It was a slow market for home sales in Saskatoon in 2017.
The Saskatoon Region Association of Realtors says the overall sales volume was just short of $1.6-billion, a 9 per cent decrease from 2016. It was the third straight year of decline since the peak in 2014 at $2.1-billion. Crunching the numbers, CEO of the Association, Jason Yochim, says roughly a third of the homes listed for sale ended up actually selling. With lower sales and a large inventory of homes to choose from, home prices are coming down a bit. The average price for a home in Saskatoon was down 3.3 per cent in December to $324-thousand. On a more positive note for home sellers, when comparing December sales from 2017 to 2016, there was a 13 per cent increase, which Yochim expects can be partially because of mortgage rule changes that took effect on January 1st. Home buyers with 20 per cent or more down payment now have to qualify at a a higher interest rate than the posted rate, or the Bank of Canada's 5-year rate, whichever is highest.