Buyer’s market conditions will continue with 0% change in prices
The Saskatoon housing market is currently experiencing a buyer’s market. The RE/MAX average residential sale price expectation for Saskatoon in 2020 will remain flat at zero per cent. There are currently 8 months of inventory available.
New Canadian’s and high net-worth individuals, including new to Canada buyers drove the Saskatoon housing market in 2019, and are expected to continue to drive the market in 2020. The number of units sold may increase slightly and will keep prices at zero per cent to low single digits year over year. Entry level luxury ($700-$750k) may see a slight decrease due to higher than average listing inventories.
The most popular property type overall is a single, detached house. First-time buyers prefer two bedroom condos and entry level detached homes, while the most popular type of condo is a two bedroom apartment style.
The new development of Brighton on the city’s North East side will be very popular in 2020.
From a national perspective, RE/MAX anticipates a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Healthy price increases are expected, with an estimated 3.7-per-cent increase in the average national residential sales price.
As more Canadians have adjusted to the mortgage stress test and older Millennials move into their peak earning years, it is anticipated that they will drive the market in 2020, particularly single Millennials and young couples. A recent Leger survey conducted by RE/MAX found that more than half (51 per cent) of Canadians are considering buying a property in the next five years, especially those under the age of 45.
Click to read the full RE/MAX 2020 Housing Market Outlook Report.