Buy and Sell Saskatoon Real Estate : Saskatoon real estate market information and blog updates : Latest Blog Posts

SASKATOON HOUSING SUPPLY CHALLENGES CONTINUE AS DEMAND OUTPACES INVENTORY

Wed, 03 Jun 2026 20:14:51 GMT

Saskatoon’s housing market continues to face significant supply pressures as demand remains strong and available inventory struggles to keep pace.

The city recorded 519 residential home sales in May, down four per cent compared to May 2025 but more than 10 per cent above the 10-year average for the month.

While inventory levels have improved across Saskatchewan in recent months, Saskatoon continues to report some of the tightest market conditions in the province. At the end of May, the city had 837 units in inventory, but more than 250 properties were conditionally sold, leaving only 560 active listings available heading into June.

As a result, Saskatoon entered June with just 1.6 months of supply, or 1.1 months when conditional sales are excluded, highlighting the ongoing imbalance between supply and demand.

“Our economy is growing, our population is growing, and people continue to choose Saskatchewan as a place to live and build their future,” said Chris Guérette, CEO of the Saskatchewan REALTORS® Association. “The challenge is that housing supply is not growing at the same pace.

“We’re adding listings, but demand continues to absorb them almost as quickly as they come online. That’s why we’re seeing a third consecutive month of record benchmark prices and why housing availability is becoming one of the most important conversations for Saskatchewan’s future.”

The tight market conditions continue to put upward pressure on home prices. Saskatoon’s residential benchmark price reached a new record of $444,400 in May, surpassing April’s record of $433,200 and exceeding the previous high of $435,200.

Despite modest improvements in inventory, ongoing supply shortages continue to shape market conditions and affordability in Saskatoon.

“The conversation today isn’t simply about home prices,” said Guérette. “When supply remains this far below historical levels month after month, the impacts extend well beyond the housing market. Housing availability affects labour mobility, economic growth and our province’s ability to attract and retain people.

“If Saskatchewan wants to continue growing, we need to make sure there are enough homes for that growth to occur.”

With sales remaining above long-term averages and inventory levels still exceptionally tight, Saskatoon’s housing market continues to underscore the need for additional housing supply to support the city’s growth and future economic development.

Saskatoon Real Estate Update: What Happened Over The Last Two Weeks?

Tue, 26 May 2026 19:15:18 GMT

If you've been paying attention to the Saskatoon market lately, one thing is pretty obvious: things haven't slowed down much.

The last couple of weeks have continued the same trend we've been seeing through spring. Buyers are active, good homes are moving quickly, and inventory still feels tight in a lot of areas around the city. If a home shows well, is priced properly, and checks the boxes buyers are looking for, there's still a good chance it won't sit around very long.

We're also still seeing competition happening across different price ranges. It isn't every home and it isn't every situation, but multiple-offer scenarios are definitely still around. Buyers are realizing that waiting too long or trying to negotiate every deal aggressively can sometimes mean missing out altogether.

One thing that has stood out recently is that buyers seem more prepared than they were in the past. More people are coming into showings with financing already lined up and with a pretty good idea of exactly what they want. That usually means decisions are happening faster than they used to.

For sellers, this doesn't automatically mean putting a sign on the lawn and expecting instant results. Presentation still matters. Clean homes, good photos, smart pricing, and a plan for launch day still make a huge difference. Buyers are active, but they're also paying attention to value.

For buyers, preparation continues to be a huge advantage. Having financing ready, understanding neighbourhoods, and knowing where you're willing to compromise can make a big difference when the right property shows up.

As we head deeper into late spring and into summer, it will be interesting to see whether more inventory starts hitting the market. More listings would give buyers some breathing room, but right now Saskatoon still feels like a market where quality homes are getting a lot of attention.

The biggest takeaway over the last two weeks? The market still has momentum. It's not chaos, but it's definitely active.

If you're curious about what your home might be worth, or you're thinking about making a move this year, now is a good time to start the conversation.

Saskatoon Housing Market Stays Competitive as Low Inventory Continues to Drive Prices Higher

Wed, 06 May 2026 19:00:17 GMT

Saskatoon’s housing market remained one of the strongest and most competitive in Saskatchewan this April, with 450 home sales recorded — up two per cent compared to last year and sitting 12 per cent above the city’s 10-year average. Even with ongoing inventory challenges, Saskatoon’s year-to-date sales continue to outperform historical trends, highlighting strong buyer demand across the Bridge City.

While new listings increased month-over-month, inventory across Saskatoon remains extremely tight. Housing supply is still more than 50 per cent below historical averages, leaving just 1.6 months of inventory available at the end of April — or only 1.1 months when conditional sales are factored in. Out of 714 listed properties, more than 200 were already conditionally sold, leaving just 503 active homes available heading into May.

This continued supply shortage is helping drive home prices higher across Saskatoon and throughout Saskatchewan. After reaching a record benchmark price of $435,200 in March, Saskatoon’s benchmark price adjusted slightly to $433,200 in April — still more than three per cent higher than April 2025.

Across Saskatchewan, the real estate market continues to see strong demand paired with historically low inventory levels. The province’s benchmark home price reached a record $347,300 in April, nearly five per cent higher than last year, as affordability pressures continue to grow in many communities. Saskatchewan remains one of Canada’s more affordable housing markets, but limited supply and steady buyer activity are continuing to place upward pressure on prices province-wide.

Conditions vs No Conditions

Fri, 01 May 2026 21:00:08 GMT

Conditions vs no conditions is one of the biggest decisions buyers and sellers are dealing with right now in the Saskatoon market, and lately it’s become even more important because of how competitive things still are. Over the past week, we’ve continued to see steady sales with fewer new listings hitting the market, which means buyers are still absorbing inventory and competition is sticking around, especially in the under $500,000 range. Prices are holding strong too, with Saskatoon benchmark values sitting in the low to mid $400s and trending up year over year, all driven by tight supply and consistent demand.

A conditional offer gives buyers protection. This usually includes financing, home inspection, or the sale of their current home. It gives them time to make sure everything checks out before they fully commit. In a market like Saskatoon, where inventory is still tight and many homes are moving fairly quickly, conditional offers can sometimes be seen as weaker, especially if the seller has multiple options. That said, for buyers who need that safety net, it’s still the smartest move. You don’t want to waive conditions and then find out after the fact that financing doesn’t go through or there’s a major issue with the property.

On the other side, no conditions - or firm offers - are what sellers love right now. With inventory levels still lower than normal and months of supply sitting around that 2 to 3 month range in many segments, we’re still in a market where strong offers win. A firm offer means no waiting, no uncertainty, and a much higher chance the deal actually closes. That’s why you’ll often see sellers take a slightly lower price if it comes with no conditions, especially in multiple offer situations. It’s cleaner, faster, and removes risk.

The key is strategy. Buyers shouldn’t be going in with no conditions unless they’re fully prepared, that means having financing locked down, understanding the property, and ideally doing as much due diligence upfront as possible. Sellers, on the other hand, need to look beyond just price and really evaluate the strength of each offer. In this market, the difference between a conditional and a firm offer can easily be the difference between a deal that closes and one that falls apart.

Saskatoon Real Estate Market Update - What Happened This Past Week

Fri, 24 Apr 2026 19:33:05 GMT

If you’ve been watching the Saskatoon real estate market lately, this past week pretty much confirmed what we’ve been seeing all spring - things are moving, and they’re moving fast.

Inventory is still tight across a lot of price ranges, especially in that $300,000 to $550,000 window. That’s where most buyers are competing right now, and when something clean hits the market in that range, it doesn’t sit. We’re still seeing multiple offers on well-priced homes, especially in areas like Brighton, Rosewood, Stonebridge, and Evergreen.

What’s interesting right now is the gap between homes that are priced right and show well versus ones that miss the mark. The good ones are selling quickly, sometimes within days, while the ones that are overpriced or need work are starting to sit longer. Buyers are still active, but they’re more selective than they were during peak frenzy periods.

Another trend this past week - more sellers are trying to time the market, thinking they can push pricing higher because of low inventory. In some cases that works, but in others it backfires and leads to price reductions or longer days on market. Strategy matters more than ever right now. Pricing just slightly under market value to create competition is still one of the most effective ways to drive strong offers.

On the buyer side, pre-approvals are becoming a bigger deal again. Sellers are paying close attention to who’s actually ready to move. If you’re shopping without one, you’re putting yourself at a disadvantage, especially in multiple offer situations.

We’re also seeing continued demand for move-in ready homes with updated finishes. Properties that feel modern, clean, and turnkey are commanding the most attention. On the flip side, homes that need renovations are still selling, but buyers expect a discount and are factoring those costs in more carefully.

Overall, the Saskatoon market is in a strong, balanced but competitive phase. It’s not the chaos we saw a couple years ago, but it’s definitely not slow either. The right homes are selling quickly, and the wrong ones are sitting.

If you’re thinking about making a move this spring, timing and strategy are everything. Whether you’re buying or selling, understanding how this current market is behaving can make a big difference in your results.

And from what we saw this past week, this momentum isn’t slowing down anytime soon.

Why You Need a Pre-Approval Before House Shopping in Saskatoon (Yes, It Actually Matters)

Thu, 09 Apr 2026 21:10:28 GMT

Spring market is heating up in Saskatoon and here’s the reality - showing up without a pre-approval is like walking into a dealership and saying “I’ll figure out the money later.” It just doesn’t fly anymore.

Lately, more and more sellers (and listing agents) are asking one thing before they even let you in the door - proof of pre-approval.

So what’s changed, and why does it matter so much right now?

1. Sellers Want Serious Buyers Only

Inventory is still tight in a lot of Saskatoon neighbourhoods. When a listing hits the market - especially anything priced well - it’s getting attention fast.

Sellers don’t want:

tire kickers
“just looking” buyers
people who might qualify

They want buyers who are ready to write an offer today.

A pre-approval tells the seller:
This buyer is legit
Financing won’t fall apart
This deal has a real shot at closing

2. You Actually Know Your Price Range (and Don’t Waste Time)

Without a pre-approval, buyers tend to:

look too high and get disappointed
look too low and miss out on better homes
fall in love with something they can’t buy

A pre-approval locks in:

your max purchase price
your monthly payment comfort zone
your down payment expectations

It turns guessing into a clear plan.

3. You Can Move FAST When the Right House Hits

Good homes in Saskatoon don’t sit around right now.

Especially in areas like:

Brighton
Evergreen
Stonebridge
Varsity View

You might have:

24–48 hours before offers come in
multiple competing buyers

If you’re not pre-approved, you’re scrambling while someone else is writing an offer.

Pre-approved buyers?
They walk in ready
They can submit same-day offers
They win more deals

4. It Strengthens Your Offer (Big Time)

Let’s say there are 3 offers on a house.

Same price. Same conditions.

One difference:
One buyer is pre-approved
One buyer isn’t

Which one do you think the seller chooses?

Pre-approval reduces uncertainty. And in a competitive situation, certainty wins.

5. Some Sellers Won’t Even Allow Showings Without It

This is happening more often now.

Listing agents are starting to say:
“Pre-approval required before booking a showing”

Why?

Because sellers don’t want:

unnecessary traffic through their home
last-minute cancellations
buyers who can’t actually buy

So if you don’t have one… you might not even get through the front door.

6. It Protects YOU Too

This isn’t just about sellers.

A pre-approval can:

lock in an interest rate (huge if rates move)
flag issues early (credit, income, debt ratios)
give you time to fix things before you’re under pressure

Way better to find out now than after you’ve fallen in love with a house.

The Bottom Line

In today’s Saskatoon market, a pre-approval isn’t optional anymore - it’s step one.

It makes you:

faster
stronger
taken seriously

And honestly, it saves a ton of time and stress.

Thinking About Buying?

Before we even start booking showings, I’ll connect you with a solid local mortgage broker to get you pre-approved properly (not just a quick online estimate).

Once that’s done?

That’s when the real fun starts - finding the one and actually having the power to get it.

Let’s go shopping the right way.

Saskatchewan Housing Market Hits Record Prices Amid Tight Supply

Mon, 06 Apr 2026 19:30:46 GMT

Saskatchewan’s housing market moved into spring facing continued pressure, as limited supply pushed home prices to a new all-time high and made affordability more challenging across the province.

In March, there were 1,256 residential home sales across Saskatchewan. That’s a slight one percent drop compared to last year, but still nearly 10 percent higher than the long-term average. While activity has cooled from the near-record pace seen in 2025, demand remains steady—year-to-date sales are still four percent above the 10-year average.

New listings reached 1,808 in March, increasing from February as the market begins its seasonal shift. However, listings are still down year-over-year and sit nearly 25 percent below typical historical levels. Inventory remains especially tight, with less than three months of supply available—more than 50 percent below what’s normally expected at this time of year.

This ongoing supply shortage is the main factor behind rising prices.

The provincial benchmark price climbed to a record $374,100 in March, up from $363,800 in February and more than six percent higher than March 2025. Price increases were seen across every community for the third month in a row.

Unlike many other Canadian markets that are seeing slower activity and rising inventory, Saskatchewan continues to face a different reality—demand remains consistent, but supply hasn’t kept up. This imbalance is what’s driving prices higher and making it more difficult for buyers, especially those entering the market for the first time.

Seasonal factors are also contributing. A slower transition out of winter has delayed the usual increase in new listings, keeping inventory levels tight during a key time of year.

As the spring market progresses, the big question is whether supply will improve. Historically, increased inventory tends to support more sales activity—but without a meaningful rise in listings, upward pressure on prices is prices is expected to continue.

Saskatoon Market Update

Saskatoon recorded 388 home sales in March, down four percent compared to last year but still eight percent above the 10-year average. Although sales haven’t matched the strong levels seen in early 2025, year-to-date activity is still six percent higher than long-term trends.

New listings increased compared to March 2025, but remain well below historical norms. This has left Saskatoon with some of the tightest market conditions in the province, heading into the busy spring season.

At the end of March, the city had just 1.6 months of supply. Of the 638 homes available, nearly 200 were already conditionally sold, leaving only 440 active listings heading into April.

Home prices in Saskatoon also reached a new record. The benchmark price rose to $435,200 in March, up from $421,600 in February and more than five percent higher than March 2025.

A Steady but Competitive Spring in Saskatoon Real Estate

Wed, 01 Apr 2026 20:56:35 GMT

The Saskatoon real estate market has been pretty wild the last couple weeks, and honestly, it feels like spring hit early this year.

The big thing right now is pressure building in a few different ways. It’s not just home prices, it’s everything around it. Insurance, borrowing costs, just the overall cost of owning a home. Buyers are definitely noticing it. Especially first-time buyers, they’re being a lot more careful with their decisions instead of just jumping on anything.

