Saskatoon home sales predicted to top $2 billion this year

By Morgan Modjeski, Metro News September 5, 2013 - Saskatoon is on pace to achieve its second straight year with home sales hitting the $1-billion mark, and experts say the transactions point to a healthy market. “It’s certainly one of the leaders in growth,” Bill Madder, CEO of the Association of Saskatchewan Realtors, said on Wednesday of Saskatoon.

Housing sales in Saskatoon, in fact, are expected to reach the $1-billion mark even by the end of the summer, and realtors predict a climb to $2 billion by the end of the year.

Goodson Mwale, senior market analyst for Canada Mortgage and Housing Corp., explained that the market is reflective of the province’s economy.

“There’s strong wage growth, strong employment growth and strong migratory flows of people coming to the province, and all of these are supporting indicators or variables for housing demand,” Mwale said.

He noted that while the number of houses sold has dropped in comparison with 2012, the average home selling price is on the rise.

“Even though we’re seeing a reduced number of sales compared to last year, what has actually led to the increase in terms of sales volume is price composition,” Mwale said.

“We are seeing a number of homes selling in higher price ranges, and that’s affecting the average.”

Jason Yochim, executive officer with the Saskatoon Region Association of Realtors, said the balance in the market “is always good” for buyers.

“If you had it the other way,” he said, “where it’s a seller’s market, pricing would be climbing at a much faster rate and making it a little hard for those homeowners on the cusp to be able to afford a home.”

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