Houses under $500,000 are typically attractive to single families and first-time home buyers.Although many of the comparisons seem negative, agents and the Home Builders’ Association said it could be worse.
“Our market does seem to be resilient here in Saskatoon with our economy being so good, so we are looking forward to seeing what 2023 brings,” Turner said.The Home Builders’ Association report said “media outlets reporting massive pricing drops in markets like Vancouver and Toronto negatively affect potential homebuyers in Saskatoon and area which has not seen the same decline. Furthermore, affordability is key, and Saskatoon is affordable.
They say the average single-family home in Saskatoon this year is $526,166 while the same homes in Toronto or Vancouver are sitting between $1.5 and $3 million. The Bank of Canada said that in order for inflation to be controlled, the economy must be forced to slow down. They predict interest rates to reach a record high if rate hikes continue into 2023.