That said, demand hasn’t gone anywhere. If anything, I’ve been busier than ever. March was a really strong month for me - sold several homes and spent a ton of time out with buyers. A lot of those buyers are actually referrals from past clients, which says a lot about how active things still are. People are still making moves, they’re just being a bit smarter about it.

Inventory is still tight too, and that’s a big part of the story. There just aren’t enough good listings coming up to match the number of buyers out there. So when something solid hits the market, it’s getting attention right away. You’re seeing quicker sales and pretty competitive situations, especially in that mid-range price point.

New builds are helping a bit, but not enough to really change things. There’s definitely construction happening around the city, but it’s not like there’s a flood of new homes hitting the market. Demand is still ahead of supply in most areas people actually want to be in.

There’s also been talk about the city trying to improve housing supply long term, which is great, but that’s more of a future fix. It’s not going to change what we’re seeing right now heading into spring.

From what I’m seeing day to day, it still leans toward a seller’s market if the home is priced right and shows well. Buyers are active, they’re just more calculated. They’re thinking things through a bit more, but they’re still out there and still writing offers.

The next few weeks will be interesting. Usually more listings start to come up this time of year, so we’ll see if that gives buyers a bit of breathing room. But if inventory stays low, it’s going to stay competitive.

Overall, Saskatoon’s market feels strong. Not crazy, not out of control, just steady, busy, and a lot of opportunity on both sides if you play it right.

🏡 Home Inspections - The Step That Saves Deals (and Headaches)

Tue, 24 Mar 2026 17:45:51 GMT

Buying a home is exciting. But right after the offer gets accepted, reality hits - inspections matter more than almost anything else in the deal.

This is where things either stay smooth… or get messy fast.

What a home inspection actually does

A home inspection isn’t about finding a “perfect house.” That doesn’t exist.

It’s about:

Understanding what you’re really buying
Catching issues early
Giving you leverage if something’s off

Think of it like this - you’re not just buying a house, you’re buying everything that comes with it… good and bad.

The big things inspectors look for

Not every scratch or nail matters. These do:

Structure

Foundation cracks
Shifting or uneven floors

Roof

Age and condition
Missing or damaged shingles

Mechanical

Furnace age and size
Water heater condition

Electrical

Outdated panels
Improper or unsafe connections

Plumbing

Leaks, pressure issues
Old materials like poly B

What happens when issues come up?

Almost every inspection finds something. The key is how you handle it.

You’ve got options:

Ask the seller to fix it
Ask for a price reduction
Accept it and move forward
Walk away

The goal isn’t to “win” - it’s to make sure the deal still makes sense for you.

Where deals fall apart

It’s usually not the problem itself. It’s:

Surprises buyers weren’t prepared for
Overreactions to minor issues
Poor advice or no strategy

I’ve seen deals saved over furnace issues… and deals die over loose outlets.

Pro tip (this matters more than people think)

Don’t wait for the inspection to start learning about the house.

Before you even write an offer:

Look at age of roof, furnace, windows
Ask about past repairs and upgrades
Check the big-ticket items

It changes how you write the offer in the first place.

The bottom line

A home inspection isn’t there to scare you. It’s there to protect you.

The right approach:

Stay calm
Focus on the important stuff
Have a plan

Because at the end of the day, the best deals aren’t the ones with zero issues…
they’re the ones where you know exactly what you’re getting into.

If you’re thinking about buying and want to walk through what to expect before you even get to the inspection stage, let’s chat

Bank of Canada Holds Rates… But Saskatoon Isn’t Slowing Down

Wed, 18 Mar 2026 19:56:43 GMT

The Bank of Canada made its announcement today and decided to hold interest rates steady.

No hike. No cut.

Pretty neutral headline… but here’s the thing:

Saskatoon’s market doesn’t feel neutral right now at all.

What the rate hold actually means

The Bank is basically in wait-and-see mode.

Inflation is improving
The economy is slowing a bit
But they’re not ready to cut yet

So rates stay where they are… for now.

Meanwhile in Saskatoon

While rates are holding, Saskatoon’s housing market is doing its own thing.

Well-priced homes are moving fast
Multiple offers are still happening
Inventory is tight in a lot of price ranges

Especially in that $350K - $600K range, things are competitive.

So even though rates haven’t dropped yet…

Demand hasn’t gone anywhere.

What this means for buyers

This is the part most people are trying to figure out.

You’re probably thinking:

“Do I wait for rates to drop?”

Here’s the reality right now:

Rates are stable (which helps with planning)
But prices are holding strong or creeping up
And competition is still there

So waiting might get you a better rate later…

But you could be competing with more buyers when that happens.

What this means for sellers

This is a pretty solid window.

Buyers are active
There’s still urgency in the market
And you don’t have the uncertainty of rising rates scaring people off

If your home shows well and is priced right…

You’re still in a strong position.

The bigger picture

We’ve shifted out of the “rates are climbing every month” phase.

Now we’re in a more stable environment, and that’s huge.

Because when things stabilize:

Buyers regain confidence
Sellers feel more comfortable listing
Deals actually start coming together again

Where this is likely going

Most people expect rate cuts eventually… just not overnight.

And when that happens?

More buyers jump in

Competition increases

Prices can get pushed up even more

That’s why this current moment is kind of interesting.

It’s not the cheapest rates…

But it’s also not peak chaos either.

The takeaway (Saskatoon version)

Rates held today.

But locally?

The market is still moving.

If you’re waiting for everything to line up perfectly - low rates, low prices, no competition - that moment usually doesn’t show up.

It’s more about timing your move based on your situation.

If you’re trying to figure out your next step

Whether you’re buying, selling, or just watching things…

We can map it out properly.

No pressure, no sales pitch - just what actually makes sense for you in this market.

Shoot me a message anytime

Saskatoon Real Estate Market Update – Feb 2026

Wed, 04 Mar 2026 19:11:11 GMT

If you’ve been wondering what’s going on with the Saskatoon real estate market lately, here’s the quick rundown.

The market is still tight.

In February, Saskatoon had 271 home sales, which is about 16% lower than last year and just a little below the 10-year average. But that doesn’t necessarily mean the market is slowing down. What’s really happening is that there just aren’t a lot of homes available for buyers to choose from.

That supply issue has been the big story for a while now.

Inventory Is Still Very Low

At the end of February, Saskatoon had 614 homes showing as available, but here’s the important detail.

164 of those were already conditionally sold, meaning they’re basically spoken for and will likely be leaving the market soon.

So when you take those out, there were really only about 450 active homes available across the entire city heading into March.

For a city the size of Saskatoon, that’s not much inventory at all.

And when supply stays tight like this, it tends to keep pressure on prices.

Prices Continue to Climb

The benchmark price in Saskatoon reached $421,600 in February.

That’s:

up from $417,800 in January
about 5% higher than February last year

So prices are still moving upward, but not in a crazy spike. It’s more of a steady climb driven mostly by the lack of homes available.

What This Means for Buyers

If you’re a buyer right now, the biggest challenge isn’t necessarily price.

It’s finding the right home before someone else does.

Good properties are still attracting strong interest, especially if they’re priced well and in desirable neighbourhoods.

That doesn’t mean every house sells instantly, but the good ones definitely don’t sit long.

What This Means for Sellers

For sellers, the tight inventory is good news.

With fewer homes competing for attention, well-presented properties are still seeing strong activity. Pricing strategy still matters, but the lack of supply is helping keep things moving.

Heading Into the Spring Market

Spring is usually when we see a wave of new listings hit the market.

The big question this year will be whether enough homes come up for sale to give buyers more options.

If listings stay low, we’ll likely keep seeing the same pattern:

steady demand
limited inventory
gradual price growth

And honestly, that’s pretty much been the story of the Saskatoon market for the past couple years.

If you’re thinking about buying or selling this spring and want to talk through the market, feel free to reach out anytime. I’m always happy to chat about what’s happening out there.

-Kevin Leuschen

Why REALTORS Ask for ID and Source of Funds - A Straightforward FINTRAC Explanation

Tue, 03 Mar 2026 19:15:41 GMT

If you’ve bought or sold a home with me, you’ve probably had this moment:

“Why do you need my ID?”
“Why are you asking where my deposit is coming from?”

Totally fair questions.

The reason is simple. It’s federal law.

In Canada, real estate professionals are regulated by Financial Transactions and Reports Analysis Centre of Canada, better known as FINTRAC. Their job is to prevent money laundering and terrorist financing, and real estate is considered a higher risk industry because large amounts of money move through it.

So we are legally required to identify our clients and understand where funds are coming from.

Not optional. Not a brokerage policy. Federal regulation.

Why We Verify ID

When I ask for government photo ID, I’m required to:

Confirm you are who you say you are
Determine whether anyone is acting on your behalf
Complete a risk assessment on the transaction

This protects the integrity of the deal and the broader real estate market. It also protects you from fraud and identity misuse.

Why We Ask About Source of Funds

If you’re providing a deposit or purchasing a property, I’m required to take reasonable measures to understand where the money is coming from.

Common examples are:

Employment savings
Sale of another property
Investments
Inheritance
A family gift

It’s not about being intrusive. It’s about ensuring the funds are legitimate and that the transaction makes sense based on what we know about you as a client.

What Clients Should Know

These requirements apply to every REALTOR in Canada. FINTRAC audits brokerages and issues real penalties for non compliance.

So when I ask for ID or ask about your deposit, it’s not paperwork for the sake of paperwork. It’s part of doing things properly and protecting everyone involved.

If you ever have questions about it, just ask. I’d rather explain it clearly than have it feel confusing or uncomfortable.

Busy, Steady, and Holding Strong: A Real Look at Saskatoon Real Estate Right Now

Wed, 18 Feb 2026 20:47:10 GMT

If you’ve been watching the Saskatoon real estate market lately, you’ve probably felt it too - things are busy. And not just “spring busy.” It’s that steady, underlying momentum that’s been building for a while now. I read a couple of local updates this week and then went out to show homes in Stonebridge and Brighton, and honestly, what I saw lined up almost exactly with what the numbers are saying.

Inventory is still tight. That’s the headline. We’re not swimming in listings. In fact, in certain price ranges, especially that $350,000 to $550,000 sweet spot, it feels like the minute something clean and well-priced hits the MLS, it’s booked solid within 24 hours. I showed a home backing green space in the northeast last week, and before we even finished the showing, there were two more groups waiting outside. That’s not hype. That’s just what’s happening on the ground.

I’ve also noticed that buyers are getting more decisive. Last year there was a bit more hesitation. People would think about it for a week. Now? If the home shows well, has decent mechanical updates, and the layout makes sense, they’re writing offers quickly. I’ve seen multiple offers pop up again in neighborhoods like Evergreen, Rosewood, and even parts of Hampton Village. It’s not every property, but the good ones are absolutely moving.

What’s interesting though is that this isn’t panic buying. It feels more measured. Interest rates are still a factor, obviously. Every buyer I sit down with wants to run numbers carefully. They’re asking about monthly payments, stress tests, renewal risk. But they’re also realistic. Saskatoon is still affordable compared to so many other Canadian cities. When I read national headlines about price drops in Toronto or Vancouver, it doesn’t always translate here. Our market tends to move differently. Slower, steadier, less dramatic.

I’ve also been seeing continued migration into Saskatchewan. You talk to people at open houses and they’re coming from Alberta, Ontario, even BC. Some are relocating for work. Some are just looking for more house for their money. When someone from out of province sees what $500,000 buys here compared to other provinces, it changes their perspective fast.

On the seller side, pricing strategy matters more than ever. The days of just “trying a number and seeing what happens” aren’t smart. I’ve had conversations recently where I’ve recommended pricing slightly under what a seller hoped, and it ended up driving competition and pushing the final price up. When inventory is tight but buyers are payment-sensitive, you have to hit that sweet spot. Too high and you sit. Priced right and you’re negotiating from a position of strength.

I’m also seeing strong activity in move-up homes. Families who bought in 2018 or 2019 with lower rates have built equity and are now looking for more space. Finished basements, home offices, backing parks, triple garages - those features are carrying serious weight right now. Anything that feels “complete” and turnkey is winning.

One thing I’ve learned working in this market day in and day out is that headlines only tell part of the story. You can read stats all day, but when you’re physically walking through houses, talking to buyers, writing offers at 11:30 pm, that’s when you really understand what’s happening. Right now the tone feels confident. Not crazy. Not crashing. Just active.

If you’re thinking about buying or selling in Saskatoon this year, the biggest mistake is sitting on the sidelines waiting for some dramatic shift. This market rewards preparation. Buyers who are pre-approved and ready move faster. Sellers who prep properly and price strategically get results.

And from what I’m seeing every single week, Saskatoon is holding strong.

SASKATCHEWAN OPENS 2026 WITH STABILITY AND AFFORDABILITY AS MARKET REMAINS TIGHT

Thu, 05 Feb 2026 19:23:38 GMT

Saskatchewan’s housing market stepped into 2026 with continued strength, stability, and affordability—standing apart from the slower conditions reported in several of Canada’s largest urban centres. While January reflected typical seasonal activity, sales remained above long-term averages and inventory levels stayed well below historical norms, reinforcing the province’s persistently tight market environment.

The province recorded 712 home sales in January, marking 31 consecutive months of above-average activity. Inventory levels remained nearly 50 per cent below the 10-year average, highlighting ongoing demand that continues to exceed available supply across much of Saskatchewan. Of the 3,508 active listings at month’s end, nearly 700 were conditionally sold, leaving 2,855 properties available as the market moved into February.

Across the country, headlines continue to focus on corrections and slowdowns in major centres such as Toronto and Vancouver. Saskatchewan’s outlook, however, remains notably different. Market conditions are tight, yet the province’s relative affordability continues to be one of its strongest advantages entering 2026.

New listings declined four per cent year-over-year and sat 27 per cent below historical averages for January. Although typical seasonal trends provided modest month-over-month relief in inventory, overall supply remained largely unchanged from January 2025 and still nearly 50 per cent below the 10-year norm. With a significant portion of active listings already conditionally sold, available supply remains limited heading into the early months of the year.

Saskatchewan’s residential benchmark price reached $359,500 in January, up slightly from $359,000 in December and nearly six per cent higher than the $340,400 recorded in January 2025. Price growth across all Saskatchewan communities reflects the continued balance between affordability and sustained demand—contrasting with the more volatile price movements seen in several larger Canadian markets.

Looking ahead, the province continues to offer a combination that is becoming increasingly uncommon nationwide: steady demand, constrained supply, and comparatively attainable home prices. While market conditions will evolve as the year progresses, these fundamentals point toward a positive outlook for Saskatchewan in 2026.

Regional Highlights

All six of Saskatchewan’s economic regions reported year-over-year sales declines in January. Despite this, the Saskatoon-Biggar and Swift Current-Moose Jaw regions posted sales levels above their respective 10-year historical averages.

