“Expect Saskatchewan to lead all provinces in 2010, and to battle Alberta for top spot in 2011,” Lovely said.

This already reflected in the increase in the number of building pemits for new housing in Saskatoon. We can expect to see growth in our province and Saskatoon before the rest of Canada.

This cozy bungalow is situated across the street from a beautiful park.

Main Floor:
Living room: 13' x 11' - Hardwood floor
Dining room: 10'10" x 10'8" - Hardwood floor
Kitchen: 14'6" x 10' - Linoleum floor
Bedroom: 10'6" x 9'6" - Hardwood floor
Bedroom: 10' x 9'5" - Hardwood floor
Den: 9' x 9'6" - Hardwood floor
Bathroom: 4-piece - Linoleum floor

Basement:
Family room: 25' x 8' - Wall to wall carpet
Bedroom: 14' x 8' - Wall to wall carpet
Bedroom: 8'6" x 7'5" - Linoleum floor
Bathroom: 3-piece - Linoleum floor
Laundry

For more details or to book your personal viewing appointment, please call Re/Max Mike Gustus at 306-668-1800.

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While the numbers show dramatic increases January to February the figures compared to last years numbers year to date are good, but not quite as rosy as the February over January appear to be.

I have noticed a wide range of activity in the different price ranges.

The greatest increases are in the $125,000-150,000 range and the $200,000-$250,000. range. There s been a drop in volume in a couple price ranges.

The $275,000-$300,000 range saw a YTD drop of 30%. I think this is largely due to a lack of houses for sale in this price range.  We are seeing lower levels of activity in the over $500,000. price range, with only one sale over the $750,000. mark. The volume in the $500,000 - $750,000 range is the same as last year.

It appears that we are loking to another good year overall, with unit sales in the major catigories up over last year.

I can see shortages of product in the mid to lower prices ranges (especially the $200,000.- $350,000.range) in all areas in the city.

The average sale price has moved by 1% over last year, which is what we in the industry expected. We are doing well in the economic climate in Canada.

The average sale price in Saskatoon's rural residential is up a little with unit sales being down slightly. I believe what we are going to need to see in the rural residential to bring the volumes up, is more inventory. We have an over supply of vacant land parcels and a shortage of developed properties. Prices have stablized and we now need some volume for people to feel good about purchasing in the country.

The average sale price is up 2% over 2009 in the rural areas around the city. (much the same as within the city)

So overall we are doing well in Saskatoon.  It is a great time to sell if you have been thinking about it.

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This newly renovated bungalow, shows like new!

Main Floor:
Living room: 18'7" x 11'7" - Laminate floor
Kitchen: 11'10" x 11' - Laminate floor
Bedroom: 11'7" x 9'9" - Wall to wall carpet
Bedroom: 11'7" x 8'6" - Wall to wall carpet
Bedroom: 8'3" x 8'2" - Wall to wall carpet
Bathroom: 4-piece - Ceramic tile floor

Basement:
Family room: 20'5" x 10'11" - Laminate floor
Bedroom: 9'11" x 9'1" - Laminate floor
Bathroom: 3-piece - Ceramic tile floor
Laundry: Ceramic tile floor

More Details & Features: 

• Recent kitchen has built-in dishwasher & microwave
• Six appliances included
• Newly painted & new baseboards
• New bathroom vanity
• New interior and exterior doors
• Central vacuum
• New windows & vinyl siding
• Oversized, heated single detached garage with opener (no remote)
• Air conditioner on site, not hooked up, but ready to install

For more information or to book your personal viewing appointment, please call Re/Max Mike Gustus at 306-668-1800.

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We compete on a daily basis in the different communities across the country. They do not set the fees we charge or how we run our businesses. The media seems to think that the Competition Bureau is going to lower real estate fees charged by the brokerages across the country. If MLS.ca, or realtor.ca was only a web site that may be possible, but it is much more. We as licensed associates and brokers are responsible for the clients we represent in their real estate transactions. We are bound by CREA as well as the provincial commissions to represent and protect our clients interests in these transactions. The consumers have a choice in who they use. The brokers decide how much they will charge for these services. There are fixed rate brokerages throughout the country. The problem the discount brokerages have is the same as all businesses. If you don't charge enough you cannot offer any service, or have competent people to serve the clients.

