There are a lot of ins and outs when thinking about buying a house, condo, or townhouses in Saskatoon, so it never hurts to keep an eye on what’s happening in the market in town as well as in nearby cities. In the interest of keeping you informed, we wanted to take a look at the price and statistical comparisons for the prairie market in 2014 thus far. We’ve chosen focus on Saskatoon, Regina, Edmonton, and Calgary, and the numbers all come from The Canadian Real Estate Association and Canada Mortgage and Housing Corporation.
There was a 30% increase in prairie housing starts in 2012 (including Manitoba) and builders increased housing starts another 3% in 2013 to 51,766. This year, the forecast is to reach 51,600 units and then moderate to 50,800 in 2015. Net migration is thought to have peaked and elevated supply levels relative to the demand in some of these markets will impact new residential constructions. In Saskatchewan, housing starts should end up around 7,700 units in 2014 and 7,500 in 2015.
Homes, Condos, and Townhouses in Saskatoon:
Residential sales in Saskatoon posted gains for the third consecutive year in the fourth quarter of 2013 and sales activity was up 10% from a year ago.
Both single family homes and Saskatoon condos for sale saw increases in the fourth quarter of 2013. Inventory of single family homes was down, while inventory for condominium units was up. The median sale price for single family homes edged up 2% to $353,950 in the fourth quarter of 2013.The median sale price for condominium units was up 1% from a year earlier to $270,300 in the fourth quarter of 2013.
There were 765 residential property units sold in the fourth quarter, rising 6% from the same period last year. In 2013, there were 3,692 units sold, down 7% from 2012. Single detached home sales, by comparison, were up 5% from a year earlier in the fourth quarter.
The number of months of inventory for single detached homes was up from the end of the fourth quarter of 2012. Since there was a more balanced market, home buyers took more time to shop around than they had in the fourth quarter of 2012.
The median price for single detached home sales was down 2% from a year earlier to $300,000 in the fourth quarter of 2013.
Residential sales posted an improvement in the fourth quarter of 2013 with sales numbering 6,147 units. This was an increase of 16% from the previous fourth quarter. For the year as a whole sales activity was up 12% from 2012, with sales at 29,954 units in 2013. Sales activity was up for all housing types on both a quarterly year-over-year basis and an annual basis.
Fourth quarter sales of single family homes increased 15% from a year earlier, while townhouses saw increased of 24%. Total single detached sales for 2013 were up 9%, total townhouse and row unit sales increased 21% from 2012, and apartment unit sales for all of 2013 came in 15% ahead of the 2012 total.
The number of months of inventory was down for all major housing categories compared to the fourth quarter of 2012. Tighter conditions meant that homes spent less time on the market before being sold in the fourth quarter of 2013 than they had a year earlier.
The median sale price for single detached homes was up 6% to $440,000 in the fourth quarter of 2013. The median sale price for townhouse and row units was up 8% to $322,875 and the median price for apartment sales was up 4% from a year earlier to $259,900.
Home sales activity in Edmonton increased in the fourth quarter of 2013 (from 2012), adding to an already strong increase in annual sales. Residential sales numbered 3,889 units in the fourth quarter of 2013, up 18% from the same period in 2012. All residential sales numbered 19,552 for the year in 2013, an 11% increase since 2012.
There was a lot of activity on the market — single family property sales increased 9%, while apartments and townhouses were up 20% and 26% respectively.
The number of months of inventory decreased for all major housing types compared to a year earlier in the fourth quarter of 2013. With tighter markets across all major housing types, properties spent less time on the market.
Median sale prices were up across all housing types. Single family home and condo apartment median sale prices each rose 3% from a year earlier while those for condo townhouses edged up 2/10%.