As we wrap up 2021 we want to say Happy New Year!
This was a crazy year for real estate across Canada, not just here in Saskatoon! This year, even as COVID-19 continued, Canadian home prices continued to rise. In November 2021 the average home price was at $720,850 in Canada. Yes, this number is skewed from Vancouver and Toronto, but Saskatchewan also saw some big increases this year.
An average house price of $720,850 is a 19.6% year-over-year increase from November 2020. While prices have risen nearly 20% in Canada’s housing market over the past year, this rise in prices hasn’t been distributed equally across the country.
The Prairie provinces, namely Alberta, Saskatchewan, and Manitoba, continued to experience only single-digit year-over-year growth in average home sold prices for November 2021 compared to the same month last year. This is ok news as a buyer and this is good news as seller.
December was still a busy month. The Saskatoon real estate market saw a steady market with pricing being slightly higher than last month
From November – December 2021 we saw a decrease in house pricing. $365,000 was the median home price in November and in December the median prices was $345,000.
December 2020 saw 347 houses sold and November 2021 had 294 houses sold putting the year over year decrease at about 16%. Listings (inventory is down). Last December there were 1003 houses on the market and this December, only 881 houses were on the market.
Active listings are down by 13%.
THE SASKATOON REAL ESTATE MARKET:
Many factors have contributed to this unpredictable market over the last couple years.
The two greatest factors to watch:
- interest rates and
- inventory levels.
- Interest rates are set to rise in the new year which may bring the market to more a balanced place. There will be a modest interest rate increases for fixed mortgages and sometimes that is enough to change the market.
Inventory usually picks up in the Spring months as well so those two factors may help the housing market. However, there are few other things to consider:
This year, we saw a busy December. Inventory is still low. We are expecting a busy spring.
DID YOU KNOW: There are currently more agents than single family homes available in Saskatoon right now?
As always – if you need help buying or selling your home please contact Gregg Bamford or Ryan Bamford