Supply shortages remain a consistent theme across the province. Inventory in the Prince Albert, Saskatoon-Biggar, Swift Current-Moose Jaw, and Yorkton-Melville regions sat near 50 per cent below long-term averages, underscoring the widespread nature of Saskatchewan’s tight housing conditions.

Price Trends

Market momentum carried forward into 2026, as above-average sales and ongoing supply constraints continued to support price growth province-wide. Every Saskatchewan community recorded year-over-year benchmark price increases in January, with four centres posting double-digit gains.

Melville once again led monthly price growth, with benchmark values rising 15 per cent year-over-year. Other notable increases were seen in Yorkton (13 per cent), Humboldt (11 per cent), and Swift Current (11 per cent).

City of Saskatoon

Saskatoon reported 237 home sales in January, representing a six per cent decline compared to the same time last year. Even with this decrease, sales activity remained seven per cent above the city’s 10-year average for the month.

Lower new listing volumes combined with continued above-average demand resulted in some of the tightest market conditions in the province. Of the 635 units available at month’s end, 187 were already conditionally sold and expected to exit the market, leaving 448 active listings heading into February.

Saskatoon’s residential benchmark price reached $417,800 in January—slightly higher than December’s $417,700 and four per cent above the level recorded in January 2025.

If you’re ready to make your next move, let’s chat about your goals and find the right strategy for today’s market.

Demand Holds Firm as Saskatchewan Closes 2025 With Near-Record Home Sales

Wed, 07 Jan 2026 20:29:20 GMT

Saskatchewan’s housing market wrapped up 2025 with one of the strongest performances in its history, recording the second-highest annual home sales total on record. Strong activity in December capped a year defined by sustained demand, tight supply, and continued confidence across the province.

A total of 792 homes sold in December, representing a nearly three percent increase year-over-year and well above the 10-year average for the month. That momentum helped propel Saskatchewan to 16,222 home sales in 2025, up one percent from 16,119 sales in 2024—marking the second-strongest sales year ever recorded in the province.

While new listings saw modest increases at various points throughout the year, near-record demand continued to pressure supply. Inventory reached record-low levels during 2025, and that trend persisted into year-end. In December, new listings declined by four percent year-over-year and remained well below historical norms.

“Closing out 2025 with the second-highest sales year on record is a remarkable achievement for Saskatchewan’s housing market,” said Association CEO Chris Guérette. “This marks our 30th consecutive month of above-average sales—a level of sustained performance that’s rare and speaks to the strength of demand across the province.”

Seasonal trends allowed months of supply across the province to rise above four months in December. Even so, inventory levels were down 12 percent compared to December 2024 and finished the year nearly 50 percent below the 10-year average. Of the 3,410 units available at year-end, 540 were conditionally sold and expected to leave the market, leaving just 2,870 active listings heading into the new year.

The province’s residential benchmark price stood at $359,000 in December, down slightly from $360,500 in November, consistent with typical seasonal patterns. Despite the modest month-over-month dip, prices were still seven percent higher than December 2024, when the benchmark sat at $337,800.

“Saskatchewan’s housing market demonstrated remarkable strength and resilience in 2025, supported by population growth, employment gains, and a more favourable interest rate environment,” Guérette added. “Looking ahead to 2026, the most pressing challenge remains inventory. Demand is still there—the key question is whether supply can keep pace.”

Regional Highlights

The Prince Albert, Saskatoon-Biggar, Swift Current-Moose Jaw, and Yorkton-Melville regions all reported sales that exceeded 2024 levels. While year-over-year gains were modest, annual sales across these regions significantly outperformed long-term historical trends.

As seen throughout much of 2025, Saskatoon-Biggar (2.9 months of supply) remains among the tightest markets in the province. Despite seasonal improvements in December, supply levels in the region are still more than 50 percent below the 10-year average.

Price Trends

Strong demand combined with low inventory continued to drive price growth across Saskatchewan. In December, all but one community reported year-over-year price increases to close out the year.

The City of Melville once again posted the strongest benchmark price growth, with prices up nearly 16 percent year-over-year. Other notable increases included Yorkton (14.3 percent), Swift Current (11.9 percent), Humboldt (10.6 percent), and Moose Jaw (8.1 percent).

City of Saskatoon

Saskatoon recorded 270 home sales in December, a six percent increase year-over-year and nearly 24 percent above the 10-year average. With 5,113 sales in 2025, the city posted its second-strongest year on record, up nearly two percent from 2024 and 22 percent above the long-term average.

Saskatoon remained the tightest market in the province, with just over two months of supply and inventory levels 50 percent below the 10-year average. Of the 569 units available at year-end, 130 were conditionally sold and expected to exit the market, leaving 439 active listings heading into January.

The city’s benchmark price was $417,700 in December, down slightly from $421,000 in November but more than six percent higher than December 2024, when prices averaged $395,300.

If you’re ready to make your next move, let’s chat about your goals and find the right strategy for today’s market.

Strong November Positions Saskatchewan to Outpace 2024 Housing Sales

Thu, 04 Dec 2025 16:40:45 GMT

December 3, 2025

Saskatchewan’s housing market continued its strong performance in November, marking the 29th consecutive month of above-average sales. With 15,430 sales year-to-date, the province remains on track to surpass 2024’s impressive activity.

A total of 1,073 sales were reported in November—down 9% compared to November 2024. Despite the year-over-year dip, monthly sales still landed 12% above the 10-year average, highlighting consistent and resilient demand across the province.

“November’s statistics reinforce what we have been seeing all year,” said Association CEO Chris Guérette. “Strong demand and resilient activity continue to outperform expectations. We are on pace to exceed last year’s near-record sales with significantly less inventory, which speaks to the strength of Saskatchewan’s market and buyer confidence in this province.”

Saskatchewan saw 1,376 new listings in November—slightly above last year but still well below historical norms. Inventory remains tight, sitting 45% under the 10-year average. Of the 4,165 active listings, 708 are conditionally sold, leaving 3,457 active units heading into December.

The provincial benchmark price reached $360,500 in November—down slightly from October’s $362,700. The soft month-to-month change reflects normal seasonal trends, while prices remain 7% higher year-over-year.

Guérette added: “Buyers continue to show confidence in the market despite tight conditions, and strong permit and start activity is encouraging. But short-term policy proposals that restrict supply won’t solve affordability. Band-aid measures like rent control don’t add homes—they reduce access to them. Saskatchewan’s momentum depends on coordinated, supply-focused policy heading into 2026.”

Regional Highlights

Every economic region in Saskatchewan reported year-over-year sales declines in November, ranging from a 4% drop in the Saskatoon-Biggar region to a 40% decrease in Yorkton-Melville. Still, most regions remain ahead of their long-term averages and are positioned to surpass 2024 totals.

Inventory shortages are consistent across the province, ranging from 33% to 71% below the 10-year average, with the Saskatoon-Biggar region continuing to report the tightest supply conditions.

Price Trends

Home prices continued to climb in November, with every region posting year-over-year benchmark gains for the seventh consecutive month.

The City of Melville led the province with a 20% annual increase, followed by strong price growth in several centres:

Estevan: +16%
Swift Current: +15%
Yorkton: +15%
Humboldt: +13%
Weyburn: +13%
Meadow Lake: +11%

The steady price appreciation reflects a market where demand continues to exceed supply, particularly in affordable segments.

City of Saskatoon

Saskatoon posted 372 sales in November, down 2% year-over-year but still 25% above the 10-year average for the month.

While the city recorded another month of rising new listings, high sales activity prevented meaningful inventory relief. Supply levels remain over 40% below historic norms.

Of the 808 active properties at the end of November, 217 were conditionally sold, leaving 591 listings moving into December.

Saskatoon’s benchmark price reached $421,000, up from $420,300 in October and over 6% higher than November 2024.

If you’re ready to make your next move, let’s chat about your goals and find the right strategy for today’s market.

Second-Best October on Record Highlights Confidence in Saskatchewan

Wed, 05 Nov 2025 17:17:12 GMT

November 5, 2025

Saskatchewan’s housing market continued its strong run in October, posting 1,433 sales across the province — the second-highest October on record. While activity eased slightly compared to the all-time record set last year, resale activity continues to outpace long-term trends and remains well above what the market typically sees at this time of year.

The month also brought a welcome increase in new listings, with 1,922 properties added to the market, up 11% from October 2024. Even with more homes coming to market, near-record sales kept inventory extremely low. At the end of October, Saskatchewan’s housing supply sat nearly 50% below the 10-year average.

Of the 4,483 active listings, 828 were conditionally sold and expected to leave the market, leaving 3,655 available properties heading into November.

“October marked the 28th consecutive month of above-average sales,” said Saskatchewan REALTORS® Association CEO, Chris Guérette.
“Year-to-date activity is more than 20% above the 10-year average, keeping us on track to surpass 2024’s results — our second-strongest year on record.”

Saskatchewan’s benchmark price reached $362,700, down slightly from September. The modest month-to-month decline aligns with normal seasonal patterns, while prices remain almost 6% higher year-over-year.

“Despite tight supply and broader global uncertainty, Saskatchewan’s housing market continues to show remarkable resilience,” Guérette added. “What we’re seeing right now really speaks to the confidence people have in this market — and in our province as a whole.”

Regional Highlights

The Saskatoon-Biggar region was the only area to record a year-over-year sales increase in October, which is not unexpected given the province’s record-setting activity in October 2024. Still, all regions except the Northern region reported sales well above their 10-year averages, showing continued strength across the province.

Market conditions remain tight in every region:

Inventory levels are 44% to 65% below the 10-year average
Saskatoon-Biggar and Regina-Moose Mountain continue to report the lowest months of supply, indicating strong demand and limited options for buyers

Price Trends

October marked the sixth consecutive month of year-over-year price growth in every Saskatchewan community.

Some markets posted exceptional gains:

Melville: +22%
Yorkton: +15%
Estevan: +13%
Swift Current: +13%
Humboldt: +12%
Weyburn: +10%

Rising benchmark prices across the province reflect persistent buyer demand combined with limited supply, especially in the entry-level and mid-range segments.

City of Saskatoon

Saskatoon posted a record 455 sales in October, surpassing the previous record set in 2024 and sitting 31% above the 10-year average for the month.

New listings increased 33% year-over-year, bringing some inventory relief to the city. However, buyers quickly absorbed the increase. Saskatoon is still reporting less than two months of supply, maintaining one of the tightest market environments in the province.

Key highlights:

891 active listings at month-end
229 conditionally sold, leaving 662 available heading into November
Benchmark price: $421,100
Down from September, but still 5% higher than October 2024

Even with a small month-to-month price adjustment, strong annual gains reinforce the continued confidence in Saskatoon’s market.

If you’re ready to make your next move, let’s chat about your goals and find the right strategy for today’s market.

September Market Stats: Near-Record Home Sales

Wed, 08 Oct 2025 15:42:59 GMT

Saskatchewan’s housing market stayed hot through September, marking the second-strongest September on record with 1,528 homes sold across the province. That’s a 10% increase year-over-year and a remarkable 26% above the 10-year average — extending Saskatchewan’s streak to 27 consecutive months of above-average sales.

While new listings increased slightly (up 5% from last year), they remain 9% below long-term averages. Combined with near-record sales, that has pushed inventory down another 14% year-over-year and left the province sitting at more than 40% below historical levels.

Of the 4,896 active listings in September, nearly 950 were already conditionally sold, leaving just under 4,000 homes available heading into October — a clear sign of continued buyer demand and a highly competitive market.

Saskatoon Market Snapshot

Saskatoon recorded 426 home sales in September, down just 1% year-over-year but still 20% above its 10-year average.

The city saw 726 new listings, up 11% from last year, helping to add some inventory — but demand continues to keep supply tight. By the end of September, 250 of the 942 active listings were conditionally sold, leaving 678 available homes heading into October.

Saskatoon’s benchmark price settled at $431,400, a slight dip from August’s record high of $435,900. Even so, prices remain 7% higher than September 2024, showing the market’s underlying strength.

Price Trends Stay Strong

The province’s benchmark home price settled at $368,300 in September — a slight, seasonal dip from August, but still 7% higher than last year. Strong sales and limited supply continue to fuel price growth in markets large and small.

Guérette added, “Sales volumes continue to outpace 2024 levels — our second-strongest year on record — and we’re sitting 20% above the 10-year average through the first three quarters of 2025. Even as sales ease seasonally, demand remains exceptionally strong heading into year-end.”

Regina Market Snapshot

Regina had a standout month with 375 home sales in September — an 18% jump year-over-year and a massive 37% above the 10-year average, marking the strongest September on record for the city.

Even with 469 new listings (up 16% year-over-year), fast-paced sales meant no real relief in supply. Of the 780 active listings, more than 200 were conditionally sold by month’s end, leaving 577 homes available as October began.

The city’s benchmark price was $337,000 in September — slightly down from August’s $341,300, following normal seasonal patterns — but still 5% higher than this time last year.

What This Means for You

Whether you’re thinking about buying or selling, Saskatchewan’s market is still buzzing with activity and opportunity. Low inventory and steady price growth mean it’s a great time to list your home — and for buyers, being prepared and working with a local real estate expert can help you stay competitive.

If you’re ready to make your next move, let’s chat about your goals and find the right strategy for today’s market.

October in Saskatoon - both in Real Estate and in fun!

Thu, 02 Oct 2025 18:56:21 GMT

September in Saskatoon came in strong, and it looks like October won’t be any different—for both real estate and fun. The housing market here is still buzzing: homes are moving quickly, and inventory is tight. Buyers need to stay on their toes, and sellers still hold quite a bit of leverage. But while your clients might be browsing listings, there’s a whole city full of things going on as fall sets in.

Now that sweater weather is here, the city’s alive in a different way. Think crisp walks along the river trails, leaf-peeping in Varsity View or Nutana, and cozying up with a latte at one of our many cool cafés. But the real magic comes from seasonal events—so here’s a taste of what October has in store in Saskatoon:

Pumpkin After Dark (October 11–31) — An evening time experience at Prairieland Park with more than 10,000 hand-carved pumpkins, light displays, music, and special effects. Great for families or anyone who loves an Instagram moment. Discover Saskatoon
Oktoberfest (October 3 & 4) — You can catch this at Prairieland, with all the usual fest vibes: food, music, community, and fun. Prairieland - Where Communities Gather
Halloween & Spooky Fun — The Berry Barn’s Haunted House opens around October 11. Also, local pumpkin patches like Dutch Growers’ Pumpkin Maze run until October 31 so there’s plenty of cozy fall-farmtime fun to go around. Family Fun Canada+1
Saskatoon Blades Hockey — Catch a game at SaskTel Centre in October; they have several home games lined up against teams like the Red Deer Rebels, Vancouver Giants, Moose Jaw Warriors, and Edmonton Oil Kings. SaskTel Centre
Concerts & Shows — October is busy at SaskTel Centre: Flo Rida performs on October 3, Sarah McLachlan is on October 25, and there are others too. SaskTel Centre
Skate Canada International (October 31 – November 2) — Ice skating fans can look forward to this grand international event right here in Saskatoon at the SaskTel Centre. Wikipedia
From Dusk ’til Dawn: A Carnival Affair (October 4) — Hosted by Saskatoon Farm, this event blends theatrical fashion, roaming performers, photo ops, games, and an atmospheric evening that’s a little mysterious, a little whimsical. Saskatoon Farm

So whether someone’s shopping houses or just soaking up the season, Saskatoon’s October delivers. It’s a great time to highlight not only the strength of your real estate market but also the lifestyle perks that make living here so appealing.

