SASKATOON – Saskatoon has some of the highest housing prices in Canada.
According to a new survey from Royal LePage, the average price of a detached bungalow was $369,250 during the second quarter of this year, an increase of 5.2 per cent from the same period last year.
That is the sixth highest price for a bungalow in the 17 cities in the survey. By comparison, a bungalow in Edmonton went for $347,344 while in Regina, the average was $330,000.
Prices were also up 3.9 per cent for a standard two-storey house to $394,250, seventh highest in the country, beating out Edmonton and Regina and close to the average price in Ottawa and Montreal.
“Our strong local economy and low unemployment rate are driving population growth, which is in turn leading to decreased housing availability,” said Norm Fisher, broker at Royal LePage Saskatoon Real Estate.
“The decreased number of available properties has spurred a number of multiple-offer scenarios, with as much as 30 per cent of listed properties selling at or above asking price.”
The same was not true for a standard condo, with prices dropping 0.3 per cent to $255,000, seventh highest on the list, beating out Edmonton and Montreal and close to the average in Ottawa and Calgary.
Prices are expected to continue to rise.
“The buoyant job market in Saskatoon will keep prices and unit sales strong for the balance of 2013,” said Fisher.
“Expectations of interest rate increases may also contribute to higher activity, as buyers try to get into the market in advance of rate hikes.”
Nationally, the average price of bungalows and two-storey houses rose by 2.7 per cent while the price of a standard condo rose by 1.2 per cent.
Average housing prices Q2 2013 – Royal LePage survey