Listings were down though, tightening the city’s inventory to 11 per cent below October 2015. It meant that sellers were able to achieve 97% of their asking price.
Jason Yochim, CEO of the Saskatoon Region Association of Realtors says that the rise in sales “is a very positive change and speaks to consumer confidence in our market.”
However, he is cautious about the months ahead due to the change in rules.
“There is no doubt that the recent federal change for homebuyers qualifying for a mortgage will further impact our market with an average price of $350,000” comments Yochim. “It has yet to be seen how much the impact will be.”
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Home sales in Saskatoon were up 8 per cent year-over-year in October, especially at the start of the month as buyers raced to beat the new mortgage rules introduced by the federal government.