Saskatchewan real estate market conditions make it difficult for buyers: real estate agents
Saskatoon real estate agent Warren Ens says the current conditions in the Saskatchewan real estate market are not for the faint of heart.
“The really good houses, you have to leave pretty much the same day that (they’re) listed, and even then you’re probably going to get into a bidding war,” he said on Friday.
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He adds that the Saskatoon home bidding wars are unfolding at a rate he has never seen in his 11 years working in Saskatchewan.
“Last Friday I got into two auction wars with two different clients,” he laughed. “It’s not something you see too much.”
A new report from RE / MAX shows this to be the case across the country, making it more difficult for first-time homebuyers to enter the market.
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RE / MAX Canada Regional Executive Vice President Elton Ash said this competition may continue.
“In March, we expect the Bank of Canada to start raising the overnight rate because of concerns about inflation and that sort of thing,” he said Thursday. “This is suddenly going to push buyers because they’ve been looking and they’re going to want to commit at a lower rate. “
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He said buyers across Canada are now seeing the value of an affordable new home on the Prairies.
“People look at that and say, ‘Hey, yeah, maybe I’m working in Toronto today, but I can work remotely and I can go back home to Saskatchewan where the prices are much more affordable; family life will be better and I will be able to work remotely, ”said Ash.
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Ens says he’s seen this happen in his day-to-day work, with many newcomers arriving over the past year.
“We’ve seen people from Toronto, Chilliwack, BC, places like that come here,” he said.
From his perspective, the report is correct in its prediction that home prices will likely only continue to rise slowly, but he says a seller’s market won’t always make things easier.
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“When you have bidding wars and you have multiple bids, that sounds good for a seller,” he explained. “But it’s also very tricky because you might actually lose all the offers because you are doing something wrong.”
The bottom line, he says, is that Canada is a sellers market – and Saskatchewan sells fast.
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