’s market.

 

Another positive sign is the days of inventory which determines how long it would take to liquidate the current active listings at the current level of sales. Based on October’s numbers there is currently just over five and a half months of inventory. This is just slightly above the five-year average of five months. The overall dollar volume for the Saskatoon and surrounding market is only down 3% from last year and currently sits at just over $1.5 Billion dollars. Overall dollar volume has remained strong despite a 6% year to date reduction in sales. This is largely due to an increase in sales over $750,000. Year to date there were 51 units sold between $750-800,000 compared to 40 last year. Comparatively, sales were down 10% year to date for homes priced between $250-450,000. “There is no doubt that the recent federal change for homebuyers qualifying for a mortgage will further impact our market with an average price of $350,000” comments Yochim. “It has yet to be seen how much the impact will be.”

 

The good news for those selling is that sellers are realizing 97% of their asking price. Sellers who choose to list too high over the market are finding it difficult to obtain that sale. The closer the asking price is to market the tighter the offer will be to the list price.

 

Sound pricing and timing advice can be provided by one of the 640 professionally licensed and trained REALTOR® members of The Saskatoon Region Association of REALTORS®. 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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Ever wonder what buyers think about first when they decide they want to buy a new house, or what you should want, first and foremost when purchasing your own home? One surprising factor is that the answer actually depends on what generation the buyer is born from. For more details, keep reading.

 

Millennials (Born 1982-2000s)

 

Price, price, price. Most Millennials are mainly just looking for a bargain on their home, whether its their first home or third. They usually next look to make sure that the house is close to a few certain areas, like the University of Saskatchewan, shopping districts as well as the bus stops. If this is their first home, however, it is quite likely that they will compromise on size and age of the house before the price, which could also help them in the long run by building up equity through renovations.

 

Generation X (Born 1965-1981)

 

Size. Most Generation X's have started a family, or have a growing family, so square feet is what stands out the most for them. Main focal points of the house that Generation X's will be looking at will be where the entire family can gather with ample room, such as the kitchen, living room, dining room, as well as the backyard. Next, they will see how close the home will be to any Elementary or High Schools their children can get to within walking distance. Generation X's tend to stay in their homes for quite a number of years, so they always compromise on price.

 

Baby Boomers (Born 1946-1964)

 

Family, and relaxation. Baby Boomers tend to move from their large family homes when the house is empty, to smaller condo's, that are near their families, with any price point. It could also be of some relief for the family to have their parents near, and have the care that could be needed in case of an emergency.

 

No matter what age the buyer is, they will always start their search online, check to see where the local amenities are, see if they like the neighborhood as well as making sure that the house is in good condition. Always remember that pictures are always a very important aspect on helping to sell the home as well. 

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For many the average sale price is used to benchmark where the market is at. Year to date statistics reinforce why that is not a sound practice. As of the end of September, a total of 2,936 unit sales were recorded, a 7% drop from the same period in 2015. By comparison, the average sale price of $351,835 remains virtually unchanged from one year ago. Furthermore, the average sale price for September 2016 was 6% higher than last September. The reason, an increase in the number of properties selling at the higher end of the price range coupled with a decline in more affordable home sales. More specifically, year to date the number of units selling between $300,000 and $500,000 declined by 12% while the number of units selling above $750,000 increased by 20%.

 

The Home Price Index (HPI) tool was created by the Canadian Real Estate Association (CREA) as a way to more accurately reflect changes in home pricing and predict pricing trends. The HPI uses a starting point of January of 2002 and establishes a “benchmark” value for a typical property type. This value is then indexed over time to reflect changes in the market. The composite benchmark value for a home in Saskatoon in January of 2002 was $115,000. Currently the composite benchmark price is $308,600. This index has changed very little since January when it was at $305,400. This would indicate little change in value over the first nine months of the year and has remained virtually unchanged since June.  New listings for September were down 20% compared to September of 2015. 

 

“A reduction in new listings has a positive impact on the overall inventory levels in Saskatoon which have been elevated since the spring of 2015”. comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®. “Ideally we would like to see the number of active listings around 1,500 units” he adds. At the end of September, the number of active listings was 1,841, the five-year average is 1,625 units. The high water mark for active listings was 2,081 in June of 2015.

 

The number of sales for September was 324 units which is a 9% reduction from last year. Year to date the total unit sales was down 7% compared to 3,167 units a year ago. The average time to sell a home in Saskatoon is currently 51 days, the five-year average is 41 days. These homes have been selling for 97.4% of the asking price. “The key element in the sale of a property is proper pricing, buyers are more educated today than ever before,” adds Yochim. 

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