Market Update…

As of the end of September, there were 1,748 residential listings in Saskatoon and a further 948 in the surrounding areas.  Year to date, Saskatoon has seen 6,773 listings hit the market, up 43% from the same time last year.  Areas 6-9 have seen 2,192 listings come onto the market, up 74% from 2007.  There have been 2,969 residential sales in Saskatoon this year, down 18% from 2007 (but up 8% from 2006).  In Areas 6-9 there have been 761 sales, down 11% from a year ago (up 26% from 2006). 

Much is being speculated in the media, that the Canadian mortgage market and economy will experience the same turmoil as the USA.  Although there has (and will continue to be) some slowing in the housing market, to compare Canada to the U.S. is way off base, as quoted by the Mortgage Group Canada Inc. in a September 25^th, 2008 Special Update on Canadian mortgages.  The full report is available at http://www.marksmortgages.ca/news.asp.