JOSH BUCHANAN

July 7, 2019

It’s time for an update of home prices. Check post #176 for the previous update.

As of the end of June, the average MLS sales price for homes in Saskatoon for year-to-date numbers is $330,758. This is down by just $3,200 from last year for the same time period.

Compared to the year 2015 when prices peaked for June’s YTD numbers, we are currently down $25,400 or 7.1%.

This is the criteria for the Benchmark HPI for detached houses:

1110 square feet of above ground living space on a poured concrete foundation, built in 1977, with no covered parking. The home has three bedrooms and two baths and is situated on a lot that’s 5,850 square feet in size.

As of May 2019, these homes are selling for $309,200. The lowest point we’ve seen for any month was $300,100 which was this February. The highest point we’ve seen in the past 5.5 years was $329,500 which was in May of 2015.

If you own a home that meets these criteria or has similar criteria, it’s safe to say that your home is currently worth approximately $20,000 less than what it was 4 years ago as of the most recent numbers. This is a decrease of 6.2%.

This is the criteria for the Benchmark HPI for townhouses:

1168 square feet of above ground living space on a poured concrete foundation, built in 2002, with no covered parking. The home has three bedrooms and two full baths and one-half bath.

As of May 2019, these homes are selling for $218,800. The lowest point we’ve seen for any month was $211,400 which was this March. The highest point we’ve seen in the past 5.5 years was $272,300 which was in May of 2016.

If you own a home that meets these criteria or has similar criteria, it’s safe to say that your home is currently worth approximately $53,500 less than what it was 3 years ago as of the most recent numbers. This is a decrease of 19.7%.

This is the criteria for the Benchmark HPI for apartments:

Built in 1994, this home has 900 square feet of living space with two bedrooms and one bath. No covered parking.

As of May 2019, these homes are selling for $169,100. The lowest point we’ve seen for any month was $167,500 which was this March. The highest point we’ve seen in the past 5.5 years was $210,200 which was in June of 2015.

If you own a home that meets these criteria or has similar criteria, it’s safe to say that your home is currently worth approximately $41,000 less than what it was 4 years ago as of the most recent numbers. This is a decrease of 19.6%.

Conclusion:

Townhouses and apartments appear to have seen similar declines in terms of market value, significantly worse than the decline seen for single-detached houses. Because the market is still imbalanced, these values may continue to declince, however, because ratios are improving, the declines should start to level off.

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