Saskatoon condo prices drop, but home prices remain steady: survey

While condo prices have dropped, home prices have mostly stayed the same in Saskatoon compared to a year ago.

New numbers from Royal LePage show the average price for a bungalow in the city is $366,000.

For a two-storey home it’s $464,000.

The number of condos is up 35 per cent over 2015, and that has resulted in a 10 per cent drop to an average of $226,000.

According to Royal LePage, condo development projects from two years ago are now coming onto the market.

So, how’s Canada doing?

Nationally, Canada’s residential real estate market showed strong year-over-year price increases in the first quarter of 2016.

But some extreme disparities are starting to show, the likes of which the survey hasn’t seen in a decade.

In a news release Thursday, Royal LePage said rock-bottom interest rates, the low loonie and a growing U.S. workforce is stimulating housing demand in leading markets such as Vancouver and Toronto.

British Columbia and Ontario are also expected to see an influx of people moving into the provinces from places like Alberta, hit hard by the oil recession.

For those staying behind in cities like Calgary, housing prices are now adjusting to the lower demand.

The Royal LePage House Price Survey provides information on the three most common types of housing in Canada, in 53 of the nation’s largest real estate markets.

Canada’s numbers

• The price of a home in Canada increased 7.9 per cent year-over-year to $512,621 in the first quarter of 2016.
• The price of a two-storey home rose 9.2 per cent year-over-year to $629,177.
• The price of a bungalow increased 6.8 per cent to $426,216.
• During the same period, the price of a condominium increased 4.0 per cent to $344,491.