Real Estate Review June 2019

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The June 2019 Saskatoon Real Estate Review is up.

What did the Market bring the first month summer?

Month In Review:

Saskatoon’s Real Estate market continues to see’s some positive numbers in June. The amount of unit sales saw an increase of 6% over last June and year to date up 9%. Even with this increase of sales over last year, buyers are still very cautious with their purchases. The sales dollar volume saw an increase of 9% compared to last June and year to date up 8%. With the sales and dollar volume both increasing. Most would expect the sales prices would improve but that is not the case. We are still seeing most of the activity under the $400,000.00 mark which is holding our 6 months rolling average sale price down 2% this year. The unit’s being listed also saw decline of 10% compared to last June and year to date down 5%. This is still positive news for our market as we sit just under 2000 homes listed in Saskatoon.

 

Timing The Market:

Summer is here and that means most families will be out enjoying some of our beautiful lakes and having some much needed family time. We usually see market activity slow down a touch during the summer months and pick up just before school starts, although this fall might be a touch slower than usual.

Elections Impact The Real Estate Market:

Whenever we have an election either federal or provincial the market slows down for a couple months prior. Most buyers and sellers are uncertain of what the outcome will be and wait until post election. This means we might not get our typical increase in activity as school starts again.

Interest Rates:

On the positive side, it does look like interest rates will remain for the considerable future. Depending on your institution we have seen rates as low as 2.79%. These reduction in interests rates over the last 5 months have been the major driving factor in our market.
So, if you are considering buying and selling is near future you might have better success doing it sooner than later.

Wait … There’s More:

Keep watching the markets. Deutsche Bank just laid off 18,000 employees and are getting out of equities.
France has negative interest rates now meaning – investors have to pay to keep their money with the banks.
If Canada lowers the interest rates (and there is talk of it) – we know we have a serious problem!
If we are lowering interest rates at a time when unemployment is the lowest it has been, housing is already in a slump and borrowing is at an all time high – we have hit the juxtaposition of the economic crisis and we would be in a major recession. 
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 de-cluttering, 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!

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