Sometimes it's more difficult to find as much information on the real estate market in Canadian cities than it is to find info on American cities. Just because it's more difficult, though, doesn't mean it's less important. You should always look into your options thoroughly, whether you're looking at homes for sale in Brampton or a condo here in Saskatoon, Saskatchewan. We do, however, feel for you, especially if you're a busy person. So we've compiled much of what you need to make your decision into this article.
Like the rest of Canada - and the rest of North America - Saskatchewan's real estate market took a hit during the subprime mortgage crisis and the first months of the recession. Property prices plummeted during that time. You could find condos for sale in Toronto at a significant discount and properties were cheaper in Saskatoon as well. However, the drop wasn't as drastic in Saskatoon as it was in larger urban areas like Toronto or cities in California because it wasn't in the middle of such a large housing bubble.
Since the recession hit, Saskatoon has actually had a chance to recover. In fact, its property prices have risen by nearly 9% in the last year. That's a level of growth not quite equal to the 15% or more percent you'll see among Etobicoke houses and other properties in Toronto, but this can be a good thing. Slower, steadier growth is less likely to cause another property bubble that can burst with disastrous consequences for home sellers. With property prices on the rise, it's a good time to buy in Saskatoon. In a few years, you'll make money on your investment.
So how much will a property in Saskatoon set you back? That depends on the type of property you're looking for and where in the city it's located. As of 2010, a small one story house (otherwise known as a bungalow) was selling for an average of $350,000 in the East End, while the same house in the western part of the city would only cost $293,000. If you were to ask Sutton Realty to find you a larger family home, prices would range from about $610,000 for an executive home in the East End to $325,000 for a standard two storey in the west.
If you're looking for a condo type property to take out a variable mortgage in Canada on, you'll find less of that in Saskatoon than in a larger city like Toronto. Townhouses only exist in the East End and the north and go for $230,000 to $250,000. Condos can be found in the east end, east central, and north, districts and go for about $216,000 to $320,000 depending on whether you want a standard or a luxury unit.
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