Wow!!! June was quite a month, although prices did not move much (if at all). We saw an amazing increase in the number of unit sales, up almost 40% over June 2019. Sales were up in all categories, including detached single family homes, attached houses as well as apartment style condos. The trend of activity seems to be continuing into July.

The brisk activity with buyers anxious to buy is perhaps due to people having been cooped up for so long, and also because interest rates have been at historic lows. It appeared that buyers were trying to get their mortgages in place prior to CMHC’s new more restrictive rules coming into affect on July 1,   While not at quite the same rate, we are still seeing continuing activity in July. Some of this may be due to those buyers who were approved prior to the rule changes.  Whatever the reason, it is good to see.

For those sellers who are ok with the new level of pricing, the market is great. The ones I see having challenges are the sellers who are trying to keep the asking prices at last year’s prices.

A lot of buyers seem to be newcomers to Canada. Some Canadians may take owning their own home for granted, but people from many different parts of the world really appreciate the opportunity of buying and owning their own home in Canada. They are a reminder to us how fortunate we are to live in this great country

We hear from the Central Canada experts that we can expect to see a further drop in values, so far we are not seeing that in Saskatoon.

If you are considering selling a property, now may be a good time to place it on the market. Let’s enjoy the ride as the buyers are anxious to buy now, and we have a bit of a shortage of supply.

So until next time, let’s appreciate all that we have. We do live in a great place! Be safe and be well!

- Mike Gustus