Share this Story : The Star Phoenix Copy Link Email X Reddit Pinterest LinkedIn Tumblr

Paulson: Established neighbourhood housing market incredibly tight

Options are extremely limited in southeast Saskatoon, and elsewhere

You can save this article by registering for free here. Or sign-in if you have an account.

One day last week, I decided to peruse house listings clustered in lovely but not super-pricey southeast Saskatoon.

Subscribe now to read the latest news in your city and across Canada.

Unlimited online access to articles from across Canada with one account.

Get exclusive access to the Saskatoon StarPhoenix ePaper, an electronic replica of the print edition that you can share, download and comment on.

Enjoy insights and behind-the-scenes analysis from our award-winning journalists.

Support local journalists and the next generation of journalists.

Daily puzzles including the New York Times Crossword.

Subscribe now to read the latest news in your city and across Canada.

Unlimited online access to articles from across Canada with one account.

Get exclusive access to the Saskatoon StarPhoenix ePaper, an electronic replica of the print edition that you can share, download and comment on.

Enjoy insights and behind-the-scenes analysis from our award-winning journalists.

Support local journalists and the next generation of journalists.

Daily puzzles including the New York Times Crossword.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account.

Share your thoughts and join the conversation in the comments.

Enjoy additional articles per month.

Get email updates from your favourite authors.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account

Share your thoughts and join the conversation in the comments

Enjoy additional articles per month

Get email updates from your favourite authors

Sign In or Create an Account

I wanted to focus on areas where there is hope, albeit scant, for finding an existing home somewhere in the average price range.

Paulson: Established neighbourhood housing market incredibly tight Back to video

On that day, I found five single-family homes each in Buena Vista and Exhibition; two homes each in Adelaide-Churchill, Avalon, Brevoort Park and Haultain; one each in Holliston and Queen Elizabeth; and zero in Nutana Park and Eastview.

In addition, there were three condos and one duplex.

There was an error, please provide a valid email address.

A welcome email is on its way. If you don't see it, please check your junk folder.

The next issue of will soon be in your inbox.

We encountered an issue signing you up. Please try again

Interested in more newsletters? Browse here.

That’s it. Twenty single-family homes and five “other.” In 10 neighbourhoods. I also peeked at a couple of other areas, notably River Heights. Zero houses. Three condos.

These were likely among 635 units on the market at the end of January, of which 187 were conditionally sold, leaving 448 active properties, say statistics from the Saskatchewan Realtors Association.

That’s what was left after 237 sales in January, six per cent fewer than in the same month last year, but seven per cent above the 10-year average. There were also, however, fewer listings, down seven per cent year-over-year and 22 per cent below the average.

The overall benchmark price rose slightly, by $100 to $417,800; however, detached single-family homes came in at $485,300, up five per cent year-over-year.

So where are the houses for sale? You’ll find a bunch in newer neighbourhoods such as Brighton, with 90, or Rosewood, which had 23, because yes, there is some building going on.

Three things about this.

One. Saskatoon continues to see listings at a comparable level to the end of 2006, when the market went completely crazy. That was 19 years ago. Saskatoon is much bigger, and ergo has many, many more homes than it did then. Yet the number of homes for sale are in the same range. This is wild.

Two. One of the valid questions that comes up when prices start to rise is, “Why aren’t more people listing their homes? Cashing in on equity?”

In this case, the market is so tight … maybe it’s because there’s nowhere to move INTO? Not everyone wants to switch neighbourhoods, move up to a more expensive home, nor move down into an apartment. They’re perfectly fine where they are, thank you, especially considering the market. That said, if prices rise further and we see some supply increases, it could happen, but it will be a while.

Three. A small decline in sales does not indicate a decline in interest. If there had been more homes on the market to choose from last month, more would almost certainly have sold.

'I ran over, and I held him': Mother from Sask. talks about son surviving Tumbler Ridge shootings Local News

'I ran over, and I held him': Mother from Sask. talks about son surviving Tumbler Ridge shootings

Saskatoon jury finds Desjarlais-Kelly guilty of manslaughter in shooting death Crime

Saskatoon jury finds Desjarlais-Kelly guilty of manslaughter in shooting death

Advertisement 1Story continues belowThis advertisement has not loaded yet, but your article continues below.document.addEventListener(`DOMContentLoaded`,function(){let template=document.getElementById(`oop-ad-template`);if(template&&!template.dataset.adInjected){let clone=template.content.cloneNode(!0);template.replaceWith(clone),template.parentElement&&(template.parentElement.dataset.adInjected=`true`)}});

Two Sask. teens charged after investigation into sharing of 'content associated to violent extremism' Crime

Two Sask. teens charged after investigation into sharing of 'content associated to violent extremism'

Saskatoon man gets 14 years for 'senseless' killing of Kaylum Tom Crime

Saskatoon man gets 14 years for 'senseless' killing of Kaylum Tom

RCMP seek help after woman's body found in burned truck in P.A. Saskatchewan

RCMP seek help after woman's body found in burned truck in P.A.

Builders were on the job last year with 3,812 new homes, 1,694 of them “ground oriented” (not apartments), but here we still are. Given that, will the market loosen this year? I posited last month that it probably would not. At least, not by much, unless perhaps the Canada-U.S. trade relationship completely comes apart.

However, a greater authority, Canada Mortgage and Housing Corp. (CMHC), agrees. Short form: “Elevated sales are expected to continue, supported by strong absorption of ground-oriented units. Active listings are declining and will remain low.”

CMHC predicts starts will be between 3,500 (2,000 apartments) and 4,500 (2,600 apartments) this year, and 6,700 to 7,400 existing home sales, with an MLS average price of $433,00 to $454,000.

Younger people and immigrants are driving the ground-oriented market, says CMHC. However, the rental market may ease, as immigration slows and youth unemployment rises.

Just the same, “Ownership demand has remained resilient to ongoing demographic and trade-related uncertainty,” their Outlook 2026 report said.

One thing is for sure: established neighbourhoods with reasonably-priced single-family homes will remain very difficult to get into, although expect some new apartments to rise in these areas soon. Even overall, if CMHC is right in its forward-looking forecast, we are likely in this market with some minor adjustments until at least 2028.

Joanne Paulson is a local author and journalist who has been covering real estate, off and on, for more than 25 years.

Our websites are your destination for up-to-the-minute Saskatchewan news, so make sure to bookmark thestarphoenix.com and leaderpost.com. For Regina Leader-Post newsletters click here; for Saskatoon StarPhoenix newsletters click here

Share this Story : The Star Phoenix Copy Link Email X Reddit Pinterest LinkedIn Tumblr

Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.

© Saskatoon StarPhoenix