The Bank of Nova Scotia is predicting that Saskatoon is one of the few markets in the country which will continue to see rising house prices this year.Scotiabank says Saskatoon had the biggest price increase of any housing market in the country last year, and it is predicting Saskatoon prices will continue to rise this year.
Scotiabank says it looks at demand, affordability and supply, and it says Saskatoon & Sudbury are the only two markets in the country to hit all three of those measures positively, which could result in significant price increases in those two markets in 2008.
Scotiabank is predicting that Canadian house prices are likely to rise about 3.5 per cent this year from 2007, while the number of houses sold are expected to drop about 4 per cent.
That compares with a 10.8-per-cent home price increase and 7.9-per-cent jump in sales year over year in 2007.
You can read more in this Toronto Globe & Mail story.
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South Winnipeg Home
Price: $220,900
Beds: 3
Baths: 2
Sq. Ft.: 1,810
$/Sq. Ft.: $122
Lot Size: 40ft x122ft.
Age (Years): 10
Year Built: 1998
Sales history:
Date Price Appreciation
Jun 25, 1999 $230,000 >0%
Jun 15, 2005 $360,000 >50%
Apr 12, 2007 $480,000 >110%
Aug 07, 2007 $560,000 >150%
Listing history:
Date Price
Apr 10, 2008 $295,900
May 02, 2008 $220,900
Loss if sold for asking: $259965 or 54.1%
Comments: Here’s a highlight from the last report. Okay, so this one is in Winnipeg, MB, and it just got a new price cut and now the listing price is lower than its 1999 sales price of $230,000! Considering inflation and such in the last 9 years, $230,000 in 1999 is worth considerably more than $220,900 now. We will see if this happens in the rest of Canada!
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