Saskatoon’s real estate market sees some small improvements for February.
What Do The Numbers Say:
The unit sales had an increase of 9% compared to last February and settles at a 9% increase year to date. These increases are a direct result of supply and demand and will most likely continue until inventory levels increase. New listings coming to market saw a decline of 2.7% compared to last February and are equal for the year. This small decline have been a blessing to help keep inventory levels reasonable and create a more balanced market. The dollar volume saw an increase of 3.2% over last February and is up 10% year to date. Even though we see an increase in dollar volume and sales activity this does not mean property values are increasing, although it does show that consumer confidence has improved.
As the spring market approaches we are going to see more demand for all types of properties. The Bank of Canada has dropped its overnight rate by 50 basis points to 1.25%. This is the largest decrease since the financial crisis of 2008 and 2009. At this point it will only affect variable mortgages but in the coming weeks we expect to see a decrease to the fixed rates as well.
The Saskatoon Market:
All in all, this is great news for everyone as it will certainly help stimulate the real estate market in the coming months. It will give the average consumer a little more room within their budget. By saying that, let’s keep in mind this decrease is a quick fix and is only happening because of declining local and global economy. More than likely this will help counter balance our weakening economy for the short term but we do not expect property values to increase until we see job growth in Saskatoon and Saskatchewan.
As always, in any market, we can help! When selling your home it is crucial to price at market value and have your home ready to show. The proper decluttering, staging, professional photographer and marketing is also a must in our current market to help buyers see value.
If you need help buying or selling our team is here to help!–