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  • Blogging Real Estate News & Info by Mike Gustus Blog

    Friday, May 04, 2018   /   by Michael Gustus

    Spring Home Sales Show Positive Increase

    Residential home sales in Saskatoon were 6.7% higher than April of last year with 335 units selling last month. This represents a third of home sales in Saskatoon so far this year. Although the year to date sales for the first four months of 2018 is down 4.8% over the same period in 2017, last month’s increase in sales helped to close the gap. The increase in April sales also was a welcome reversal of a two month trend of declining sales for February and March. Unit sales for April showed increases for homes priced under $350,000. Of the 202 sales in April under $350,000, 73 were condominiums. Homes that sold between $400,000 and $450,000 showed a 30% increase in sales in April over the same month last year with 39 sales. “Homes that are properly priced in that entry level have been seeing competing offers in many cases.” comments Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®

    Also of note, year to date there have only been two residential ...

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    Tuesday, April 10, 2018   /   by Michael Gustus

    Decline in Home Sales First Quarter

    In the first quarter of 2018 there were 648 residential home sales in Saskatoon, this represented an 11% decline year over year from 2017. The year over year decrease in home sales for the month of March was 24% with just 234 residential transactions last month. The number of new listings introduced on the MLS® for Saskatoon is also down for the quarter with 2,183 in 2017 compared to 1,807 so far this year.

    Active residential listings in Saskatoon at the end of March totaled 1,670 for both single and multi-family homes, consistent with the five year average of 1,695. This current level of inventory would take just over seven months to liquidate at the current rate of sales.

    The reduction in active listings is not only the result of fewer homes being listed on the market. “Some sellers may have decided not to relist their home just yet, opting to wait for the more active spring market to try their luck.” “Many sellers believe that spring is the best time to ...

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    Saturday, March 24, 2018   /   by Michael Gustus

    Considering a Secondary Loan Company? Watch for Predatory Lenders!

    Because of the recent interest rate hike combined with additional mortgage rule changes or “Stress Test” implementation, Canadian home buyers are turning to alternative lenders to secure a mortgage. If you’ve had trouble qualifying for a mortgage and are temped to turn to go this route, please be careful! There are other lenders that can be helpful, but for those who don’t carefully read the ‘fine print,’ it can lead to a huge financial mess.
    Some examples or possibilities:
    • Interest and qualifying rates will be higher, and they may charge a small percentage of the mortgage amount as a lender’s fee, so closing costs increase.
    • Less ‘wiggle’ room, such as a ‘sale-only’ clause. This is not as common, but if included it could mean the only way to get out of the mortgage is to sell your home (rather than to transfer it later)
    • Scam artists, such as a paralegal acting as a broker who convinced new ho ...

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