December 4, 2017 12:08 pm

Sales up, prices down in November for Saskatoon’s housing market

More homes sold in Saskatoon during November than a year ago but sales for the year are down.

Devin Sauer / Global News

The number of homes sold in Saskatoon during November rose compared to a year ago but prices continue to slide.

Saskatoon Region Association of Realtors (SRAR) reported that 257 homes were sold during the month, up seven per cent from November 2016.

READ MORE: New mortgage rules could shut out 10% of low-ratio homebuyers: Bank of Canada

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On a yearly basis, sales are down six per cent for the first 11 months of 2017 when compared to the same period last year.

SRAR said the increase in November may be in part to upcoming mortgage rule changes that come into effect in the new year.

The changes include a new stress test for all homeowners when applying for a mortgage to ensure they can cope with payments in case interest rates rise.

READ MORE: Here’s how much house you’ll be able to buy with the new mortgage stress test

Although sales were up, the average price continued to decline, with the home price index (HPI) down 4.05 per cent from a year ago.

The sales to listing ratio for November was 44.4 per cent and it took an average of 58 days for a property to sell.

There were 1,826 active listings at the end of the month, eight per cent higher than November 2016.

© 2017 Global News, a division of Corus Entertainment Inc.

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