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“The really good houses, you pretty much have to go the exact same day as (they’re) listed, and even then you probably are going to get into a bidding war,” he said Friday.
He adds that bidding wars over Saskatoon homes are happening at a rate he has never seen in his 11 years working in Saskatchewan.
“(Last) Friday I got into two bidding wars with two different clients,” he laughed. “That’s not something you see too much of.”
A new report from RE/MAX shows this is the case across the country, making it harder for first-time homebuyers to get into the market.
RE/MAX Canada Regional Executive Vice President Elton Ash says this competition could continue.
“In March, we’re anticipating the Bank of Canada to start edging the overnight rate up with inflation concerns and that sort of thing,” he said Thursday. “That’s going to push buyers suddenly, because they’ve been looking and they’re going to want to lock in at a lower rate.”
Rural Boom: Why millennials are flocking to small town Canada
He said buyers from all across Canada are now seeing the value of an affordable new house in the Prairies.
“People are looking at that and saying, ‘Hey, yeah I might today be working in Toronto but I can work remotely and I can move back home to Saskatchewan where prices are much more affordable; family life will be better and I can work remote,’” Ash explained.
Ens says he’s seen this play out in his day-to-day job, with plenty of newcomers in the last year.
“We’ve seen people from Toronto, Chilliwack, B.C., places like that that are coming here,” he said.
From his perspective, the report is accurate in its prediction that houses will likely only continue to slowly increase in price, but he says a seller’s market won’t always make things easier.
“When you have bidding wars and you have multiple offers it sounds great for a seller,” he explained. “But it’s also very tricky because you could actually lose all the offers because you do something wrong.”
The bottom line, he says, is that Canada is a seller’s market — and Saskatchewan is selling fast.
© 2021 Global News, a division of Corus Entertainment Inc.
Canada’s Real Estate Bubble Is So Big Even The Mother of All Crashes Can’t Fix It – Better Dwelling
Lack of listings pushes Alberta real estate into a sellers' market – Calgary Herald
Amid the success of the real estate market is a sore spot that could drive up prices more than expected, and that’s low inventory in the coming year, according to one national realty firm.
While the pinch of low supply is most acute in larger centres like Toronto and Vancouver, Alberta is also “feeling the inventory pinch,” says Rachel Rehkopf, spokesperson for Zoocasa Realty Inc. in Toronto.
She points to December total sales rising by 27 per cent in Alberta while new listings remained stagnant.
That “pushed the entire province into sellers’ market conditions.”
The province sits at 2.5 months of residential inventory. That essentially means if no new homes came to market over the next two and a half months, and current demand for housing continues, Alberta would have no more homes for sale.
It’s a scenario that’s unlikely to happen, of course, and the overall supply-demand picture is better in Alberta than other parts of the country, she adds.
In Ontario, for example, supply is 0.6 months while the metric is 1.7 months in British Columbia.
Yet Alberta’s supply is significantly lower than last year when it had four months of supply, she says.
Calgary is the tighter of the two large markets in the province with only 1.5 months of supply, while Edmonton actually added new listings in December, growing by about 10 per cent, year over year. Still, sales in Edmonton outpaced new listings, resulting in a 14 per cent decrease in inventory.
Overall, high demand in both cities paired with continuing low supply will likely drive prices higher in the year ahead, she notes.
Welcome to Real Estate Friday! – theberkshireedge.com
Here’s what we have for you this week in The Edge Real Estate section:
- Property of the Week – Janet Kain of TKG Real Estate offers the opportunity to live in a stunning home, lovingly cared for and perfectly located for year-round enjoyment of the Berkshires.
- Transformations – Designer Jennifer Owen and her clients imagined a calming space to relax while listening to the Boston Symphony Orchestra Live from Tanglewood on the radio!
- Weekly real estate transactions for Berkshire County, Northern Litchfield County and, now, Columbia County
- Market Perspective – Updated this week: The 2021 year-end real estate report from the Berkshire Board of REALTORS. What does it tell us?
- The Self-Taught Gardener – How does Joan Didion’s approach to life and to her art inform our Self-Taught Gardener on how to garden?
- Gardener’s Checklist – The holidays are over and the winter doldrums have set in. What’s a gardener to do to lift his spirits in these dark days?
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