August average house prices UP again

Fri, 05 Sep 2025 17:20:35 GMT

City of Saskatoon

Saskatoon reported 451 sales throughout the month, down one percent year-over-year but still well above the 10-year historical average.

New listings fell 10 percent year-over-year, with 650 properties added to the market in August. Despite declining new listings and above-average sales, inventory levels were consistent with the month prior. Nearly one-third of the 910 active listings at the end of August were conditionally sold, leaving just 643 units available heading into September.

The Bridge City continues to set new price records, with a residential benchmark price of $435,900 in August – up from $432,700 in July and eight percent higher than August 2024.

Building on a record-breaking July, Saskatchewan’s housing market continued to buck national trends in August, marking 26 consecutive months of above-average sales. With 1,559 transactions reported across the province – up nearly 4% year-over-year and 15% above the 10-year average – Saskatchewan has wrapped up an exceptionally active summer, outpacing many other provinces.

Despite new listings declining by 5 percent year-over-year, provincial inventory levels remained nearly unchanged in August. Over 1,000 of the 5,168 active units available at month’s end were conditionally sold and expected to leave the market, resulting in 4,137 available units heading into September.

“Saskatchewan’s housing market delivered another strong performance in August – not quite matching the record-breaking numbers from July, but clearly maintaining its momentum,” said Association CEO, Chris Guérette. “Year-to-date sales continue to surpass the near-record levels we saw in 2024, and I expect to close our third quarter statistics next month with the same intensity in sales and shortage of inventory.”

The provincial residential benchmark price reached $372,200 in August, a slight dip from July’s record high of $372,700. While this modest month-over-month decline aligns with typical seasonal trends, the benchmark price was eight percent higher than in August 2024, highlighting sustained year-over-year price growth in Saskatchewan’s housing market.

“Once again, Saskatchewan’s market is outperforming expectations, with another month of strong sales and notable price growth,” said Guérette. “While we anticipate some seasonal slowing in transaction volumes over the coming months, underlying demand remains strong across the province – and we expect that momentum to carry through the remainder of 2025.”

Regional Highlights

The Prince Albert, Saskatoon-Biggar, Swift Current-Moose Jaw and Northern economic regions all reported year-over-year sales gains in August, with sales levels well above long-term, 10-year averages.

Regina-Moose Mountain (2.9 months of supply) and Saskatoon-Biggar (2.4) continue to experience the province's tightest market conditions. Notably, five of the six provincial economic regions are reporting inventory levels at least 40 percent below 10-year averages.

Price Trends

All Saskatchewan communities reported year-over-year price gains for the fourth consecutive month, while the City of Saskatoon set a new benchmark price record at $435,900.

Seven communities reported double-digit price gains in August. Melfort saw the largest year-over-year increase, with prices nearly 19 percent higher than August 2024. Other notable gains included Humboldt (15 percent), Estevan (13 percent), Moose Jaw (12 percent), and Prince Albert (12 percent).

City of Regina

Regina reported 356 sales in August, down eight percent year-over-year. Despite the year-over-year sales decline, August sales were still over 14 percent above the 10-year average.

There were 465 new listings throughout the month, down seven percent compared to August 2024. When paired with above-average monthly sales, inventory levels remained relatively unchanged from the month prior. With over 200 of the 824 active units available at month’s end already conditionally sold, Regina is heading into September with 599 available units.

The Queen City reported a residential benchmark price of $341,300 in August, down from a record $343,300 in July. However, despite the slight monthly price dip, prices were seven percent higher than those reported last August.

April Market Stats

Thu, 22 May 2025 20:05:06 GMT

RECORD HOME PRICES IN APRIL AS INVENTORY REMAINS TIGHT ACROSS SASKATCHEWAN

Saskatchewan reported 1,470 home sales in April, marking a 10 percent decline compared to April 2024, the second-strongest April on record in our province. However, despite the year-over-year dip, sales remained significantly above the 10-year average for the 22nd consecutive month — a clear sign of continued market strength.

New listings were also down, falling over seven percent year-over-year and sitting 17 percent below the 10-year average. These persistent supply shortages continue to limit inventory recovery, even as sales ease slightly.

“Our market continues to demonstrate remarkable resilience, with 22 straight months of sales outperforming long-term trends,” said Association CEO, Chris Guérette. “Although sales decreased in April compared to last year, this isn’t a demand issue — it's an inventory issue. The current inventory situation directly impacts our market’s ability to sustain even higher sales.”

At the end of April, there were 4,371 active listings across the province — up slightly from 3,851 in March. Despite this monthly increase, inventory was still down 18 percent year-over-year and remains nearly 50 percent below the 10-year average.

Tight market conditions continue to drive higher home prices, as Saskatchewan’s residential benchmark price rose to a record-high $360,500 in April —up from $353,600 in March and more than 6 percent higher than April 2024.

“We’re pleased to see our market weathering both economic uncertainty and ongoing supply challenges,” Guérette added. “It remains a challenging time for prospective buyers, but we’re cautiously optimistic that the slight rise in inventory this month is a step in the right direction.”

City of Saskatoon

Saskatoon reported 440 sales in April, down nearly 16 percent year-over-year but 11 percent above the 10-year average.

New listings declined by 12 percent year-over-year and over 18 percent below long-term trends. Of the 681 available units at month’s end, 230 were conditionally sold, leaving just 451 units on the market with active status.

Saskatoon continues to set new price records, with a benchmark price of $422,600 in April, up from the prior record of $415,900 in March and over seven percent above April 2024.

Regional Highlights

Nearly every economic region in the province reported year-over-year sales declines in April. However, the Yorkton-Melville region was an outlier, reporting sales eight percent higher than April 2024 and over 18 percent above long-term, 10-year trends.

The Regina-Moose Mountain and Saskatoon-Biggar regions continue to experience the tightest market conditions in the province, as both regions report less than two-and-a-half months of supply heading into May.

Price Trends

Despite modest year-over-year sales declines, supply challenges and competitive market conditions resulted in price gains across nearly all regions of the province in April.

The City of Humboldt reported benchmark price gains of nearly 12 percent in April, while Melfort (11.3 percent), Moose Jaw (10.9 percent), Prince Albert (8.0 percent) and North Battleford (6.9 percent) all reported notable gains.

City of Regina

The City of Regina reported 365 sales in April, down 13 percent year-over-year but still well outpacing long-term, 10-year averages by over 26 percent.

There were 494 new listings in April, down four percent year-over-year and over seven below the 10-year average. Of note, 179 of the 636 units available at month’s end were already conditionally sold, leaving just 457 active units heading into May.

Regina reported a record benchmark price of $335,500 in April, up from $326,300 in March and over five percent above April 2024.

February Market Stats

Thu, 06 Mar 2025 20:34:17 GMT

📢 Saskatoon Real Estate Market Update – February 2025 📢

Big news for Saskatoon’s housing market! February saw 323 homes sold—that’s a 5% jump from last year and 25% higher than the 10-year average! Demand is staying strong, but tight supply is keeping sales from climbing even higher.

🏡 Low Inventory, High Demand
New listings took a dip, with only 381 homes hitting the market—that’s 12% fewer than last year and a whopping 30% below the 10-year norm. By the end of February, there were just 581 active listings, and 156 were already conditionally sold. That means we’re heading into March with less than two months’ worth of supply—one of the lowest inventory levels ever for this time of year!

💰 Prices Keep Climbing
Saskatoon’s benchmark home price edged up to $405,400, rising from $403,400 in January and up nearly 6% from February 2024. With inventory this low, prices are holding firm, making it a great time to sell.

📣 Thinking of buying or selling this spring? Let’s chat about what these market trends mean for you! 📩

#SaskatoonRealEstate #MarketUpdate #HomesForSale

How do you effectively do a background check on new Tenants? Tips to follow!

Tue, 25 Feb 2025 22:58:56 GMT

The Ultimate Guide to Tenant Background Checks: Protecting Your Investment and Finding Reliable Renters

Finding trustworthy tenants is crucial for maintaining a successful rental property. A thorough tenant background check helps landlords avoid costly issues down the line, ensuring reliable rent payments and responsible property care. But an effective screening process goes beyond simply checking credit scores. It involves understanding legal requirements, gathering the right documentation, and using trusted screening tools to spot potential problems before they arise.

What Is a Tenant Background Check?

A tenant background check provides a detailed look at an applicant’s history to help landlords make informed decisions. In Canada, this typically includes:

Identity Verification: Confirming the applicant’s identity using government-issued IDs like a driver’s license or passport. Social Insurance Numbers (SINs) can be requested but only with explicit consent for lawful purposes.
Credit Reports: Reviewing payment history, outstanding debts, and financial risks using reports from agencies like Equifax or TransUnion.
Rental History: Verifying previous rental addresses, landlord references, and lease compliance to assess a tenant’s reliability and responsibility.

Key Components of a Tenant Background Check

To make the best choice for your rental property, focus on these key aspects:

Credit History Reports: Evaluate credit scores, outstanding debts, payment patterns, and any collections or bankruptcy records. This gives insight into the applicant's financial stability and reliability.
Criminal Background Checks: Protect your property and other tenants by checking criminal records if possible with proper consent.
Employment Verification: Confirm the applicant's income stability by contacting their current employer and verifying job status and salary. This helps ensure they can meet the rent payments.
Rental History: Investigate previous rental addresses and speak with former landlords to learn about lease compliance, payment history, and property maintenance habits.

Legal Requirements and Privacy Laws in Canada

Tenant background checks in Canada must follow strict privacy laws designed to prevent discrimination:

Federal Privacy Laws (PIPEDA): Landlords must obtain written consent before conducting background checks and collecting personal information. The data must be used only for stated purposes, and applicants have the right to review and correct any inaccuracies.
Human Rights Laws: Discrimination based on race, gender, disability, and other protected characteristics is prohibited.
Provincial Regulations: Rules on application fees, credit checks, and the use of criminal records vary by province, so it’s essential to understand the local laws.

Red Flags to Watch For

Be on the lookout for these warning signs during the screening process:

Credit Issues: Low credit scores or multiple late payments suggest financial instability.
Criminal History: Repeated property-related offences or a history of violent crime may pose safety risks.
Rental Background: Frequent evictions or complaints about property damage from previous landlords are red flags.

Best Practices for Tenant Screening

To conduct an effective and legally compliant tenant screening process, follow these best practices:

Consistent Criteria: Use a standardized checklist that includes credit scores, income thresholds, and employment history to ensure fair and unbiased decision-making.
Record Keeping: Organize and maintain files for each applicant, including signed applications, consent forms, credit reports, and notes on the screening results.
Avoid Discrimination: Evaluate applicants based solely on objective criteria, such as credit history, income stability, and rental references, not on personal characteristics.

Conclusion: Protecting Your Investment and Building Positive Tenant Relationships

Conducting thorough and legally compliant tenant background checks helps landlords find trustworthy renters, protect their investments, and maintain a positive rental community. By staying informed about Canadian and provincial laws and following best practices, landlords can minimize risks and ensure long-term success.

January Market Stats - Lots of Buyers, Not enough Sellers!

Wed, 12 Feb 2025 23:42:38 GMT

Saskatchewan’s housing market is off to a strong start in 2025, with 782 sales across the province in January—up one percent year-over-year and over 17 percent above 10-year averages. Strong January sales led to the nineteenth consecutive month of above-average sales in the province, a streak of robust sales that dates back to June 2023. New listings declined by two percent year-over-year and were down nearly 28 percent compared to long-term averages. Declining new listings continue to be met with strong demand, which failed to provide any supply relief to begin the new year. Inventory levels were down 19 percent year-over-year and currently sit over 44 percent below the 10-year average, with over 600 fewer units available than this time last year. Notably, of the 3,925 available units reported at month’s end, over 700 had already accepted a conditional offer and are set to leave the market once those transactions close. “While market activity in the coming months will provide a clearer picture of trends for 2025, monthly sales figures continue to outperform expectations,” said Association CEO, Chris Guérette. “We’re picking up right where we left off after a near-record 2024.”

City of Saskatoon

The City of Saskatoon reported 253 home sales in January, a year-over-year increase of over 3 percent and the second-strongest January on record.

Despite a surge in new listings, Saskatoon’s months of supply remains under 2.5 months, with inventory levels down 15 percent year-over-year and over 50 percent below long-term trends. Notably, less than 450 of the 618 available units at month’s end were not already conditionally sold.

Saskatoon reported a benchmark price of $403,400 in January, up from $395,300 in December and over seven percent higher than January 2024.

November Market Stats - Houses selling… no inventory

Fri, 06 Dec 2024 19:52:32 GMT

The City of Saskatoon reported 380 home sales in November, a 21 percent increase compared to the same month last year and 32 percent above the 10-year average.

Saskatoon’s strong sales momentum continues to limit inventory relief. With just 693 units currently available on market, the city faces less than two months of supply, emphasizing the sustained demand in Saskatchewan’s largest urban center.

Saskatoon reported a benchmark price of $398,800 in November, a slight decline from $402,600 in October, reflecting typical seasonal trends. However, the benchmark price remains over six percent higher than in November 2023, highlighting the ongoing price growth fueled by tight market conditions.

Saskatchewan reported 1,179 sales in November, marking the second-highest monthly sales volume ever for the month. This represents an 18 percent increase compared to November 2023 and 27 percent above the 10-year historical average. Sales growth was widespread, with nearly all regions of the province contributing to a nine percent year-to-date sales increase.

November marked the seventeenth consecutive month of above-average sales, which coincided with a drop in new listings. This imbalance further reduced inventory levels, which declined by 23 percent year-over-year and currently sit nearly 45 percent below the long-term, 10-year averages—the lowest for November since 2007.

Record Breaking October Sales

Tue, 05 Nov 2024 22:37:23 GMT

Saskatchewan reported 1,520 sales in October, the highest monthly sales level ever reported for the month. Sales were over 21 percent higher than last year’s levels and 36 percent above long-term, 10-year historical averages. Sales levels improved across all regions of the province in October, contributing to a year-to-date gain of over 8 percent.

