Saskatchewan REALTORS® Association Mandates Against Open Houses During COVID-19 Outbreak Saskatchewan REALTORS® are taking every action possible to protect public safety in-light of the COVID-19 outbreak. Most notably, the Saskatchewan REALTORS® Association (SRA) has made the decision not to support all open houses until further notice, effective immediately. The SRA has taken the unprecedented step to mandate a “no open house” rule for all members in the province. We recognize the economic impact this may have but feel an ethical responsibility to mitigate the spread of the COVID-19. “There has been a great deal of discussion about what we as an association can do to support the global efforts to slow the spread of COVID-19. Our industry is largely based on relationships. We’ve had to shift from making in-person connections to utilizing technology and tools wherever possible,” says SRA Chairperson Tim Otitoju. “Is it convenient? No. Is it necessary? We [...]

As COVID-19, a coronavirus, continues to spread, it is up to each of us to play a role in protecting ourselves and those around us, and making every effort to reduce transmission. The SRA has put together an action plan to mitigate any unnecessary risk and protect our staff, members and business assets as best we can. What you can expect:  Effective immediately, the SRA will suspend all gatherings for work or social functions. Where possible, meetings and training will take place remotely via technology. The following will be affected by the SRA Pandemic Plan: Member Education and Training All in-person member training and events have been suspended, however distance training will be still be available. One-on-one in person training will not be offered until further notice. Members are encouraged to contact staff for training and support by phone or email. Member Meetings All in-person member meetings have been suspended All previously scheduled [...]

Canadian home sales down in January Ottawa, ON, February 14, 2020 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales declined between December 2019 and January 2020. Highlights: National home sales fell by 2.9% on a month-over-month (m-o-m) basis in January. Actual (not seasonally adjusted) activity was up 11.5% year-over-year (y-o-y). The number of newly listed properties was little changed (+0.2%) m-o-m. The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 4.7% y-o-y. The actual (not seasonally adjusted) national average sale price climbed 11.2% y-o-y. Home sales recorded over Canadian MLS® Systems declined by 2.9% in January 2020, although they remain among the stronger monthly readings of the last few years. Access the January 2020 stats PDF. For more information, please contact: Pierre Leduc Media Relations pleduc@crea.ca The Canadian Real Estate Association 200 Catherine Street, 6th Floor    Ottawa, ON K2P 2K9 [...]

Earlier today, Minister of Finance Bill Morneau announced changes to the mortgage stress test. The new benchmark rate used to determine the minimum qualifying rate for insured mortgages, coming into effect on April 6, 2020, will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2 per cent. Recently, the gap between the Bank of Canada’s five-year benchmark rate and borrowers’ actual contract rates has been widening, suggesting the benchmark rate has become less responsive to changes in the market. In October 2016, Finance Canada introduced a stress test for insured mortgages. In 2017, the Office of the Superintendent of Financial Institutions (OSFI) issued an update to Guideline B-20, requiring uninsured mortgages to be stress-tested as of January 2018. CREA data indicates that per capita sales activity for residential units in 2018 reached its lowest point since 2001, with 2019’s final sales total tied for [...]