Henry Moulin ABR, CRES

345 4th Avenue South #210 Saskatoon, SK S7K 1N3 |
306-221-9221 | henry@saskatoonrealestate.com

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Month of March - Springing Up

After a fairly strong February, the city of Saskatoon’s March housing market had spring in its step as both new listings and sales rose over last year, by five and 11 per cent respectively.

The Saskatoon Region Association of REALTORS® (SRAR) reported 702 listings were posted to the Multiple Listing Service® (MLS®), up from 668 last March, but significantly down from 850 in 2017.

Sales jumped 11 per cent to 258, up from 233 last year but down from 308 in March 2017. At the same time, the average selling price dropped four per cent to $316,445, down from just over $328,000 a year earlier, partly due to a higher proportion of entry-level home sales below $400,000. There was also a significant decrease in the number of sales recorded between $400,000 and $450,000.  Even so, the dollar volume of homes sold increased seven per cent to just over $81.6 million, up from $76.5 million a year earlier.
 
“We’re coming into the spring market, and the degradation of prices over the last three year has made it a little more attractive out there. People do get a little bit more optimistic in the spring,” said Jason Yochim, CEO of SRAR.

“Some of that optimism may have sprung from the federal government’s recent policy announcement regarding changes to home buyers’ plan, which provides a five per cent interest-free loan on existing homes, and 10 per cent on new homes, to first-time buyers. Our industry has been lobbying for changes such as this for a long time.”
 
The Saskatoon Region, which includes smaller communities in the Census Metropolitan Area, saw a five per cent increase in listings, to 1,084 (up from 1,034 in 2017) and a four per cent increase in monthly sales, to 359 (up from 345). Listings generally begin to trend upward as March, and spring, approach.
 
Excluding Saskatoon, regional listings were flat with last March and sales fell nine per cent to 77, down from 85. The selling price dropped 12 per cent to $275,000. In 2019 so far, Saskatoon and region listings, taken together, are down two per cent to 2,675, 1,736 of those in the city proper. Sales are up two per cent to 929, up from 909 in 2018, and dollar volume has fallen one per cent to $213 million, down from $215.5 million. Active listings sat at 3,184 at the end of March, down one per cent, with 1,611 of those in Saskatoon, down four per cent.

While the 2019 market has been kinder to home sellers than in the last three years, it remains important to price properties appropriately to present conditions, said Yochim. The sales to listings ratio was 37 per cent in March, which still signifies a buyers’ market.
 
“Home sellers, not to mention buyers, can benefit from the knowledge a REALTOR® brings to a housing transaction. REALTORS® know how to help a seller arrive at a realistic price, and they are also professionals who subscribe to a strict code of ethics. They can guide sellers, and buyers, through the process, and help them make the best decisions.”
 
OTHER REGIONS
 
The spring market has had a slower start in Prince Albert and region, where listings rose four per cent to 128 (from 123 last March) and sales fell 10 per cent to 38, down from 42.  Dollar volume was down 29 per cent to $6.7 million, from $9.5 million in the same month of 2018. However, the statistics tend to appear more dramatic to the smaller size of the market.
 
It was a similar story in The Battlefords region, where listings rose five per cent to 120 units, up from 114 a year ago, and sales fell three per cent to 32. However, that was a drop of just one unit from last year’s 33 sales.  Dollar volume fell 37 per cent to $4.5 million from just over $7 million. The region did, however, see an increase in the average price of four per cent to $188,000. Dollar volume was down 22 per cent to $4.5 million.

“The market is considerably more challenged in smaller cities. Saskatoon hasn’t been affected as much on sales activity because of our diversified economy.”

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Friday, March 30th, 2018

Lee Aaron & Harlequin

Dakota Dunes Casino – 204 Dakota Dunes Way

Time: Doors - $7.00 pm, Showtime - $8.00

Price: $40.00

Website: dakotadunescasino.com

 

Saturday, March 31st, 2018

Olate Dogs

Broadway Theatre – 715 Broadway Ave

Time: 7:30 pm

Website: broadwaytheatre.ca

 

Sunday, April 1st, 2018

Annual Easter Brunch

German Cultural Centre – 160 Cartwright St E

Time: 10:00 am – 2:00 pm

Website: saskgerman.com

 

Easter Sunday Brunch Buffet at the Park Town Hotel

Park Town Hotel – 924 Spadina Cres E

Time: 9:30 am – 2:00 pm

Website: www.parktownhotel.com/blog/page/four-seasons-restaurant

 

Easter Sunday Dinner Buffet at the Park Town Hotel

Park Town Hotel – 924 Spadina Cres E

Time: 4:40 – 8:00 pm

Website: www.parktownhotel.com/blog/page/four-seasons-restaurant

 

