Saskatoon Median House Prices Falling

Posted on Wednesday 15 October 2008

Saskatoon Median House Prices Continue Downward Trend

As would be expected with continued slow local sales, falling oil prices, falling Potash Corp stocks the worst on the TSX and predictions of a Canadian wide housing correction, Saskatoon’s median house price has been progressively falling each month since June.  The median is a better measure of central tendency than Mean, as it is not skewed by a few very large or very small purchases.
June: $299,900

July: $284,500

August: $276,900

September: $271,000

Median since Sept 15, $269,900 (so downward trend continues)

http://www.teamfisher.com/blogs/norm_fisher/archive/2008/10/12/saskatoon-real-estate-week-in-review-october-6-10-2008.aspx?CommentPosted=true#commentmessage


3 Comments for 'Saskatoon Median House Prices Falling'

  1.  
    nap053
    October 28, 2008 | 8:59 pm
     

    Check the graph mid way down the page.
    http://www.greaterfool.ca/2008/10/28/half-time/

    Good visual that Canada’s housing situation, at least in terms of burden of debt, is actually really close to the USA! Worse still, over night wonders like Saskatoon, where housing doubled in 2 years – now inventory 5 – 6 times! what it was half a year ago, possibly over a year of inventory on the market – and a small, but steady and progressive, drop in median prices …

    Canada = record debt
    Saskatoon = over valued housing and housing price increase 10 X that of wage growth

    No reason to think our housing won’t also be due for at least a moderate correction (down another 10 to 15% by year end??) and at most, a major price drop.

    This link is just some more evidence to back up a median price of only $240,000 in Saskatoon by January 1, 2009 – like everything else, Saskatoon is just a bit behind the times

  2.  
    nap053
    October 28, 2008 | 9:03 pm
     

    http://www.greaterfool.ca/2008/10/28/half-time/

    (Quote)””Every day the evidence builds that we are almost exactly two years behind the US housing market curve. This is why some time ago I forecast a minimum valuation drop of 15% in Toronto and 40% in the West. Both have happened, or are in the process. As I also said at the time, I am probably too conservative. And I am.””

    Wow, a 40% drop predicted for Western Canada, and to think:
    Saskatoon’s housing (previously) increased significantly more than anywhere in Alberta
    The average wage in Edmonton is $10,000 to $14,000 > Saskatoon

    Saskatoon housing is MORE expensive than Edmonton, for similar unit

    Maybe my further 10 to 15% drop (on top of the 10% median drop in thebench.ca article) is too Conservative. After all, even a 40% drop still leaves Saskatoon more expensive than 2 years ago, and Merrill Lynch had stated Saskatoon was 50% “overvalued” the most in Canada.

  3.  
    nap053
    October 28, 2008 | 9:10 pm
     

    Canada Housing Collapse just 2 years behind the States
    http://www.reportonbusiness.com/servlet/story/RTGAM.20081028.whousingmerrill1028/BNStory/Business/home

    Plus, while they’re turning a corner, we have exactly four more year of Bush Lite in Canada (because 4 years between elections is the law in Canada)

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