Despite modest monthly growth in new listings, the sixteenth consecutive month of above-average sales in Saskatchewan led to further inventory declines – with inventory at the lowest point in October since 2007. The steepest inventory declines were experienced in homes priced below $300,000, while the only monthly inventory gains were reported in homes priced above $600,000.

“Saskatchewan continues to benefit from several positive economic factors supporting above-average housing demand across our province,” said Association CEO, Chris Guérette. “Unlike some parts of the country, housing demand remains strong despite significant inventory challenges – as demonstrated by a sixteenth consecutive month of above-average sales.”

Strong monthly sales, combined with lower inventory, resulted in the months of supply falling to just above three months across the province—an exceptionally low figure for the month of October. The relatively tight market conditions throughout much of 2024 continue to place upward pressure on prices, as nearly all Saskatchewan communities reported year-over-year benchmark price gains this month.

Saskatchewan reported a residential benchmark price of $343,400 in October, down slightly from $343,800 in September. While a slight month-over-month price decrease is expected and in line with seasonal factors, the October benchmark price is nearly six percent above October 2023 – with prices improving across all property types compared to last year.

“We typically see less sales activity in the fourth quarter of the year, and when you factor in the scarcity of inventory, the demand we’re seeing that led to record October sales is quite impressive,” said Guérette. “Recent rate cuts are expected to support even stronger demand – with inventory levels below near record lows in some markets across the province, it is a challenging time for prospective buyers right now.”

City of Saskatoon

The City of Saskatoon reported a record-high 444 sales in October, a year-over-year increase of 17 percent and nearly 30 percent above long-term, 10-year averages.

Strong sales levels continue to prevent any significant inventory relief in the Bridge City, as the 803 units available on market reflect the lowest level reported in October since 2006, with less than two months of supply available across the city.

Saskatoon reported a residential benchmark price of $402,600 in October, up from $401,800 in September and nearly seven percent higher than October 2023.

July 2024 Market Report

Wed, 07 Aug 2024 16:54:16 GMT

STRONG SALES CONTINUE IN JULY DESPITE ONGOING INVENTORY PRESSURES
August 7, 2024
FOR IMMEDIATE RELEASE:

Saskatchewan reported 1,667 sales in July, a seven per cent year-over-year gain and over 20 per cent above long-term, 10-year averages. The thirteenth consecutive month of above-average sales in the province has contributed to year-to-date sales that were 10 per cent above July 2023 and 19 per cent above the 10-year average.

While new listings saw a modest year-over-year gain, this had little impact on inventory levels, which were down 20 per cent year-over-year and remain over 40 per cent below long-term trends.

“Strong housing demand continues to support above-average monthly sales levels, preventing any significant inventory relief in many markets across the province,” said Association CEO, Chris Guérette. “Limited supply choice, specifically in the more affordable segment of the market, is likely preventing even stronger sales activity in our province.”

Saskatchewan reported a residential benchmark price of $344,800 in July, up from $343,300 in June and nearly five per cent higher than July 2023. Home prices trended up across all property types in July, with year-over-year gains ranging from over four per cent in detached to 11 per cent in row/townhouse-style properties.

“With just over three months of inventory across the province - below two in some of our larger centres - it remains a challenging time for prospective buyers right now,” said Guérette. “Supply constraints, when paired with strong demand, continue to place upward pressure on prices – as evidenced by record benchmark prices in some communities for the second consecutive month.”

###

Regional Highlights
Despite a slight year-over-year sales decline in some economic regions, all provincial regions reported monthly sales figures above long-term, 10-year averages in July.

Year-to-date sales have improved across all economic regions except the Northern region, with the largest growth occurring in the Regina-Moose Mountain and Swift Current-Moose Jaw regions. Meanwhile, the Saskatoon-Biggar region is again reporting the tightest market conditions in the province, with 2.19 months of supply in July.

Price Trends
Home prices trended up across many economic regions of the province in July, with the largest monthly gains occurring in the Saskatoon-Biggar (seven per cent year-over-year) and Swift Current-Moose Jaw (five per cent) regions.

The City of Saskatoon reported the largest price gains in July, with prices over seven per cent higher than last year. Meanwhile, Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, Meadow Lake, Melfort, North Battleford, and Prince Albert all reported year-over-year price gains in July.

City of Regina
The City of Regina reported 381 sales in July, up 10 per cent year-over-year and 26 per cent above long-term, 10-year trends.

Strong July sales contributed to a 16 per cent gain in year-to-date sales, which are amongst the highest levels ever reported in Regina at this point in the year. Despite a slight year-over-year increase in new listings, inventory levels remain over 43 per cent below 10-year trends.

The City of Regina reported a benchmark price of $318,400 in July, up from $318,100 in June and 0.5 percent above July 2023.

City of Saskatoon
The City of Saskatoon reported 520 sales in July, a five per cent year-over-year gain and over 20 per cent above long-term, 10-year averages.

Limited supply options continue to prevent stronger sales figures in Saskatoon, as inventory levels remain over 50 per cent below long-term trends. The Bridge City continues to report the tightest market conditions in the province, with 1.60 months of supply in July.

The City of Saskatoon reported a record benchmark price of $406,500 in July, up from $403,500 in June and over seven per cent above July 2023.

On Wednesday, July 24, the Bank of Canada lowered its overnight lending rate by 25 basis points from 4.75 to 4.5 per cent.

Thu, 25 Jul 2024 15:34:26 GMT

In the statement accompanying the decision, the Bank noted that growth in the Canadian economy has picked up but is still below long-run potential, meaning the economy has growing excess supply. The Bank points out that weakness in the economy is being felt both in household consumption and the housing market, and the labour market is softening. While growth is expected to increase in the second half of 2024 and in 2025, current levels of excess supply will continue to put downward pressure on inflation. As such, core inflation is expected to slow to 2.5 per cent in the second half of this year and ease further in 2025 while total CPI inflation settles near its 2 per cent target in 2025.

“We are increasingly confident that the ingredients to bring inflation back to target are in place. Looking ahead, we expect inflation to moderate further, though progress over the next year will likely be uneven,” said Bank of Canada Governor Tiff Macklem. “If inflation continues to ease broadly in line with our forecast, it is reasonable to expect further cuts in our policy interest rate. The timing will depend on how we see these opposing forces place out.”

June 2024 Market Report

Thu, 04 Jul 2024 18:21:32 GMT

PRICE GROWTH CONTINUES AS NUMEROUS COMMUNITIES REPORT RECORD BENCHMARK PRICES IN JUNE
July 4, 2024
FOR IMMEDIATE RELEASE:

Saskatchewan reported 1,675 sales in June, a one percent year-over-year decrease but nearly 10 percent above long-term, 10-year averages. Sales levels improved in properties priced above $400,000, which nearly offset the pullback in homes priced below $300,000, as inventory challenges continue to prevent even stronger monthly sales.

New listings dipped by 14 per cent year-over-year and 21 per cent compared to 10-year trends, preventing any significant inventory relief, as inventory levels decreased by 19 per cent year-over-year and over 40 per cent versus long-term trends. Despite these persistent inventory challenges, Saskatchewan reported above-average sales for the twelfth consecutive month in June.

“While the recent Bank of Canada rate decision was welcome news, higher lending rates and rising home prices continue to spur demand for more affordable housing options,” said Association CEO, Chris Guérette. “This demand, when paired with falling supply in lower price ranges, limits options for prospective buyers and prevents even stronger monthly sales figures. There simply isn’t enough inventory to service this segment of our market right now.”

Saskatchewan reported a residential benchmark price of $343,300 in June, up from $340,400 in May and nearly five per cent higher than June 2023. Meanwhile, the communities of Humboldt ($272,500), Martensville ($398,800), Melfort ($250,100), Prince Albert ($251,700), Saskatoon ($403,500), and Warman ($463,500) reported record benchmark prices in June, with Saskatoon eclipsing the $400,000 mark for the first time.

“Housing demand remains strong in Saskatchewan, despite ongoing supply challenges placing significant stress on the more affordable segment of our market, especially in our two largest centres,” said Guérette. “While real estate is local and market conditions vary by region, it can be incredibly challenging for prospective buyers right now.”

###

Regional Highlights
Regina-Moose Mountain and Prince Albert were the only regions to report year-over-year sales gains, while year-to-date sales remained above average in all regions outside of the Northern Region.

Saskatchewan’s two largest regions continue to report the tightest market conditions in the province, with 3.09 months of supply in the Regina-Moose Mountain region and 2.09 months in the Saskatoon-Biggar region.

Price Trends
Home prices trended up across many regions of the province in June, with the largest monthly gains occurring in the Saskatoon-Biggar (seven per cent year-over-year) and Swift Current-Moose Jaw (five per cent) regions.

With prices over 12 percent higher than last year, the City of Melfort reported the highest year-over-year price gain for the second consecutive month. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, Meadow Lake, North Battleford, and Prince Albert reported year-over-year price gains in June.

City of Regina
The City of Regina reported 380 sales in June, up four per cent year-over-year and 14 per cent above long-term, 10-year trends.

While conditions remain tight in the Queen City, month-over-month inventory levels improved slightly, resulting in 2.06 months of supply, up from 1.69 in May. Despite some relief, inventory levels were down 30 per cent year-over-year and remain nearly 50 per cent below long-term trends.

The City of Regina reported a benchmark price of $318,100 in June, down from $320,000 in May, and 0.5 percent above June 2023.

City of Saskatoon
The City of Saskatoon reported 540 sales in June, which were on par with June 2023 and 15 percent above long-term, 10-year trends.

Limited supply options are likely preventing even stronger sales in Saskatoon, as inventory levels reached their lowest point since June 2007. The Bridge City reported a 26 percent year-over-year decrease in inventory, which remains over 53 percent below the 10-year average.

The City of Saskatoon reported a record benchmark price of $403,500 in June, up from 397,200 in May and over seven per cent above June 2023.

Residental Market Watch 2024

Fri, 07 Jun 2024 16:46:00 GMT

STRONG SALES CONTINUE AS INVENTORY LEVELS REMAIN AT LOWEST LEVELS SEEN SINCE 2008

Saskatchewan reported 1,841 sales in May, up six percent year-over-year and 24 per cent above long-term, 10-year averages. Sales levels remain strong across many regions of the province, with the largest year-over-year gains occurring in the Swift Current-Moose Jaw and Northern regions.

In line with seasonal expectations, the province reported a month-over-month gain in new listings. However, strong sales continue to prevent significant inventory relief, with inventory levels remaining at their lowest point since 2008. The sharpest decline in inventory continues to be experienced in homes priced below $300,000, as the more affordable segment of the market remains extremely competitive.

“Our housing market continues to report strong monthly sales figures despite persistent inventory challenges,” said Association CEO Chris Guérette. “An eleventh consecutive month of above-average sales is quite impressive when you consider how challenging it can be for prospective buyers in some markets in our province right now.”

Saskatchewan reported a residential benchmark price of $340,400 in May, up from $339,800 in April and over four per cent higher than May 2023. Prices rose across all property types in May, with the most significant gains occurring in apartment and row/townhouse-style properties.

“While the provincial months of supply fell below three months in May, conditions remain much tighter in our two largest centres – as Regina and Saskatoon are again reporting less than two months of supply,” said Guérette. “With further rate cuts on the horizon likely to spur additional demand - and no immediate inventory relief in sight - we expect tight conditions to continue to place upward pressure on prices across the province.”

Regional Highlights

Year-to-date sales levels improved across all regions of the province in May, with significant gains being reported in the Regina-Moose Mountain, Saskatoon-Bigger, and Swift Current-Moose Jaw regions.

The province’s two largest regions saw further inventory declines due to strong monthly sales in May. As a result, the Regina-Moose Mountain (2.59 months of supply) and Saskatoon-Bigger (2.04) regions continue to report the tightest market conditions in the province.

Price Trends

Home prices trended up across many regions of the province in May, with the largest monthly gains occurring in the Saskatoon-Biggar and Swift Current-Moose Jaw regions.

With prices over 13 percent higher than last year, the City of Melfort reported the highest year-over-year price gain in May. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, and Prince Albert reported year-over-year price gains in May.

City of Regina

The City of Regina reported 440 sales in May, a five per cent year-over-year gain and 32 per cent above long-term trends.

A slight uptick in new listings was met with another month of strong sales, resulting in inventory levels remaining nearly 50 per cent below long-term trends, and 1.69 months of supply in the Queen City.

The City of Regina reported a benchmark price of $320,000 in May, up from 319,800 in April and two per cent higher than May 2023.

City of Saskatoon

The City of Saskatoon reported 573 sales in May, up seven per cent year-over-year and 28 per cent above long-term, 10-year averages.

Inventory levels decreased by 21 per cent year-over-year and continue to sit nearly 50 per cent below long-term, 10-year trends. Market conditions remain extremely tight, as the Bridge City is again reporting the lowest inventory levels in the province.

The City of Saskatoon reported a benchmark price of $397,200 in May, down slightly from 398,600 in April and nearly six per cent higher than May 2023.

Bank of Canada Rate Cut

Thu, 06 Jun 2024 14:35:15 GMT

Yesterday, the Bank of Canada reduced its target for the overnight rate by 25 basis points to 4.75%. The long-awaited move comes after 11 months of rate holds, and marks the first time that the key lending rate has been cut in over four years.

With continued evidence that underlying inflation is easing, the Governing Council agreed that monetary policy no longer needs to be as restrictive. Recent data has increased confidence that inflation will continue to move towards the 2% target. Nonetheless, the Bank states that risks to the inflation outlook remain. The Governing Council is also said to be closely watching the evolution of core inflation and remains particularly focused on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour. The Bank noted remains resolute in its commitment to restoring price stability for Canadians.

“We’ve come a long way in our fight against inflation,” said Bank of Canada Governor Tiff Macklem. “And our confidence that inflation will continue to move closer to the 2 per cent target has increased over recent months.”

The next scheduled rate announcement is set for July 24.

Market Watch: April 2024

Wed, 15 May 2024 22:26:07 GMT

STRONG SALES, SUPPLY CHALLENGES PUSH INVENTORY TO LOWEST LEVELS SEEN SINCE APRIL 2008

May 7, 2024
For Immediate Release:

Saskatchewan reported 1,642 sales in April, up 32 percent year over year and compared to long-term, 10-year averages. April marked the fourth consecutive month of above-average sales to open 2024, resulting in year-to-date sales nearly 17 percent above last year. Sales levels improved across all larger regions of the province, with the most significant gains being reported in the Regina-Moose Mountain and Swift Current-Moose Jaw regions.