The cooperation that takes place in organized real estate is what creates the power behind the MLS system. the member to member cooperation ensures ethical conduct and a set of rules which ensures that all the clients get a standard of service and expertise that makes this system run so well and serve the public as it does. If the Competition Bureau succeeds in weakening this system, the loser will be the public in the long run.

If you want to buy cheap service you can obtain that now. There must be a good reason the public has not chosen to go that route en-mass. To receive sound expert service and expertise it costs more, but in the end you are always better off the pay for an expert in a transaction as large as selling or buying an home.

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Finance minster, Jim Flaherty announced tighter lending standards for mortgages today.  His purpose?  To prevent homeowners from getting into financial difficulty when mortgage rates rise.

After consulting with major Canadian lenders, he unveiled the plan with three main components:

1. All borrowers will need to qualify for a five-year fixed mortgage rate, regardless of whether they choose a shorter term at a lower rate.  This will ensure borrowers can make higher payments as interest rates rise.
2. The maximum amount when refinancing a mortgage will be lowered to 90 per cent of the value of the home, from 95 per cent.
3. A minimum 20 per cent down payment is now required to qualify for CMHC insurance for non-owner-occuped properties purchased as an investment. 

These new rules will come into effect April 19, 2010

A number of large Canadian lenders already practise the first peg of Flaherty's plan.  After Tuesday's announcement, Bank of Montreal noted that it requires its high-ratio borrowers to be able to qualify using the five-year rate.  "While we do not believe that Canada faces a housing bubble, we fully support the minister's actions," the bank said in a release. "Given the prospect of higher interest rates and the recent run-up in housing prices in some markets across Canada, the measures announced today are prudent."

Canada’s average five-year mortgage rate was 5.39 percent on Feb. 10.  In May, it was 5.25 percent, the lowest since 1951, according to Bank of Canada figures.  Bank of Canada Governor Mark Carney has pledged to keep his main interest rate at a record low 0.25 percent through June unless the inflation outlook shifts.

What hasn't changed is, you can still buy a home with a 5 per cent down payment.

If you have any questions or would like to discuss this in relation to your real estate plans, please feel free to give me a call.

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Prices there are much different than here in Saskatoon. Anyone living here who complains about a price drop will feel wonderful if he/she compares price changes here at home to those in the Pheonix area. Houses that sold for $260,000.00 in 2007 are now selling for $140,000. - $170,000. in the good areas. Houses in some working class areas have dropped to as low as $80,000.00. (This is for an 8-12 year old bungalow, 1300-1600 sq. ft., with a double attached garage.)

The real estate environment is varied in different parts of the US. Some areas are hit harder than others. They are still reeling from a tough economy while we are stablilizing and starting to see some upwards movement in the lower to medium priced homes. Overall, we are much better off here in Saskatchewan.

Canadians that have money are a major buying force in the Phoenix market.

I came home feeling good about things back here other than the weather. The thing that I noticed even more than the weather are the bumpy streets.

It's still great to be home and among friends and my clients (who have become my friends).  Real estate is a great business to create friends for life.

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This 9.39 acre building site is conveniently located only 10 km from the City of Saskatoon.  2 horses are allowed making this property ideal for horse lovers with an established hay field with a good mix of Alfalfa and grass.  The vendor states that gas, power, phone and treated water run to the property from the City of Saskatoon. 

The average sale price dropped 3% from last January. I expect this is because of the short supply of the lower priced product available. We are now waiting for the break that will bring more product on the market at a little higher prices in the $200,000. - $350,000. range.

It seems to be more of a challenge to find the buyers for the higher priced houses.

With only 3 unit sales over the $500,000.00 in January we should be careful not to measure the expectations for the coming year on one month. I expect we will see an increase over the next few months.

Overall our economy is postive and the buyers are calling to check things out. When that senario is happening it is positive.

