When searching for a new home, many buyers will focus only on the list price and what they may need to offer to get the property. For example, a buyer might think, “We can get this house for $XX. That’s within our price range!”

Of course, the selling price plays the pivotal role in whether or not you can afford a particular home. But, carrying costs should also be considered.

Carrying costs include any regular expenses related to the property. The obvious ones are gas, hydro, water, garbage, and taxes. But, there may be others. For example, a home may also have a subscription-based alarm system, high-speed internet, and hot water tank rental.

If there are common elements, such as a private street or some other neighbourhood feature, there may be an annual maintenance fee.

It’s also smart to factor in predicted maintenance and repair costs, especially when buying an older home. A property that hasn’t had its roof shingles replaced in 20 years may be due soon.

So, when you’re shopping for a new home, consider what the carrying costs will be. That will help you make a more informed decision.

That being said, stretching to pay a little more in monthly costs may be worth it, if you love the home and it, (as well as the neighbourhood) has everything you want.

If you’re thinking of selling this fall, this is the ideal time to start the process. The earlier you get ready, the more successful your sale will be. It will likely go a lot smoother, too.

So, with those benefits in mind, here is a quick checklist that will guide you in preparing to list this fall:

• Financials. Find out how much your home will likely sell for in the current market. That calculation is made by looking at what comparable homes in the area have sold for recently.

• Decluttering. The more neat and spacious your home looks to buyers, the more appealing it will be to them. So, be relentless when decluttering.

• Fixing. If anything needs to be repaired or replaced, this is the best time to get that work done. You don’t want to have to scramble to find a contractor later on.

• Staging. Staging is the art and science of setting up a room so that it looks attractive to buyers. Well-staged homes tend to sell faster and for a higher amount. You can stage your home yourself or get professional assistance.

• Scheduling. When you list in the fall, you want to make it as convenient for buyers as possible to book appointments to see your home. So, make sure you have plenty of scheduling flexibility.

• Targeting. Are you also buying a new home? If so, then start the process now. Decide what type of home you’re looking for specifically and narrow your focus to those neighbourhoods you want to get into.

Starting the selling process now gives you a head start when you list this fall. So, begin working through this checklist today.

Saskatchewan reported 1,560 sales in July, a year-over-year increase of 9 per cent and nearly 13 per cent above long-term, 10-year averages. Much of the increase was driven by property priced below $300,000, as the more affordable segment of the market remains highly competitive.

As seen in prior months, inventory levels remain a significant challenge in many areas of the province. Despite a slight increase from last month, inventory levels were 11 per cent below levels seen in the previous year and over 30 per cent below the 10-year average. While inventory challenges continue to impact the more affordable segment of the market, there have been slight inventory gains in properties priced above $300,000.

“Higher lending rates continue to impact both buyers and sellers, with many consumers seeking more affordable options in our market,” said Association CEO, Chris Guérette. “Potential move-up buyers are less likely to list in the current rate environment. When paired with persistent inventory challenges, the more affordable segment of the market remains extremely competitive.”

Despite a modest gain in the months of supply, which reached over four months in July, conditions remain tighter than last year and significantly below long-term trends. Tighter market conditions again resulted in month-over-month price gains, as Saskatchewan’s benchmark price reached $333,100 in July, up from $331,500 in June and $329,600 in May.

“While inventory levels remain a concern for us, Saskatchewan is once again reporting sales levels well above long-term trends,” said Guérette. “Our market continues to benefit from a strong economy and record population growth, which is proving to help offset some of the impact caused by another policy interest rate increase by the Bank of Canada.”

###

Regional Highlights

As seen in prior months, year-to-date sales activity has eased across many regions of the province. Despite the year-to-date decline, many regions are reporting sales levels above long-term trends.

Adjustments in inventory levels continue to vary across the province. However, many regions continue to report inventory below long-term, 10-year averages. The Saskatoon-Biggar region is experiencing the tightest conditions in the province, with less than three months of inventory.

Price Trends

The benchmark price varied across Saskatchewan communities in July, with many regions reporting year-over-year and monthly price growth.

The City of Estevan was the only region to report both yearly and monthly price decreases. In contrast, Saskatoon, Prince Albert, Yorkton, and Meadow Lake all reported record-high benchmark prices in July.

City of Regina

The City of Regina reported 352 sales in July, a year-over-year decline of less than 1 per cent. Despite the slight year-over-year decline, July sales levels were nearly 17 per cent above long-term, 10-year averages.

A pullback in both sales and new listings prevented any significant change to the inventory challenges being experienced in Regina. Despite a slight month-over-month improvement in the months of supply, market conditions remain tight in the Queen City.

Regina reported a benchmark price of $319,200 in July, up from $318,700 in June and $316,100 in May.

City of Saskatoon

The City of Saskatoon reported 497 sales in July, a year-over-year increase of 11 per cent and nearly 16 per cent above long-term, 10-year averages.

Strong sales levels prevented any significant change in inventory levels in July. Despite a slight increase in the months of supply, conditions remain extremely tight in the City of Saskatoon.

Saskatoon reported a record benchmark price of $384,200, up from $381,400 in June and $380,100 in May.