Despite a slight uptick in new listings, which supported a modest monthly gain in inventory across the province, inventory levels are down 16 per cent year-over-year and 40 per cent below long-term, 10-year trends. As seen in prior months, the sharpest decline in inventory is reported in products priced below $300,000, with some supply relief in homes priced above $500,000.

“Economic growth, employment gains, and record population numbers continue to support strong housing demand in Saskatchewan, resulting in a tenth consecutive month of above-average sales in April,” said Association CEO, Chris Guérette. “These factors are, without question, boosting housing demand – as evidenced through rising sales in the resale market and falling vacancy rates in the rental market.”

Saskatchewan reported a residential benchmark price of $339,800 in April, up from $334,500 in March and nearly five per cent higher than April 2023. Prices rose across all property types in April, ranging from a five per cent gain in detached and semi-detached property types to a 13 per cent gain in apartment-style properties.

“With just over three months of supply provincially, our market continues to experience significant supply challenges. However, the conditions are far tighter in Saskatoon and Regina, with both markets reporting under two months of supply in April,” said Guérette. “We’re approaching uncharted territory in our two largest markets right now – it’s an incredibly challenging time for prospective buyers out there. If supply challenges persist, as expected, we will likely see further price gains in these markets.”

###

Regional Highlights
Sales activity improved across the province’s larger regions in April, with the most significant gain (60 per cent year-over-year and 23 per cent above the 10-year average) occurring in the Swift Current-Moose Jaw region.

Meanwhile, the two largest regions of the province (Regina Moose-Mountain and Saskatoon-Biggar) saw further inventory declines due to strong monthly sales. The Regina-Moose Mountain (2.61) and Saskatoon-Bigger (2.15) regions continue to report the tightest market conditions in the province.

Price Trends
Home prices trended up across nearly all regions of the province in April, with the largest monthly gain occurring in the Swift Current-Moose Jaw region, followed by the Saskatoon-Biggar region.

With prices over 11 percent higher than in April 2023, the city of Moose Jaw experienced reported the highest year-over-year price growth. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Melville, Humboldt, Meadow Lake, and North Battleford reported year-over-year price gains in April.

City of Regina
The City of Regina reported 424 sales in April, a year-over-year gain of over 50 per cent and 52 per cent above long-term trends.

Despite an increase in new listings, surging sales prevented significant inventory relief. Regina reported a 30 per cent year-over-year decline, with inventory levels over 46 per cent below long-term, 10-year trends.

The City of Regina reported a benchmark price of $319,800 in April, up from $313,100 in March and nearly three per cent higher than April 2023.

City of Saskatoon
The City of Saskatoon reported 522 sales in April, a year-over-year gain of nearly 29 per cent and 34 per cent above long-term, 10-year averages.

Inventory levels decreased by 21 per cent year-over-year and continue to sit nearly 50 per cent below long-term, 10-year trends. As a result, market conditions remain extremely tight in the City of Saskatoon, placing upward pressure on prices and likely preventing even stronger April sales numbers.

The City of Saskatoon reported a benchmark price of $398,600 in April, up from $394,300 in March and nearly seven per cent above April 2023.

February Market Stats Update for Saskatoon & Area

Wed, 06 Mar 2024 20:32:51 GMT

Here is the latest release from the Saskatchewan Realtors Association:

Saskatchewan reported 999 sales in February, a 17 percent year-over-year gain and 24 percent above long-term, 10-year averages. Although February sales followed common seasonal trends in rising above activity levels from the month prior, the pace of growth was significant and well above levels typically seen for this time of year.

While there was a slight year-over-year increase in new listings, an eighth consecutive month of above-average sales prevented any supply growth – resulting in a 17 per cent year-over-year decline in inventory, with inventory levels sitting nearly 38 per cent below 10-year trends.

“Despite inventory levels being at their lowest point reported in February since 2006, strong detached sales are again leading another month of above-average sales in our province,” said Association CEO, Chris Guérette. “Buyers are acting swiftly when new supply comes onto the market, preventing any inventory growth – even more so in our larger centres. This strong demand is driving price gains in many markets across the province.”

Saskatchewan reported a provincial benchmark price of $330,800 in February, up from $319,600 in January and nearly 5 per cent higher than February 2023. While row/townhouse and apartment-style properties experienced the largest year-over-year price gains, the detached sector reported the highest month-over-month price gains in February.

“Though it is a small sample size right now, a month-over-month jump of over $10,000 in the provincial benchmark price is significant, with some markets reporting monthly increases in excess of $15,000,” said Guérette. “We’re quickly approaching a busy spring market, and the inventory situation in many markets across our province is showing no signs of improving. We’ll continue to monitor closely how these supply challenges are impacting prices.”

###

Regional Highlights

Many regions of the province reported increased year-over-year sales activity in February, with the largest gains occurring in the Swift Current-Moose Jaw and Regina-Moose Mountain regions.

Inventory challenges continued in the two largest regions of the province, with the Regina-Moose Mountain and Saskatoon-Biggar regions reporting under four months of supply.

Price Trends

Prices trended up across most regions of the province in February, with the largest monthly gain occurring in the Saskatoon-Biggar region, followed by the Regina-Moose Mountain region.

With prices nearly 10 percent higher than in February 2023, the communities of Moose Jaw and Meadow Lake experienced significant year-over-year price growth in February. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Melville, Humboldt, North Battleford, and Prince Albert are all reporting year-over-year price gains in February.

City of Regina

The City of Regina reported 273 sales in February, a year-over-year gain of over 33 per cent and nearly 50 per cent above long-term trends.

While we typically see seasonal inventory gains in February, another month of strong sales resulted in a 25 per cent year-over-year inventory decline, with inventory levels sitting 40 per cent below long-term, 10-year trends.

The City of Regina reported a benchmark price of $310,600 in February, up from $301,900 in January and over 3 per cent above February 2023.

City of Saskatoon

The City of Saskatoon reported 309 sales in February, a year-over-year gain of 22 per cent and 20 per cent above long-term, 10-year averages.

Despite some new listing relief in February, strong sales prevented any inventory gains as the Bridge City reported a year-over-year inventory decline of 26 per cent, nearly 50 per cent below long-term trends.

The City of Saskatoon reported a benchmark price of $388,300 in February, up significantly from $372,800 in January and nearly 6 per cent above February 2023.

January Market Update

Tue, 06 Feb 2024 19:48:34 GMT

Saskatchewan reported 776 sales in January, a year-over-year gain of 24 per cent and nearly 18 per cent above long-term, 10-year averages. The seventh consecutive month of above-average sales in the province was primarily driven by strong detached home sales in January.

Strong monthly sales were met with declining new listings, resulting in 4,562 available units in inventory in January, the lowest level reported in January since 2010.

Inventory levels declined by 18 per cent year-over-year and remain over 36 per cent below long-term, 10-year trends. As seen in prior months, much of the inventory decline was driven by homes priced below $400,000, a segment of the market that remains extremely competitive. Alternatively, properties priced above $600,000 experienced inventory relief in January, though more was needed to offset the declines in lower price ranges.

“Higher lending rates have driven many purchasers to seek out more affordable products, resulting in further inventory declines in the more affordable segment of our market,” noted Association CEO, Chris Guérette. “January failed to bring new listing relief to this area of our market, and prospective buyers can continue to expect tight market conditions when searching for more affordable properties.”

Prices rose across all property types on a year-over-year basis in January, with the most significant gains occurring in row/townhouse-style properties. Saskatchewan reported a provincial benchmark price of $319,600 in January, up from $319,300 in December and nearly 1 per cent higher than January 2023.

“While real estate is local and market conditions vary based on property type, price range, and location – our biggest concern is the lack of inventory across many markets in our province,” said Guérette. “Despite persistent inventory challenges, the predicted easing of lending rates and favourable economic conditions should continue to support stable demand for home ownership in Saskatchewan."

City of Saskatoon

The City of Saskatoon reported 245 sales in January, a year-over-year gain of 22 per cent and nearly 16 per cent above long-term, 10-year averages.

Strong sales relative to new listings prevented a significant change in inventory levels, which decreased by 26 per cent year-over-year and sit nearly 50 per below long-term, 10-year averages.

The City of Saskatoon reported a benchmark price of $372,800 in January, down from $374,100 in December and over 2 per cent above January 2023.

Listings needed! We have Buyers waiting... and waiting...

Fri, 05 Jan 2024 20:43:51 GMT

To put it simply in Saskatoon and area (Martensville, Warman etc) there isn't alot to choose from if you just started looking for a new home to buy! Listings are selling quickly because of this so it is a great time to think about selling. But for buyers there isn't much to choose from so some are sitting back for weeks and even months waiting for a new listing to pop up in their neighborhood or area of choice. If you are thinking about selling, have me over to evaluate your property and start the process! Ask me about all the options available for listing your home and let me guide you through things stress free.

Reach out anytime and message me!

Kevin Leuschen

@kevinleuschenrealestate facebook

@kevinleuschenrealestate instagram

December Real Estate Market Stats and Info Saskatchewan

Thu, 04 Jan 2024 20:05:46 GMT

SASKATCHEWAN CLOSES 2023 WITH SIXTH CONSECUTIVE MONTH OF ABOVE-AVERAGE SALES

January 3, 2024

Saskatchewan is reporting above-average sales for the sixth consecutive month, with 757 sales across the province in December, a year-over-year gain of 19 per cent and 13 per cent above long-term, 10-year averages.

Year-over-year sales gains in the second half of 2023 failed to offset earlier pullbacks, as the province is reporting a 3 per cent sales decline compared to 2022. While the year-to-date sales decrease was forecasted as the market returns to pre-pandemic sales levels, much of the decline was driven by slowing detached activity. Meanwhile, apartment and semi-detached sales levels improved and continue to contribute to strong monthly sales.

Above-average sales were met with a decline in new listings, resulting in declining inventory levels throughout the year. Inventory levels across the province dipped by over 16 per cent year-over-year in December and remain nearly 35 per cent below the 10-year average.

“Higher lending rates continue to push prospective buyers to seek more affordable options within our market while inventory levels within that market segment remain extremely tight,” said Association CEO Chris Guèrette. “When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”

The shift toward more affordable products has increased price pressures for apartment, row, and semi-detached property types. Meanwhile, detached homes, which account for the majority of sales activity across the province, reported similar prices compared to last year. Saskatchewan reported a benchmark price of $319,300 in December, down from $324,400 in November and nearly 2 per cent above December 2022.

“Saskatchewan’s housing market continues to benefit from the economic success in our province, including a strong labour market and record population growth,” said Guèrette. “Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers.”

###

Regional Highlights
Despite a slight dip in year-to-date sales across many regions of the province, year-over-year sales activity increased across all regions except for the Northern Region and remain significantly higher than long-term averages.

The decline in new listings across the regions in 2023 continues to drive inventory levels well below long-term, 10-year trends. The Saskatoon-Biggar Region (4.42 months of supply) and the Regina-Moose Mountain Region (5.43) continue to experience the tightest conditions in the province – while the Swift Current-Moose Jaw Region (8.65), Yorkton-Melville (8.84), and Prince Albert Region (8.43) saw a shift to more balanced conditions.

Price Trends
Benchmark prices varied across the province in December, as the communities of Humboldt (+6.2 per cent), Meadow Lake (+4.2), Melfort (+0.7), Melville (+4.8), Moose Jaw (+1.4), Prince Albert (+2.3), Saskatoon (+5.5), and Yorkton (+1.8) all reported year-over-year price gains.

In contrast, Estevan (-7.5 per cent), Regina (-4.1), Swift Current (-4.9), and Weyburn (-5.3) reported year-over-year price declines.

City of Regina

The City of Regina reported 188 sales in December, a year-over-year gain of nearly 25 per cent and 24 per cent above long-term trends.

Despite significant new listing growth in December, the number of new listings decreased by 12 per cent in 2023. This resulted in further reductions in inventory levels, which remain over 33 per cent below long-term averages in the Queen City.

Strong sales and below-average inventory were not enough to prevent price adjustments in December, as the City of Regina reported a benchmark price of $299,800, down from $308,500 in November and 4 per cent below December 2022.

City of Saskatoon

The City of Saskatoon reported 230 sales in December, a year-over-year gain of 14 per cent and 10 per cent above long-term, 10-year averages.

Strong sales were again met with a pullback in new listings, resulting in further inventory declines, as inventory levels in the Bridge City are nearly 45 per cent below the 10-year average.

Tight market conditions supported modest price growth in December, as the City of Saskatoon reported a benchmark price of $374,100, up over 5 per cent from December 2022.

For more information:

@kevinleuschenrealestate Facebook

@kevinleuschenrealestate Instagram

Text or Call Kevin directly: 306-280-7923

Mortgages in 2023 a recap ...

Thu, 28 Dec 2023 20:55:28 GMT

A new normal for Canadians: The way of mortgages today

Source: https://realestatemagazine.ca/a-new-normal-for-canadians-the-way-of-mortgages-today/

With interest rates and inflation rising high over the last few years, Canadians have gone through some tough times — to the point that many are holding their real estate plans, whether buying or selling.

Although the Bank of Canada announced its final rate hold of 2023 earlier this month, the mortgage industry has already changed with the 10 rate hikes since March 2022. Here’s what’s happened.

Different lender types and loan terms

The market share of non-traditional lenders (non-bank mortgage lenders, mortgage investment entities and other chartered banks) has increased, as the usual big six Canadian banks (TD, Royal Bank, Bank of Montreal, Scotiabank, CIBC and National Bank) experienced a drop of 5.9 per cent of newly extended mortgages in 2023’s first quarter. However, they still hold the largest portion of outstanding mortgages.

Statistics Canada reports that non-bank mortgage lenders enjoyed a 1.9 per cent boost while mortgage investment entities an increase of 2.9 per cent.

New and refinanced mortgages from chartered banks went down by 44 per cent and 34 per cent, respectively, compared to 2022, CMHC reports. This is thanks to declining interest in the real estate market earlier this year from 2022 activity before interest rate hikes began.

To deal with higher monthly mortgage payments, many homeowners re-amortized their loans — to the point that two out of three mortgages in the first half of 2023 had amortization periods over 25 years (in 2022, it was one in two).

Fixed-rate mortgages still favoured

Whether renewing an existing mortgage or starting a new one, homeowners continue to prefer fixed-rate mortgages, which is currently more affordable than their variable-rate counterparts.

It’s thought that homeowners are starting to accept that higher rates aren’t changing anytime soon, which is causing mortgage holders to lock into fixed rates and at least have some certainty, which is important to homeowners. “Bank of Canada officials are helping to ingrain this, telling Canadians to brace for an era of higher borrowing costs,” analysts say, as Zoocasa reports.

CMHC reports that over the first two-thirds of this year, $244.5 billion was lent for new and renewed fixed-rate mortgages — a contrast to the $20.4 billion lent for variable-rate mortgages.

