According to the Canadian Real Estate Association (CREA), the country is set to experience continued steady growth in the real estate market for the fall of 2015, going into 2016. Though sluggish commodity prices are still a variable for the economic prospects of the nation, especially in the Prairies where consumer confidence has been a bit shaky, the real estate market as a whole is showing strength going into the end of the year.
Market Trends for the Prairies
Listings in the Prairies have started to fall off somewhat from spring levels, though they remain high based on historic comparisons. The average prices in the region are likely to remain where they are now, as steady closings will only gradually reduce the amount of inventory on the market. On the other hand, while a province like British Columbia is expected to experience the most robust increase in sales activity for the year at over 12 percent, Saskatchewan is likely to record some of the most significant sale declines at nearly 13 percent. Much of this fall in sales is attributed to lower commodity prices, which have affected some local industries.
CREA has revised its initial projections for the price of average home growth to nearly $430,000, which is an increase, year-over-year, of 5 percent. By 2016, the organization anticipates that sales will reach over 491,000 units representing a gain of almost 1 percent. Much of this growth will occur based on the economic improvement and sales growth expected in regions like Saskatchewan.
What Does this Mean for Buyers & Sellers in Saskatoon?
In the end, those looking to enter the Saskatoon real estate market may benefit from these trends, especially sellers seeking to maximize gains on their investments. Estimates place price growth in the area at approximately 1 percent, and as economic conditions continue to improve nationwide, investors in Saskatoon and the Prairies are presented with a lucrative opportunity to leverage the expected growth in the real estate market.
What’s the best way to navigate these market trends? Align yourself with a real estate agent who has her finger on the pulse of the Saskatoon real estate market! If you’re thinking of buying or selling in Saskatoon, contact me to learn more about the exciting market opportunities and how you can take advantage: [email protected]