A recent study by Century 21 found the price of Saskatoon homes per square foot has gone up by nearly 20 per cent in the first six months of 2021 compared to 2020.
A local realtor and broker owner of 21 Century Fusion, Gary Busch, says there are a few reasons for the jump.
“The houses kept going because there was low supply, high demand, and low interest rates. So that combination has really been kind of the perfect storm as far as why residential has gone up,” said Busch.
Last year when the COVID-19 pandemic hit, fewer people had their homes on the market since they were not looking to move.
As a result, the number of houses on the market dropped, so prices shot up.
People were also spending less money, which meant they had more saved up for a down payment on a house.
In addition, continued low interest rates meant buyers were more interested in taking on a big purchase.
Although house prices per square foot in Saskatoon went up, there was little change in the condo and apartment market sitting around half of a per cent.
Regina’s housing market is seeing four times lower prices per square foot at only about five per cent.
Their condo and apartment numbers are even lower at about point two per cent.
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