Home prices down in Saskatoon: Royal LePage

A sign advertises a new home for sale in Carleton Place, Ont. on Tuesday, March 17, 2015. (Sean Kilpatrick / THE CANADIAN PRESS)

Home prices in Saskatoon are continuing to decline, according to a new survey.

The Royal LePage House Price Survey, released Wednesday, indicates home prices in Saskatoon saw moderate declines in the final quarter of 2017.

The aggregate price of a home in the Saskatoon region dipped 2.2 per cent year-over-year to $377,222. The median price of a two-storey home decreased 0.4 per cent year-over-year to $410,819, while the median price of a bungalow decreased 4.6 per cent to $355,854.

Royal LePage Vidorra broker and owner Norm Fisher said the decrease in home prices in the final quarter of the year comes down to a high amount of available homes, especially in the bungalow segment of the market.

“In recent months, we have seen a surplus of activity points below $350,000 that has boosted the market, but not enough to keep prices from sliding,” Fisher said.

“We continue to struggle with low commodity prices. When they are down, our housing market is impacted significantly.

Fisher added that layoffs in the potash and uranium industries have also kept Saskatoon’s unemployment rate above the national average, but he does see improvements in the future.

“Saskatoon has great inventory at an affordable price point for first-time buyers to choose from, providing them with attractive options and time to make an informed decision,” he said.

Royal LePage compiled date from 53 of Canada’s largest real estate markets. It says the nation saw strong but slow price growth in the fourth quarter of 2017. Residential home prices increased 10.8 per cent year-over-year to $626,042 over the three-month period. The median price of a two-storey home rose 11.1 per cent year-over-year to $741,924, and the median price of a bungalow climbed 7.1 per cent to $522,963.

Condominium prices rose faster than any other housing type. According to Royal LePage, condos went up 14.3 per cent to $420,823 on a year-over-year basis in the fourth quarter of 2017.