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Home prices in Saskatoon continue to slide: Royal LePage

Home sales and prices in Saskatoon expected to remain soft for the remainder of 2017: Royal LePage.
Home sales and prices in Saskatoon expected to remain soft for the remainder of 2017: Royal LePage. Jonathan Hayward / The Canadian Press

Home prices in Saskatoon continue to slide downwards, according to a new report.

Royal LePage said the aggregate price of a home in the city dropped 1.7 per cent in the second quarter of 2017 to $379,864.

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The median price of a two-storey home and a bungalow slipped to $409,633 and $345,868 respectively, both down 1.7 per cent. Condominium prices were not released.

Prices and sales in Saskatoon are expected to remain soft for the remainder of the year.

“Saskatoon’s residential real estate market continued to march onwards in the second quarter of 2017, producing sales figures that are on par with the same time last year,” Norm Fisher, the owner of Royal LePage Vidorra in Saskatoon, said in a release.

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“While inventory is at an all-time high, home prices have been supported by modest population and job growth, combined with low-interest rates.”

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In a report earlier this month, the Saskatoon Region Association of Realtors (SRAR) said it would take five months to sell the current inventory of just over 2,100 homes on the market.

SRAR also said Saskatoon was firmly a buyer’s market, with a sales to listing ratio of 41 per cent.