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Saskatchewan’s housing market has been on a remarkable run, with sales staying strong for nearly two years straight, and there’s little signs of it cooling off.
Chris Guérette, CEO of the Saskatchewan Realtors Association, says the province has seen sales consistently beating the 10-year average, pushing prices higher in communities big and small.
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“We are looking at 23 consecutive months of sales that are above the 10-year average,” Géurette said on The Evan Bray Show Friday.
Across the province, home prices continue to climb. In May, every region saw year-over-year price gains. Meadow Lake led the way with 14 per cent, followed by Moose Jaw at 13 per cent, Prince Albert at 12 per cent, North Battleford at 11 per cent and Melford at 10 per cent.
Benchmark prices have now reached around $340,000 in Regina and close to $430,000 in Saskatoon. Despite the jump Guérette says Saskatchewan remains the most affordable province in the country when it comes to real estate.
“When you take look at across the county, we are 100 per cent the most affordable province,” she said.
Listen to Chris Guérette on The Evan Bray Show:
But that affordability doesn’t always feel real to buyers competing in today’s heated market. Guérette says bidding wars have become increasingly common, even on modest homes.
One smaller older home in Saskatoon listed for $270,000 recently attracted around 40 bids and ended up selling for $70,000 over the asking price.
“Absolutely, they’re (buyers) not comfortable at all. We hear of these stories almost daily right now,” said Guérette.
“It’s probably a very frustrating experience for people looking for a home, but it’s also stressful experience for those who are selling … it’s a little bit of tough place to serve clients in right now.”
A big factor behind the pressure is low inventory. There simply aren’t enough homes for sale. That’s led more sellers to use a “presentation of offers” strategy, where offers are collected over several days instead of accepting the first bid immediately.
“Still feels rushed, but if you don’t have a presentation of offer, a property can go up and be sold in a matter of hours or even minutes,” Guérette said.
Some buyers are also trying escalation clauses — offering to beat the highest bid by a set amount — but Guérette says price alone isn’t always what seals the deal.
“Sometimes it’s not just the price. Sometime it’s how quickly they want to move, or how slowly. There’s a number of items in an offer,” she said.
Another trend in the competitive market is the so-called “buyer love letter,” where hopeful buyers write personal notes to sellers to try to with them over emotionally.
“That’s another one that we’re seeing a lot of,” said Guérette.
“You’re hoping to hit a personal, emotional chord. Those come with risks at the same time… lean on your realtor who can explain what the risks are with those type of strategies.”
While Saskatchewan remains a relatively affordable place to buy a home compared to Toronto or Vancouver, Guérette warns that prices are climbing faster than the province is used to, and that could eventually put home ownership out of reach of more people.
“We also don’t want to see it go up too much to the point where its becoming unattainable for a larger part of the population,” she said.
She is urging builders to keep construction booming to help balance out the demand.
“Let’s keep that up and for the next two years, we can not take our foot off the gas,” Guérette said.
“When you see cranes, say thank you to those people who are building.”
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