FIVE CONSECUTIVE MONTHS OF ABOVE-AVERAGE SALES DESPITE INVENTORY WOES

Wed, 06 Dec 2023 16:37:42 GMT

There were 1,006 sales reported across the province in November, a 10 per cent year-over-year increase, marking the fifth consecutive month of year-over-year sales increases in Saskatchewan. Much of the monthly sales gains were driven by rising activity in the Regina and Saskatoon Regions. As seen in previous months, year-to-date sales remain well above long-term, 10-year trends, as the province continues to report strong sales.

A slight year-over-year increase in new listings was not enough to offset above-average November sales, causing further retractions in inventory levels, specifically in homes priced below $400,000. Inventory levels decreased by over 16 per cent on a year-over-year basis and remain over 30 per cent below long-term, 10-year averages.

“Saskatchewan’s housing market continues to benefit from a strong economy, record employment and population growth,” said Association CEO, Chris Guérette. “These factors, when paired with our relative affordability, continue to support above-average monthly sales and stable demand in home ownership.”

The months of supply rose above five months in November, slightly higher than levels reported earlier this year, but still over 40 per cent below the 10-year average. Despite a slight gain in the months of supply compared to October, nearly all of the growth was in higher-priced products, as the more affordable segment of the market continues to face significant inventory challenges.

In line with typical seasonal factors, Saskatchewan reported a slight decrease in the benchmark price of $324,400 in November, down from $327,300 in October and up nearly 2 per cent from November 2022.

“Our market continues to outperform many regions across the country, as we once again report strong sales levels and prices that are holding relatively steady,” said Guérette. “Where we are similar to other markets, however, is that we are experiencing persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”

As always - reach out with any comments or questions:

@kevinleuschenrealestate

Mortgage rates and the Saskatoon real estate market

Mon, 27 Nov 2023 21:09:34 GMT

Fixed Vs. Variable Mortgages: decisions, decisions, decisions!

As a busy real estate agent in Saskatoon, SK we chat with clients all the time about what is best and of course refer them on to a great mortgage broker. There really isn't a "correct" answer ever because everyone's personal circumstances are unique. But consider the following:

Interest Rates: Opt for stability with fixed-rate mortgages, where a consistent interest rate is your financial anchor. On the other hand, variable mortgages may tempt you with initial savings, but brace yourself for the rollercoaster of fluctuating rates.

Payment Flexibility: Simplify your budgeting with fixed mortgages, offering predictability in monthly payments. Conversely, variable mortgages may kick off with lower initial payments, but their ever-changing nature demands adaptability in financial planning.

Risk Tolerance: If stability and predictability are your priorities, fixed mortgages are the route to take. However, for those ready to embrace some risk in pursuit of potential savings, the allure of variable mortgages beckons.

Long-term vs. Short-term Perspectives: Plotting a course for long-term stability? Fixed mortgages are your steadfast companion. On the flip side, if you're eyeing potential short-term gains and navigating market volatility doesn't faze you, variable mortgages may be the strategic choice.

Economic Considerations: Decode the economic landscape by understanding current and forecasted conditions, including interest rate trends and governmental monetary policies. This knowledge is your compass in the decision-making journey.

Personal Financial Goals: Customize your mortgage to harmonize with your unique financial goals. Whether it's homeownership duration, specific investment strategies, or your risk appetite, aligning your mortgage choice ensures a cohesive fit within your broader financial plan.

As always - reach out if you want to chat about the Saskatoon market and I'll get in touch!

Real Estate Market Update: Saskatoon - Oct/23

Tue, 14 Nov 2023 20:05:50 GMT

Market Update for October 2023:

The City of Saskatoon reported 382 sales in October, a yearover-year gain of 20 per cent and 12 per cent above long-term, 10-year trends. New listings failed to offset a sixth consecutive month of above-average sales, resulting in the lowest October inventory levels reported in the Bridge City since 2007. With just over two months of supply in Saskatoon, we continue to see upward pressure on home prices. The benchmark price reached $382,700 in October, up from $381,900 in September and nearly 4 per cent above October 2022. Year-over-year price gains were reported in all property types, ranging from one per cent in semi-detached properties - to an eight per cent increase in townhouse/row-style properties. (Saskatchewan Realtors Association)

Lower inventory of houses = sellers market + higher prices.

If you are buying a home in Saskatoon right now you will find less homes available than usual, making the decisions quicker and you may be offering above asking price.

If you are selling a home right now in Saskatoon you are likely getting above your expectations and happy with all the showings.

Stage your home correctly and make sure it presents itself nicely and you will be surprised at what it can fetch in today's market!

As always reach out with questions to me anytime.

Follow me on social media:

www.instagram.com/kevinleuschenrealestate

www.facebook.com/kevinleuschenrealestate

October sales strong despite low inventory

Wed, 08 Nov 2023 22:19:22 GMT

Buying a house was tough for buyers in October. Sellers happy selling with competitive market and low inventory.

35% off a new basement suite - new SK grant!

Wed, 01 Nov 2023 20:16:57 GMT

Newly built basement suites now supplemented by a 35% grant in SK.

MAY SALES ABOVE LONG-TERM TRENDS DESPITE PERSISTENT INVENTORY CHALLENGES

Mon, 05 Jun 2023 17:30:41 GMT

There were 1,736 sales recorded across the province in May, resulting in a four per cent year-over-year decline. However, despite the year-over-year decline, sales levels were 20 per cent above long-term, 10-year averages.

Stronger sales in May were possible due to recent monthly gains in new listings. While the seasonal boost in new listings also caused inventories to trend up over the last month, inventory levels remain lower than levels reported in the previous year. They are at their lowest level reported in May since 2008. While year-over-year inventory levels have improved for homes priced above $300,000, more was needed to offset the declines occurring in the lower price ranges.

“Saskatchewan continues to benefit from a strong economy which is helping offset some of the impacts of higher lending rates, keeping sales activity above levels seen before the pandemic,” said Association CEO Chris Guérette. “Despite ongoing inventory challenges, our market is once again showing its resilience as sales remain above long-term averages.”

Adjustments in both sales and inventories in May caused the months of supply to fall below four months. As expected, tightening conditions contributed to monthly gains in the benchmark price. As a result, Saskatchewan’s benchmark price reached $329,600 in May, nearly two per cent higher than the month prior.

“Supply levels do vary across different regions of the province. For example, much of the inventory declines have been driven by the Regina and Saskatoon markets, while other parts of the province are reporting year-over-year gains,” said Guérette. “For any buyer or seller active in this market, it will be important to work with a professional to understand how market conditions can vary depending on property type, price range and location.”

City of Saskatoon

The City of Saskatoon reported 538 sales in May, nearly identical to sales in May 2022 and well above long-term averages. Despite seasonal gains in new listings, inventory levels remain well below the 10-year average.

Higher sales and lower-than-average new listings prevented any significant change in inventory levels, causing the months of supply to fall to two months. As expected, tighter market conditions are placing upward pressure on home prices. Saskatoon’s benchmark price reached $380,100 in May, a monthly gain of nearly two per cent.

SASKATCHEWAN FARING BETTER THAN OTHER MARKETS DESPITE INVENTORY CHALLENGES

Mon, 06 Mar 2023 21:42:00 GMT

There were 854 sales recorded across the province in February, a year-over-year decline of 19 per cent. However, while sales are down year-over-year, sales activity remains stronger than pre-pandemic levels and above long-term, 10-year averages.

As seen in prior months, Saskatchewan continues to report new listings and inventory levels significantly below long-term trends. There were 1,360 new listings in February, down 18 per cent year-over-year and nearly 28 per cent below 10-year averages. While the months of supply did push above six months, inventory levels were down 6 per cent year-over-year and 31 per cent below 10-year averages.

“We continue to see higher lending rates and supply challenges contribute to a pullback in sales,” said Association CEO Chris Guérette. “I’m beginning to sound like a broken record, but our biggest concern is still inventory levels, specifically in the more affordable segment of our housing continuum.”

The provincial benchmark price reached $318,500 in February, slightly higher than the $317,400 recorded the month prior and 0.4 percent higher than February 2022.

“Year-over-year sales declines were to be expected as we returned to a more balanced market where sales activity is more consistent with the historical 10-year averages,” said Guérette. “Saskatchewan remains one of the most affordable jurisdictions in the country with a resilient market that is well-positioned for stable demand in home ownership.”

SASKATCHEWAN FARES BETTER THAN MANY REGIONS ACROSS CANADA

Mon, 23 Jan 2023 17:28:01 GMT

City of Saskatoon

The City of Saskatoon reported 4,587 sales in 2022, a 15 per cent decline over last year’s record high but over 12 per cent higher than 10-year trends. Supply continues to be a challenge, as new listings have eased significantly and were 14 per cent below long-term averages in 2022. Meanwhile, inventory levels eased even further, resulting in average supply levels 31 per cent below long-term trends.
While a pullback in sales relative to inventory levels in the second half of the year did allow the months of supply to rise, the market remains far tighter than what we would traditionally see in Saskatoon. On an annual basis, benchmark prices rose nearly five per cent over 2021 levels.

Any questions about the market please text or call or email anytime!

Kevin Leuschen

306-280-7923

kevinleuschen@gmail.com

Mortgage Stress Test Remains Unchanged

Fri, 16 Dec 2022 17:04:10 GMT

The Office of the Superintendent of Financial Institutions (OSFI) announced as part of their annual review on Thursday that the minimum qualifying rate for uninsured mortgages will remain the greater of the mortgage contract rate plus two percentage points or 5.25 per cent.

While the Bank of Canada hiked its benchmark interest rate seven times in 2022, taking its rate to 4.25 per cent – its highest level since 2008, OSFI has decided that the current qualifying level remains appropriate.

“Sound mortgage underwriting includes a margin of safety that ensures borrowers will have the ability to make mortgage payments in the event of negative financial shocks,” OSFI said. “In an environment characterized by rising mortgage interest rates, it is prudent that lenders continue to test borrowers for adverse conditions.”

OSFI also said it will launch a review of the stress test and other mortgage underwriting standards in January. The regulator said it expects to leave the stress test in place after its review, “although the economic environment could result in a more immediate change.”

Deputy Prime Minister and Finance Minister Chrystia Freeland said in a statement Thursday that Ottawa’s test for insured mortgages will also remain unchanged. “Ensuring the stability of Canada’s housing market is essential to protecting Canadians and to upholding Canada’s financial and economic resilience,” said Freeland. “We will continue to monitor the housing market and review the insured minimum qualifying rate as warranted.”

December 15th, 2022

Winterizing Your Garage for All-Season Use

Wed, 02 Nov 2022 16:30:56 GMT

Your garage space can be put to many uses, from a study space or a home office, to a gym or an art studio, but as the colder weather hits, it’s not always ideal to be hanging out in an uninsulated concrete room. During these chilly months, cold air can seep into your garage from the doorway, windows, and even from exterior walls. An improperly insulated garage can even lead to damage of your storage items and heat loss from your home, resulting in rising heating costs during the winter. Luckily, there are garage renovations you can do to winterize your space for all seasons.

Seal your windows and garage door to prevent air leaks

Checking for air leaks

Check if air is leaking around your garage door or any of your windows. For windows, use your hands to slowly feel around the frame for an air draft or a change in temperature. If you feel cold air, you need to add sealant. To check your garage door, shut off any lights inside. See if you can spot any light coming in around the door. If you do, there are air leaks that need to be addressed.

Sealing air leaks

While you can always upgrade the windows in your garage to modern, energy efficient ones with storm protection, there are alternative, more affordable options to prevent freezing temperatures from getting in. To seal air leaks around your windows, place caulking around the frame. There are window caulking kits you can buy for around $15 at many major home improvement stores.

While you have the caulking, it’s a good idea to also seal any cracks in your exterior garage walls and any openings you spot around electrical outlets that are letting in cold air. It might seem like a lot of work for little reward, but sealing in these small spaces will help combat any chances of frigid temperatures entering your space.

Fixing leaks around your garage door is a little more complicated. Weatherstripping is material that creates a seal between your garage door and the garage door opening. Over time, as you continuously open and close your garage door, weatherstripping wears down, becoming brittle and cracked, resulting in leaks that allow cold air to make its way inside and warm air to escape. Luckily, weatherstripping is easy to replace with a toolkit that can range anywhere from $30 to $60, depending on the brand and where you buy it.

While replacing the weatherstripping will help you prevent drafts, an uninsulated garage door will still let in cold air. DIY insulation kits at home improvement stores come in a variety of materials such as fibreglass, reflective barriers, and foam boards and average around $200. If you’re not confident about insulating your garage door on your own, hiring a professional is the way to go.

Insulating exterior walls

If your garage has very little insulation within its walls, heat loss will occur even if your door and windows are insulated. This is especially true if your garage is unfinished with exposed wall framing and ceilings. For an easy fix, apply fibreglass insulation to the walls and ceiling. For an extra layer of protection, staple weather-resistant plastic over the insulation and seal everything in with drywall. This will help keep your garage’s temperature warmer all winter long. Once the insulation is up, you can look into adding drywall to make things look more finished, especially if you want the space to be more of a gathering place or work studio.

Renovate your garage floor

If you’ve parked your car in your garage during the winter before, you’ve likely noticed chips, scrapes, and even pockets develop on your flooring as a result of degradation from road salt. To prevent this, apply sealant to fill in the holes and epoxy coating to your garage floor. Not only will your garage flooring look nicer, it will provide an extra layer of coverage from the cold.

Protect your pipes

If you have water pipes running through your garage, keeping them warm is critical to prevent them from freezing and bursting, resulting in plumbing issues and potentially damaging anything you have stored in the space. Insulating your garage, replacing weatherstripping, and sealing your windows and any cracks are a start. To further ensure you don’t run into pipe issues, it’s a good idea to cover your pipes with insulation blankets. Taking these steps are also an inexpensive way to prevent damages and insurance claims.

Heating the space

If you’re taking the time to make your garage a usable space, you’ll likely need some type of heating element as well. Insulation will stop drafts from getting in, but it doesn’t change the temperature outside! Wall-mounted heaters save space and are relatively easy to install, but they can run up your electricity bill, depending on how often you use them. A portable heat pump could be a good investment as well, as they’re easy to set up and can be moved around depending on where you need the most heat. However, they do produce noise and take up precious floor space, so keep that in mind.

One thing you’ll want to be cautious of is any heater that uses propane, kerosene, or other gases to run. Since you’re in an enclosed space, the fumes can be harmful without ventilation, not to mention they pose a fire hazard. If you’re worried about the type of heat source you’re using in your garage, your local fire department can provide guidance as to what works and what doesn’t.

Whether you’re looking for a new space to hang out, to park your car, or even exercise, your garage will benefit from extra protection and insulation all year round.