Ongoing

March 30th – 31st, 2018

Draggins Rod and Custom Car Show

Prairieland Park – 503 Ruth St W

Time: 10:00 am – 10:00 pm

 

March 24th – April 12th, 2018

Paraph

Saskatchewan Craft Council Gallery – 813 Broadway Ave

Time: Tuesday – Saturday 10:00 am – 5:00 pm

Price: By Donation

Website: https://saskcraftcouncil.org/affinity-gallery-exhibitions/current-exhibition/

 

March 22nd – 31st, 2018

Spirit Wrestler by Greg Nelson

Greystone Theatre – 118 Science Place

Time: 8:00 pm

Price: Adults - $22.00, Seniors - $19.00, Students - $17.00

Website: https://www.facebook.com/events/151156728887280/

 

 

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Friday, March 16th, 2018

The Dears

Broadway Theatre – 715 Broadway Ave

Time: 8:00 pm

Website: broadwaytheatre.ca

 

Saturday, March 17th, 2018

Anastasia – Ballet Jorgen

TCU Place – 35-22nd St E

Time: 7:30 pm

Website: tcuplace.com

 

Saskatoon Blades VS Prince Albert Raiders

SaskTel Centre – 101-3515 Thatcher Ave

Time: 7:05 pm

Price: $19.00 - $31.00

Website: www.saskatoonblades.com

 

Monday, March 19th, 2018

Indigenous Inclusion in the Hemp & Cannabis Industry

Saskatoon Inn & Conference Centre – 2002 Airport Drive

Time: 8:00 am – 5:00 pm

Price: $350.00

Website: https://indginclusion.com

 

Movies that Matter: Looking for Mr. Goodbye

Broadway Theatre – 715 Broadway Ave

Time: 7:00 pm

Price: Students/Senior - $5.00, General - $7.00

 

Neighbors Working Together – A Dialogue on Intensification and our Urban Heritage

Edwards Family Centre – 333 4th Ave N

Time: 7:30 pm

Price: Free

Website: www.pcap-sk.org/upcoming-events-workshops/2018-egs-week

 

Ongoing

March 8th – 16th, 2018

Boom by Peter Sinn Nachtrieb

Live Five

Time: Thursday to Saturday 8:00pm, Sunday 2:00 pm

Price: $21.00 - $25.00

Website: www.livefive.ca/season/boom/

 

March 16th – 18th, 2018

Collector’s Show

Prairieland Park

Price: Adult - $10.00, Weekend Pass - $15.00

Website: www.saskatooncollectorshow.com/

 

March 19th – 23rd, 2018

Prairie’s Got The Goods Week

Online Webinar Series: http://www.pcap-sk.org/upcoming-events-workshops/2018-egs-week

Time: 12:00 – 1:00 pm

Website: www.pcap-sk.org/upcoming-events-workshops/2018-egs-week

 

 

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Friday, March 9th, 2018

Grownups Read Things They Wrote as Kids Saskatoon

Broadway Theatre – 715 Broadway Ave

Website: broadwaytheatre.ca

 

Saskatoon Blades VS Calgary Hitmen

SaskTel Centre – 101-3515 Thatcher Ave

Time: 7:05 pm

Price: $19.00 - $31.00

Website: www.saskatoonblades.com

 

Saturday, March 10th, 2018

Rock This Town with the Toon Town Big Band

Broadway Theatre – 715 Broadway Ave

Time: 8:00 pm

Website: broadwaytheatre.ca

 

Saskatoon Blades VS Brandon Wheat Kings

SaskTel Centre – 101-3515 Thatcher Ave

Time: 7:05 pm

Price: $19.00 - $31.00

Website: www.saskatoonblades.com

 

The White Buffalo

The Capital – 244 1st Ave N

Time: 10:00 pm

Website: broadwaytheatre.ca

 

Ongoing

March 8th – 11th, 2018

Homestyles

Prairieland Park – 503 Ruth St W

Time: Thursday 3:00 – 9:00pm, Friday 1:00 – 9:00pm, Saturday 10:00am – 9:00pm, Sunday 10:00am-5:00pm
Price: Adults - $12.50, Seniors - $10.00, Children 12 & Under – Free

Website: homestylesonline.com/

 

March 8th – 16th, 2018

Boom by Peter Sinn Nachtrieb

Live Five – The Refinery Arts and Spirit Centre

Time: Thursday to Saturday – 8:00pm, Sunday 2:00 pm

Price: $21.00-$25.00

Website: www.livefive.ca/season/boom/

 

March 9th – 11th, 2018

Rock the River Cup Bonspiel

Nutana Curling Club – 2002 Arlington Ave

Time: All Day

Price: Team Registration $350.00

Website: www.prairielilycurling.com

 

 

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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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Phone: 306-221-9221

345 4th Avenue South #210

Saskatoon, SK S7K 1N3

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