I will publish comments on the higher price ranges next week. Please check back later next week for information on the $400,000. plus price ranges

Our Saskatoon market continues to correct, as our inventory declines toward the end of the year. I expect the lower inventories will cause the market under $350,000 to begin to rise again, or at least stabilize.  It will take longer for the higher end market to see any rise in prices.                                                

Unit sales were up 31% this December at 211 homes, compared to 161 sales in December of 2008.  The year began quite soft in terms of unit sales. This has been more than offset by the increase in unit sales in the middle part of the year. The year ended with a net increase in unit sales of 9% overall. This however does not accurately reflect the higher priced properties. There has been declines in the higher priced properties unit sales for 2009.  As the lower and mid range properties stablize, I expect we will see this move into the higher price ranges as well.                                                                               

Gorgeous two storey home with an open floor plan and an assumable mortgage at 1.875%.

MAIN LEVEL
Living Room:  23'10" x 16'11" - Maple Hardwood floor
Dining Room:  15'8" x 10'6" - Maple Hardwood floor
Kitchen:  16'4" x 10'9" - Maple Hardwood floor
Bathroom:  2 piece - Ceramic tile floor
Laundry Room:  11'6" x 8' - Ceramic tile floor
Den:  11'10" x 10' - Maple Hardwood floor

SECOND LEVEL
Second Floor Landing/Retreat Area:  Wall to wall carpet
Bedroom:  22'7" x 12'4" - Wall to wall carpet
Ensuite Bath:  5 piece - Ceramic tile floor
Bedroom:  11'3" x 10' - Wall to wall carpet
Bedroom:  10'10" x 9'10" - Wall to wall carpet
Bedroom:  10' x 10' - Wall to wall carpet
Bathroom:  4 piece - Ceramic tile floor

HIGHLIGHTS:

• Large living room with large windows & natural gas fireplace
• Light Maple kitchen cabinets with built-in dishwasher
• Island with breakfast bar and granite countertop
• Garden door to covered deck off kitchen/dining area
• Main floor den with cathedral ceiling
• Main floor bath
• Main floor laundry
• Beautiful curved staircase to second floor leading to large landing/retreat area overlooking front foyer
• Four bedrooms on second level
• Large master ensuite with large shower, jetted tub, Maple cabinetry and his and her sinks
• Basement has 9' ceilings and large windows
• Central vacuum
• Central air
• High efficiency furnace
• Covered deck at rear of house
• Double attached garage with opener
• Fenced yard with trees and shrubs
• Underground sprinklers

For further information or to book your personal viewing appointment, please call Re/Max Mike Gustus 306-668-1800.

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Keep in mind that if you are considering selling, you could get this small job done for "FREE".  Call us for details!

Just one of the many reasons to hire "The Gustus Group" to help you sell or buy a home.

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This executive home is situated on 5.53 acres in Bergheim Estates, only 10 kms from the City of Saskatoon.

MAIN LEVEL
Living Room: 15' x 15' - Wood floor
Dining Room:  15' x 12'8" - Wood floor
Kitchen:  12' x 11'4" - Porcelain Tile floor
Master Bedroom:  14' x 12' - Wall to wall carpet
Ensuite Bath:  3 piece - Porcelain tile floor
Bedroom:  12'9" x 10' - Wall to wall carpet
Bedroom:  11' x 10'4" - Wall to wall carpet
Bathroom:  4 piece - Porcelain Tile floor
Family Room (Bonus Room):  24'6" x 14' - Wood floor

LOWER LEVEL
Family Room:  27'2" x 15' - Wall to wall carpet
Bedroom:  13'10" x 10'4" - Wall to wall carpet
Bathroom:  3 piece - Porcelain Tile floor
Den (Playroom):  13'2" x 12' - Wall to wall carpet
Laundry Room:  9'6" x 6'10"

