With prices up only slightly in the traditional peak time of year, compared to the doldrums of winter, yet down more than 10 per cent year over year, one wonders what house prices will look like come fall, a traditional slow time of year.
The inventory is up compared to last year at this time and, higher than most of this decade really (particularly over the last few years), and sales at about average, which is well below the past two years, I would expect real estate prices to take another big hit come fall.
Not only is a drop in house and condo prices expected, it is warranted given current market conditions!
Saskatoon is still one of the most expensive places to live in Canada and it makes sense that prices should fall further.
As the national economy gains strength it will actually hurts Saskatoon’s real estate market because once jobs pick up in the east, most other jurisdictions offer more affordable housing and will draw people from this market.
This will mean one of the highest costs of housing in Canada will be a harder sell, especially since Winnipeg already has lower unemployment — with much cheaper housing than Saskatoon.
Don’t forget, the Frontier Centre says housing in Saskatoon is less affordable than Edmonton.