There was an increase of active inventory of almost 12% to the end of October compared to a year earlier, making a total of 1,967 plus more than 1,000 available in the region outside the city.
Sales were down 8% year-over-year to 287 but were up 10% compared to September.
“I expect that there may be a slight spike in sales as the year winds down” comments Jason Yochim, CEO with the Saskatoon Region Association of Realtors. “This would be due to recently introduced mortgage qualification rules for conventional buyers plus a sense of upward pressure on interest rates.” The federal government continues to address issues with overheated markets in Canadas two largest cities. These changes however affect local real estate markets much differently.”
Average selling price of a home in Saskatoon was down 3.2% year-over-year to $331,889 while the median price was unchanged at $330,000.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Homebuyers in the Saskatoon market are enjoying a greater choice of homes as inventory increases.