HIGHLIGHTS

• Front entry has mirrored closed doors & access to garage
• Living room with vaulted ceiling and 3 sided gas fireplace
• Designer kitchen with Maple cabinets
  - Granite counter tops
  - Large walk-in pantry with high end storage shelf system
  - Custom storage/pots & pans drawers
  - Large curved island with built-in dishwasher & eating bar
  - Maple cabinetry on the double wide fridge & dishwasher
  - Built-in induction cook top and steamer oven
  - Stainless steel hood fan and built-in microwave
  - All appliances are Kitchen-Aide
• Vaulted ceiling in dining room with chandelier lighting and patio
  doors to deck
• Master bedroom with walk-in closet & 3 piece ensuite bath
• Granite counter & large linen closet in main bath
• All closets have custom built closet organizers
• Large designer windows throughout the home
• Triple pane windows with custom wood shutters
• Full sized windows in lower level
• Designer open staircases with LED lightiing in the steps
• High efficiency furnace with air exchange system
• Central air conditioning
• Built-in vacuum with attachments and power nozzle
• Alarm system is owned & includes heat, flood & CO monitored censors, as well as cellular backup, and has access panels on both main and lower levels
• Microwave wireless high speed internet with transferable contract
• City water
• New multi-level cedar deck with rough-in for future hot tub
• Double attached garage with direct entry and openers
• Over sized shed with electrical outlet installed & gardent tool organizer
• 500 Larch trees planted summer 2009
• Beautiful view of the city from the main level

For further information or to book your personal viewing appointment, please call Re/Max Mike Gustus 306-668-1800. 

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This indicates to me that a large per cent of our buyers are first time buyers who are now more comfortable entering the market as the prices have settled back and interest rates have reached the lowest in recent history.

Inventory has fallen late this fall as it usually does this time of year. We still have double the inventory of a few years ago during this time of year.

Average days to sell is down by about 15% from last year. The average price is also down compared to last year by about 11%. Most of this happened early in the the year. We have been pretty flat in terms of price changes through the year.

There is different opinions about whether the economy is coming out of the slump. If we go with the optomists we should see activity move up over the coming months. As this happens we should see more positive activity in the higher price ranges.

The Saskatoon Real Estate Market remains strong with 254 residential units sold in November. 

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Comments Welcome!  To submit a comment, please click on the title above, scroll down the page & complete the form provided. 

Comments Welcome!  To submit a comment, please click on the title above, scroll down the page & complete the form provided. 

Single detached starts each month of the third quarter recorded an improvement from the previous year, contributing to the 402 foundations poured between July and September.  This is the highest level of single family dwellings activity recorded since 1979, when 470 starts took place during the third quarter. 

Total single-detached housing starts of 691 units from January to September remain lower this year, down 36 percent from a year ago.

Total starts in the first three quarters of 2009 in the bedroom communities made up 33 percent of total housing starts in the Saskatoon area, up from 30 percent a year ago.  Notably, the town of Martensville had the highest number of starts, followed by the town of Warman at 48 units.
SOURCE: CMHC

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The market has seen brisk unit sales in September and October in the $200,000.00 - $350,000.00 range. There has been a significant decline in unit sales over the $350,000.00 range from last year in the same period.  Overall unit sales YTD has increased by 5%, while new listings are declining. This is showing up in the lower inventories.

This is good news for the sellers. It is getting more difficult for the buyers to find properties in the lower price ranges in the more popular areas such as the older South East areas. (area 2).

Area 2 unit sales are up 12%. This is primarily in the under $300,000.00 price range.  In the extreme East area (area 1) of the city, home unit volumes are up by 17% over last year.  Judging by the price range volumes, this is in the townhouse and condo markets for the most part.  Area 3, especially in the single family units has a short supply of homes in the $250,000.00 – 350,000.00 range.  Unit sales are down in area 4, in large part due to lack of supply. Area 5 is having a good year with the expansion in the Hamptons as well as a strong demand from first time home buyers for the $200,000.- $250,000.00 single family resale homes. Unit sales YTD over $350,000.00 are down overall.

I feel this tells us that the majority of the buyers today are first time home buyers who are encouraged by the low interest rates and attractive mortgage terms offered by the lenders.

I expect we are going to see a solid market in the coming year as sellers begin to realize that we are not going to get a major step up in prices. We are back into the stable slow growth market that we were accustomed to in the past.

Saskatoon is a great place to live. We are enjoying a level of prosperity and stability here that is envied by the rest of the country. I believe that we are better to have stable growth rather than the huge price swings that the west coast and central Canada has seen in the past.

So if you are considering selling, the market is good for sellers. The buyers are having trouble finding the property they are seeking at what they consider as good value.

If you have been wondering what the value of your property is, and what to expect in your price range and area, I will be happy to sit down and discuss it with you.

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