SASKATCHEWAN ISN’T TORONTO: Why the New Proposed Mortgage Stress Test Rules are Bad Policy for Smaller Markets
Often ignoring the fact that real estate is highly local, recent headlines have prompted fears that the Canadian real estate market is overheated. Much of this fear, however, comes from large markets such as Vancouver, Montreal, and Toronto, where the average home price has increased 21.6% annually. With such rapid price appreciation and concerns over housing affordability, there have been calls for increasing regulation of “the housing market” (again, ignoring the fact that there are several unique housing markets across the country). Canada Mortgage and Housing Corporation (CMHC), for instance, has reportedly been looking at introducing a tax on home equity (though CMHC notes that this is part of an ongoing research study and that it will not making it policy). RBC Senior Economist Robert Hogue has even suggested that the capital gains exemption on principal residences be removed. Ultimately, both seek to reduce prices (and will help to [...]
May 2021 Media Release & April Market Stats
SASKATCHEWAN REAL ESTATE SETS ANOTHER SALES RECORD May 5, 2021 For immediate release The Saskatchewan real estate market continues to build momentum and set another sales record in April. Across the province, there were 1,865 homes sold (up nearly 182% from last April and up 97.2% year-to-date, going from 2,208 to 3,795), new listings were up over 41% (and up 13.9% year-to-date, going from 2,870 to 5,660,) and the MLS® Home Price Index composite was up 10.5% (up 8.2% year-to-date, going from $256,900 to $283,900). Inventories were also down in all 24 markets that the SRA tracks. “It’s not really fair to compare this April to last April since pandemic restrictions halted activity for part of April last year,” said Chris Gbekorbu, SRA’s Economic Analyst. “But it is fair to compare April with other years, and just like last month, we set another record [...]
Chris Guérette to Lead Saskatchewan REALTORS® Association
April 29, 2021 For immediate release The Saskatchewan REALTORS® Association (SRA) Board of Directors is pleased to announce the appointment of Chris Guérette to Chief Executive Officer of the Association effective June 1, 2021. Guérette is currently the CEO of the Saskatoon & Region Home Builders’ Association, the professional association known to advocate for housing choice, affordability, and a healthy housing continuum in our region. In this role, her team won two consecutive national leadership awards. She is also a Director on the Boards of Saskatchewan Government Insurance, Jubilee Residences and CN’s Saskatchewan Community Board. “Over the years, I have come to know Chris as a highly engaged member in the local and provincial business community,” said SRA Chairperson Sheri Willick. “She is extremely connected in the industry and a huge advocate for the real estate industry. I look forward to working with her and [...]
April 2021 Media Release & Market Stats
April 8, 2021 For immediate release: Download April 2021 Press Release SASKATCHEWAN REAL ESTATE SETS MARCH SALES RECORD; SRA EXPANDS MLS® HPI TO 15 CITIES ACROSS PROVINCE The Saskatchewan real estate market is steadily building on the momentum from January and continues to outperform the market from last March. Across the province, there were 1,719 homes sold (up over 85% from last March and up 71.9% year-to-date, going from 2,208 to 3,795), new listings were up over 41% (and up 13.9% year-to-date, going from 1,936 to 2,205,) and the MLS® Home Price Index composite was up close to 9% (up 7.3% year-to-date, going from $255,800 to $278,400). Inventories were also down in 23 of the 24 markets that the SRA tracks. “We’ve never seen a March like this before” said Chris Gbekorbu, Economic Analyst. “In fact, we typically don’t see this [...]
2021 Market Forecast: SRA Economist Optimistic About Sask Housing Market
Yogi Berra said that “It’s tough to make predictions, especially about the future”. And all of the predictions about the housing market in response to COVID last year certainly show that he was right. Some predicted that sales would drop significantly while others suggested that prices would fall up to 18%. And there was good reason to believe in those dire predictions: Saskatchewan was already in a recession, with its GDP having fallen 0.7% in 2019; and then the global COVID-19 pandemic hit, which plunged most economies into a recession. Yet as 2020 showed, the predictions for the real estate market were completely wrong, with sales in the province jumping 24.5% while median prices rose 1.2%. But the variety of stimulus measures introduced have helped to get the economy going again, with Canada’s five big banks projecting that Saskatchewan’s economy will grow between 4.1% to 4.8% in 2021,[1] and [...]
2020 SRA Awards
Congratulations to this year’s SRA Award recipients. These members were highlighted during this year’s virtual AGM for their successful contributions to the industry. Tim Otitoju The Saskatchewan REALTORS® Association (SRA) is pleased to announce that Tim Otitoju, who demonstrates these qualities and more, was selected by a team of his peers to be named the 2020 SRA REALTOR® of the Year. Every now and then, someone stands out for their ability to influence positive change through their dedication to the real estate industry, commitment to volunteerism and passion for mentorship and development. Otitoju celebrated his 10-year membership with the SRA in 2020. During that time, he has served on the Association of Regina REALTORS® Inc (ARR) and SRA Board of Directors and almost every Board and Operational Committee within the Association while managing his partnership in a Brokerage. Otitoju also played a major role in the amalgamation of the Saskatchewan REALTORS® Association [...]