As the Saskatoon real estate market changes on a weekly basis it is important for people to use the services of an active Saskatoon realtor®. Due to these changes in the Saskatoon real estate market it is difficult to keep my website up to date so please follow my blog to learn more about the current Saskatoon real estate market as I am able to update that much more easily. You can reach my blog at Saskatoon Real Estate News.
The Saskatoon real estate market has seen many changes in the past few years and we move between a buyer’s market, balanced market, to a seller’s market often. Certain price ranges of houses for sale in Saskatoon are always busy.
In the slowest market we have had in the past few years we had over 2100 houses for sale in Saskatoon. That was definitely a buyer’s market.
If you want top dollar for your house for sale in Saskatoon contact me. If you are a home buyer in Saskatoon and looking to buy a house for sale in Saskatoon contact me as I will do my best to find you the house that best fits your needs.
What it is: When the supply of homes on the market exceeds demand. Characteristics of this market place are: high inventory of homes, not a lot of buyers for this inventory, longer times before the home sells and stable or possibly reduced prices.
What it means: buyers spend more time looking for a home, and when they negotiate they have more leverage than the seller.
What it is: When the number of potential buyers exceeds the supply of homes on the market.
There is a smaller inventory of homes with many buyers therefore homes sell quickly and prices usually increase.
What it means: Prices may be higher than list price and buying decisions must be made very quickly. Often times conditional offers may be rejected. Great for the seller but this can be costly to the buyer.
What it is: This is when the number of homes on the market is roughly equal to the demand. Because the demand equals the supply, the seller accepts reasonable offers, homes sell within a reasonable time period, and prices generally remain stable.
What it means: there is less tension between buyers and sellers as there are a reasonable number of homes to choose from.
Here is what the CMHC (Canada Mortgage and Housing Corporation) has to say about our province;
Thanks to firm demand for its natural resources, Saskatchewan will experience the longest and strongest period of economic expansion in 15 years. The province’s impressive oil reserves will encourage investment in the energy sector, leading to heightened levels of production. Elevated commodity prices will also stimulate potash and uranium output over the forecast period. In 2010, uranium production will receive a further boost when Cameco’s Cigar Lake project becomes operational. With a favourable economic outlook and aggressive policies to maintain its residents, net migration in Saskatchewan will turn positive for the first time since 1984. Accordingly, total housing starts will average 3,700 units annually through 2011, representing the best five year performance for housing starts in Saskatchewan in over 20 years. Urbanization will continue to elevate the share of residential construction in the province’s two largest centres.