Saskatoon

Saskatoon realtor calls city's housing market 'soft'

Blames increased supply, less demand

House for sale sign

Saskatoon realtor, Norm Fisher, says first time buyers should look at their life situation. He said renting might make more sense for some. (CBC File Photo)

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There have been many glowing describers used to talk about Saskatoon's real estate market over the last five years or so — words like hot, thriving and booming.

Norm Fisher

Realtor Norm Fisher says some home buyers can expect significant discounts in Saskatoon right now. (CBC)

"There is lots of selection." - Norm Fisher 

Saskatoon realtor Norm Fisher offered a more deflated view.  

"We are seeing a general softening," Fisher told CBC Radio's Saskatoon Morning.

Fisher is with Royal LePage Vidorra.  

He said the downturn in the resource economy has slowed the demand a little bit in Saskatoon, and at the same time a lot of homes and new condos are available on the market.

Fisher said that the best deals can be found in the condo market.

"There is lots of selection and there is few people buying, so as a buyer you are definitely going to be able to make a better deal there," he added.

According to Fisher, the prices for condos are down about 10 per cent in the city. He said a condo that may have sold for $200,000 last year is now listed at $175,000 or less.

Good time for first time?

The realtor's advice for first time home buyers is mixed right now.

Fisher said it is important to take a look at your near future and understand whether your life situation might change within the next five years. If so, renting might be the best option. After all, landlords are now offering some big incentives to fill vacant rental properties. 

However, for more stable people, looking to get into a first home, Fisher suggests they look to the city's newer neighbourhoods.

"You are going to see a good selection of stuff this spring for $350,000 so if you can do a little work on that yourself like maybe some landscaping, you should do fine on that."

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