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Saskatoon's market faces declining activity for 3rd year in a row
The 2017 Saskatoon real estate market had a slower market overall compared to 2016 making it the third year, in a row, of sales activity declines. As a result, the average number of days a listing sat on the market in Saskatoon was 61, as of December 2017 — a substantial increase from 51 days in December of 2016. Not surprisingly, if we study Saskatoon’s market throughout 2017, we see a lower number of transactions, on a year-to-year basis.
Yet, the news isn’t totally bleak. Despite the decreased activity, there was an 11% increase in Saskatoon’s home sales in December 2017 compared to December of 2016.
Why the notable increase in sales during December?The most likely reason for the increase in activity towards the end of the year is due to new mortgage rules that came into effect on January 1, 2018. The Office of the Superintendent of Financial Institutions (OFSI) has set a new minimum qualifying rate, or so-called “stress test” for all prospective home buyers, even for those with a down payment of over 20%. Under this new mortgage stress test, home buyers need to qualify for a mortgage at a rate greater than two indicators: either 200 basis points ... more
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