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