If you’re doing major renovations or changes, such as converting your garage into a living space, a permit may be required. However, if you’re simply taking steps to winterize your garage and protect the inside from cold temperatures, a permit is not needed. The same policy is followed by home insurance companies. Major renovations need to be discussed with your insurance company as they can alter the overall rebuild value of your home. Depending on the extent of your renovations, your coverage could be voided if the insurance company is not informed. For small garage renovations you are not required to inform your home insurance representative. If you are unclear about what constitutes a small or large renovation, it’s best to review your home insurance policy for clarification.

Source: Realtor.ca/blog

For a link to the original article: https://www.realtor.ca/blog/winterizing-your-garage-for-all-season-use/28546/1367

Shutting Down the Cottage for Winter: 11 Tasks to Do

Fri, 14 Oct 2022 14:00:12 GMT

No one wants to say goodbye to their cottage for the winter, but as the days get shorter, the air gets crisper and the leaves continue to blanket the ground, it’s the ideal time to do just that. While some cottages can be used year-round, many are three-season only. These are the ones that need to be prepped for the winter months so you can head back without issue once the warm weather returns!

Just like your home, your cottage requires proper care and maintenance to ensure it can be used and enjoyed for many years to come. This is why it’s well worth the time and effort to shut it down properly, so you can hopefully mitigate any issues by the time you return in the spring.

If you’re a cottage owner, be sure to check these 10 tasks off your list as you prepare to leave your home-away-from-home for the winter months.

1. Ensure your pipes are ready for the cold

To keep your pipes from freezing, and potentially bursting, be sure to turn off your main water supply and ensure your pipes are drained. Once the water supply has been turned off, simply turn on a faucet to see if water comes out—if no water flows out, you’re good to go.

To further prevent pipes from freezing and potentially bursting, turn your heat down to 10 C. This helps keep frost from building up and can help prevent issues with your pipes. If you’re not wanting to pay the energy costs in the months you’re not at the cottage, you can turn the heat off completely as long as your pipes are properly winterized. Call in a plumber to look at your pipe systems, and they’ll let you know the best way to protect them.

2. Seal up any soft furniture

Mattresses, couches, and any other soft furniture around the cottage is susceptible to rodents during the colder months. Mice love to create nests in the cushioning, so you’ll want to wrap these items in thick plastic—something they can’t chew through. You can also add some scented dryer sheets, as the strong smell can deter unwanted critters.

3. Secure all windows and doors

Make sure to close and lock all your windows and doors properly.. While you’re doing this, if you notice any drafts or leaks around the w frames, be sure to caulk them. This is a cost-effective way to reduce your heating bills over winter. Also make sure all blinds or curtains are closed.

4. Clear gutters

Gutters full of leaves and debris can lead to serious problems. Clogged gutters can trap excess water when it rains or snows, causing water to back up and potentially leak through the roof. Or, when the temperature drops, the excess water can freeze and cause gutters to pull away from the house and create overhead hazards.

5. Secure the fireplace

If your cottage has a wood burning fireplace, be sure to clean it out thoroughly at the end of the season and close the damper vent. Get rid of all the ash and check for any damages while you’re in there. Even if you clean your chimney regularly, you should still have it inspected by a qualified chimney sweep once a year. Certified chimney sweeps are trained to recognize chimney deterioration and venting problems and can assess your fireplace chimney’s condition. If you have yet to get your fireplace professionally cleaned, before you shut your cottage down for the winter is the perfect time to do so.

6. Check septic tank doesn’t require maintenance

Many cottages have a septic tank. If yours is one of them, follow the service recommendations and timelines set out by your manufacturer, which is generally to service the tank every three to five years. If it’s time for yours to be serviced, contact a professional to ensure your septic system is running properly before shutting down your cottage for the season.

7. Clean out the kitchen

To deter any unwanted guests, like insects and animals, from settling into your cottage while you’re away, be sure to clear out all your cupboards and remove all food, including cans and dry food. You’ll also want to defrost the freezer, clean out the fridge, and bring everything home with you.

8. Remove all valuables and personal belongings

Make sure items such as outboard motors, fishing equipment, water skis, canoes and kayaks, chainsaws, generators, ATVs, and electronics are securely locked. It’s also good to make sure your property is free from alcohol, firearms, or weapons—better to be safe than sorry. You can add an extra layer of security by installing a motion-sensored light and camera system. Most systems can be operated through your phone or computer, meaning you can get real-time alerts if something happens on your property.

9. Unplug all appliances as needed

While it’s important to keep some things running, such as a sump pump to prevent any flooding, help prevent electrical fires and other issues while you’re away from the cottage by unplugging larger appliances like the fridge, freezer, microwave, washing machine, and dryer.

10. Take pictures before you leave to identify any damages when you return

Be sure to take photos of everything before you leave so you’ll have evidence to show your insurance provider should any damage happen while you’re away. This will help make for an easier process in case you have to submit a claim.

11. Outside duties

Finally, take one last look at the outside of your cottage and complete any outdoor duties. Perhaps this includes bringing your dock inside, cleaning and storing boats, dock ornaments, ladders, life jackets, ski equipment, or BBQ equipment like propane tanks.

With the unpredictability of weather events and other natural hazards, it’s best to follow the above precautions to avoid any unwanted surprises. It’s also recommended to notify your insurer when you’ll be leaving your cottage unattended.

Your cottage is your summer sanctuary, not to mention a big investment, so make sure to take proper care of it!

Source: Realtor.ca/blog

For a link to the original article, click: https://www.realtor.ca/blog/shutting-down-the-cottage-for-winter-11-tasks-to-do/28269/1363

Renovations You Should Always Leave to the Pros

Mon, 18 Jul 2022 19:47:56 GMT

If you’ve spent the last few years binge watching your favourite home renovation shows and looking for #DIYInspo projects all over social media, you’ve probably considered making a few tweaks around your home.

However, when it comes to home renos, knowing when to hire a professional is essential.

A recent survey conducted by Leger examined how Canadians changed their homes during the COVID-19 pandemic. The survey found of the 17% of people who had improved their homes, only one third hired professional help—the rest opting to tackle the jobs themselves.

While it may be tempting to take on home renovation and home improvement projects that don’t appear to present any risks on the surface, there are several instances when the expertise of a professional should be employed to ensure mistakes are avoided.

“It’s always better to use a professional to help you steer clear of avoidable big-ticket mistakes down the road,” says Jessica Kee, REALTOR® and sales representative with Right At Home Realty in Toronto, Ontario. “Perhaps something that’s not so obvious is how it could affect a future sale. In markets where buyers can bargain, they’ll certainly notice cut corners and try to bargain the price even more.”

From electrical work and plumbing changes, to structural changes and work requiring specialized equipment, we’re going to delve into why it’s best to leave these types of projects to the professionals.

Electrical work

The rise of online resources can often give you the confidence to try tasks that would otherwise be left to the professionals. However, just because you’ve seen how to do something doesn’t necessarily mean you should attempt to—and this is particularly relevant when it comes to electrical work.

It goes without saying electricity is dangerous. Regardless of whether the job is major or minor, unless you’re a trained professional, attempting to do electrical work yourself runs a much higher risk of injury, or even death, as well as significant damage to your home. While it may seem thrifty to do the work yourself, the best course of action is to reach out to a certified professional who has the skills and adheres to the latest electrical standards. This will also give you peace of mind when it comes time to sell your home, as you’ll know the work is up to par and will pass a home inspection.

Plumbing work

Major plumbing work should be done by a licensed professional who has the knowledge and experience to assess the full extent of the issues and react quickly to resolve anything unexpected in an effective and efficient manner.

“For many homeowners, taking the DIY route is all about those quick and easy ways to save money,” says Loloa Alkasawat, architect at Retouche Inc. “Skip a permit here, skip the architect or contractor there, but the simple truth is there are costs to cutting corners and it’s going to cost you much more in the long run.”

Hiring a reliable, licensed plumber will give a more holistic view of potential plumbing issues an untrained eye would likely overlook, not to mention the access to tools, parts, and plumbing materials the average DIYer won’t have at hand.

Photo by Greg Rosenke on Unsplash

Structural changes

While it might be incredibly satisfying to tear down walls and create an open-concept floor plan, you just don’t know what could be lurking behind the walls or what those walls could be supporting so, when in doubt, hire a contractor. If there’s a reno that’ll impact the structure of your home, the only option should be to hire a professional—structural changes require a permit, and for good reason.

Though it may sound dramatic to suggest a catastrophe could take place if structural modifications aren’t carried out by a trained professional, the truth is it’s a very realistic outcome. As highlighted by Alkasawat, “when you cut out the experts, you cut out the expert work.”

Anything that requires specialized equipment

It’s not only a case of considering whether you have the required expertise, it’s whether you have the tools to effectively complete the home improvement job at hand. Many jobs require specific gear and may need specialized equipment to ensure a properly completed project.

Certain projects will also contain hazardous waste, which needs to be disposed of safely. This includes:

high-intensity light bulbs (HID bulbs), which can contain mercury;
certain thermostats;
types of caulking which contain polychlorinated biphenyls (PCBS);
older windows which contain lead; and
many other materials or components required for certain renovations.

The bottom line is, while many products are designed with the modern-day DIYer in mind and online tutorials make everything seem doable, there are no-go zones that should be left to the pros. When in doubt, get in touch with your REALTOR® to ask for a list of professionals they trust to help get the job done.

Source: Realtor.ca

To see the original article, check out: https://www.realtor.ca/blog/renovations-you-should-always-leave-to-the-pros/26614/1363

Condo Fees and What They Cover

Mon, 30 May 2022 01:46:00 GMT

Condos are often attractive to buyers, not only because they can be in a more favourable price range than single family homes, they can provide easier access to amenities and a low-maintenance lifestyle.

However, these benefits don’t come without a cost. In addition to your mortgage, you’ll need to plan for the maintenance fees, also known as condo fees. This article will look at what condo fees are, when they can be reassessed, and what they mean for your mortgage, specifically related to an apartment-style condominium building.

Photo by Nadine Shaabana on Unsplash

What are condo fees?

To put it simply, condo fees are monthly contributions made by unit owners to a condo corporation (the organization that runs the condo building). This money is then pooled together and goes toward funding maintenance and general upkeep of the building. Every condo has a condo board, made up of people from the building, who manage the property on behalf of residents and owners. They’re responsible for making decisions in the best interest of all parties.

While every building is different, the most common costs included in the monthly fees are:

Utilities—A condo corporation may pay some or all of a building’s utilities. For example, it may pay for water and electricity, but not heat.
The reserve fund—A portion of condo fees will go toward maintaining the building’s reserve fund, which is essentially a sum of money set aside for unexpected repairs. For example, if the roof or boiler in a building needs to be replaced, the condo board can use some of this cash to pay for it. Before you buy into a building, knowing how much money is in its reserve fund can also help you understand the building’s financial health.
Common area maintenance—Condo fees can also go toward paying for garbage pick up, snow removal, and the upkeep of common spaces in the building or property including hallways, lobbies, elevators, and the grounds around the building or buildings.
Amenities—The more amenities your condo building has to offer, the higher your condo fees will usually end up being. Pools, reception services, saunas, shared rooftop patios, and parking all add to the cost of your condo fees, while admittedly offering a lot in return.

The size of the condo building can also be a factor in your overall condo fees. A building with 20 units will likely not have the same fees as a building with 200 units, as the required maintenance and utilities will be different.

Do townhomes have condo fees?

Not all townhomes have condo fees—owning a freehold townhome is the same as owning a freehold single family home. That being said, certain townhome communities will have condo fees as well which can cover gardening, fences, garbage pickup, shared amenities, and other general maintenance fees as laid out by the condo board. When looking at homes with your REALTOR®, they’ll tell you whether or not the townhome is a condominium or freehold.

When can your condo board reassess your fees?

When you’re looking at condos for sale, it’s definitely easy to gravitate towards ones with lower condo fees. However, lower fees could come with a catch. If the fees are too low, the condo corporation may not have enough cash flow to pay for larger repairs which, in turn, may lead to a special assessment. Your REALTOR® can help provide a more clear picture of the building’s history as they know the area well. They can also recommend properties with better track records to help make you feel more comfortable with your choice.

A special assessment is a payment unit owners must make to the condo corporation, on top of their regular monthly condo fees and mortgage payment. The terms around special assessments will vary based on provincial legislation, so it’s always important to understand what your board can and cannot do.

As an example, the Condo Authority of Ontario (CAO)—an organization that aims to improve condominium living by providing services and resources for condo owners, residents, and directors—indicates special assessments can occur for various reasons, but the most common include:

Unforeseen expenses—A major expense may arise unexpectedly, such as the roof needs to be replaced. The CAO says this might happen during a critical year for the reserve fund, which is when the condominium board has depleted its reserve fund to complete major projects. As a result, the remaining balance is too low to cover the unexpected expenses and the special assessment has to be paid.
Under-budgeting—A special assessment can also be paid if an expense or major repair ends up costing more than expected.
Losing a lawsuit—Finally, the CAO says unit owners must “bear any judgment against the condominium,” which means if the condominium can’t pay the judgment from the operating fund, the board must turn to a special assessment to cover the costs.

Image via Vladyslava Andriyenko on Unsplash

Do condo fees affect your mortgage?

When you’re looking for a condo, it’s always a good idea to double check your monthly spend—mortgage payment, property tax, insurance, utilities, and condo fees—and ensure you can afford everything before applying with your lender.

In short, Alex Obradovich, a REALTOR® and sales representative with Chestnut Park® Real Estate Limited Brokerage in Toronto, says condo fees can affect your mortgage.

“When applying for a mortgage or a pre-approval, the lender will most definitely account for condo fees when looking at how much debt they are willing to supply to a client,” he explained. “Condo fees are just one of many factors taken into consideration when determining the amount of debt a lender is willing to supply.”

Furthermore, when it comes to condo fees, Obradovich says they may also have an impact on an owner’s condo insurance.

“Not all condo fees are created equal. Each property may have different costs associated with it. Some condo fees may cover some sort of insurance and the type of home insurance policy you may want to secure may change,” he explained. “Conversely, the home insurance may or may not take into consideration what is provided by the condo or maintenance fees.”

If you’re unsure how to interpret what the condo fees represent, you can request for the condo board to share their status certificate with you. This report contains all the details about the current financial state of the condo maintenance corporation, as well as mention any details of the existing size of their reserve fund and if there are any ongoing lawsuits.

Regardless of whether you’re a first-time home buyer or not, it’s all about asking questions and keeping informed. Your REALTOR® can help navigate condo fees, status certificates, and every other aspect of your condo buying journey.

The information above is for informational purposes only and should not be used as investment or financial advice.

Source: Realtor.ca/blog

To check out the original article: https://www.realtor.ca/blog/condo-fees-and-what-they-cover/25935/1362