Imagine you’re selling your home and an offer from a buyer comes in. You’re excited. Your home might soon be sold!

What happens next?

Typically, we will review the offer together. There will likely be several things about the offer that need to be carefully considered. The most common are:

• The offer price.
• Evidence the buyer is financially able to purchase the property.
• Conditions on the offer, if any.

If the offer price is far less than you anticipated, there might be an opportunity to counter-offer at a higher price. This is part of the art of negotiation, which is an important step in selling your home successfully.

The buyer’s ability to afford your property is also important. Ideally, you’ll want to see a Pre-Arranged Mortgage Certificate from the buyer’s lender, or some other evidence that there won’t be any financial problems closing the transaction. The amount of the deposit is also key.

Finally, you’ll want to look at conditions. The most popular condition requires that your property pass a home inspection, but there may be others. Obviously, an offer with no conditions is ideal.

Saskatchewan reported a record-high 1,631 sales in August, a year-over-year increase of 11 per cent and nearly 25 per cent above long-term, 10-year averages.

Strong August sales were met with a pullback in new listings, contributing to a decrease in inventory levels for the month. As seen in prior months, the inventory decline was largely driven by homes priced below $400,000, as the more affordable segment of the market remains highly competitive.

“Saskatchewan is once again reporting strong sales despite ongoing inventory challenges, inflationary pressures, and higher lending rates,” said Association CEO, Chris Guérette. “Higher interest rates are pushing more purchasers to seek out more affordable options in the market, and, as a result, we continue to experience significant supply challenges in the lower price ranges of our market. These persistent supply challenges are likely preventing even stronger sales activity in August.”

Record sales and low inventories caused the provincial months of supply to drop below four months – below three months in Regina and below two in Saskatoon – reflecting the tightest market conditions seen heading into September since 2007. Despite tighter market conditions, Saskatchewan’s benchmark price eased slightly in August, primarily due to declines in the more expensive detached and semi-detached markets. Notwithstanding price adjustments following months of steady growth, prices remain comparable to levels reported last year.

“Our province continues to benefit from its affordability advantage, record population growth, and gains in international migration. Unfortunately, when housing supply fails to meet the increased demand, as seen in other jurisdictions across the country, inventory challenges become a real concern, and affordability can be eroded,” said Guérette. “We continue to keep a very close eye on inventory levels, specifically in the more affordable segment of our market.”

Regional Highlights

Year-over-year sales growth was driven by gains in the Regina, Saskatoon, and Yorkton regions, while other regions reported a pullback in year-to-date sales. Many regions experienced a pullback in year-over-year inventory levels, resulting in tighter market conditions across all larger regions of the province. The Saskatoon-Biggar region continues to face the tightest conditions in the province, with just under three months of inventory.

Price Trends

The benchmark price varied across Saskatchewan communities in August. The Regina, Moose Jaw, Swift Current, North Battleford, Estevan, and Weyburn regions are all reporting year-over-year price declines, ranging from 2.5 per cent in North Battleford to a high of over four per cent in Weyburn and Estevan.

While other regions report price easing, recent monthly price gains in Melfort, Prince Albert, and Humboldt resulted in record-high benchmark prices in their cities.

City of Regina

The City of Regina reported 359 sales in August, a year-over-year increase of nearly 6 per cent and 22 per cent above long-term, 10-year trends.

Rising August sales were met with a pullback in new listings, resulting in further inventory declines and the months of supply dropping below three months. Despite tighter market conditions, the benchmark price in the Queen City eased over last month due to pullbacks in the higher-priced detached sector.

Regina reported a benchmark price of $313,100 in August, down from $319,200 in July and $318,700 in June.

City of Saskatoon

The City of Saskatoon reported 528 sales in August, a year-over-year increase of 20 per cent and over 36 per cent above long-term, 10-year trends.

Increased sales and lower inventories caused the months of supply to dip below two months, the tightest levels reported so far this year. Despite extremely tight market conditions, Saskatoon’s benchmark price fell to $378,300 in August, down from $382,400 in July and $381,400 in June.

While monthly variations are not uncommon, it is important to note that prices in the Bridge City remain higher than levels reported last year, and well above the $364,900 reported in January 2023.

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.”

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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.

When a buyer opens a cabinet door in your kitchen, it’s not an invasion of privacy. The buyer simply wants to get a sense of the available space. So, you can expect some buyers to explore cabinet space, especially in your kitchen and bathrooms.

That’s why making sure cabinet space looks clean, organized and spacious is so important. Consider these tips:

• If you store a lot of items inside a cabinet, make liberal use of storage bins, baskets, and small plastic containers. Clutter doesn’t look like clutter when it’s organized!
• Go through each cabinet and get rid of as many items as possible. Pay particular attention to expired products. If you haven’t used an item for a while, question whether you need to keep it anymore.
• Consider storing some items somewhere else in your home. For example, pack up less used items and store them in a larger closet or other storage space.
• Thoroughly clean cabinets that are prone to odours, such as the ones under the kitchen sink or used for storing food.

Buyers will only give a cabinet space a quick glance, yet they’ll form a lasting impression. Make sure it’s a good one!

Shopping for a new home in a distant town, city or neighbourhood can be a challenge. It’s especially difficult if getting there requires a very long drive or flight. So, if you’re thinking of moving out-of-town, here are some home shopping tips to consider:

• Schedule a longer than normal viewing appointment. Make sure the seller is aware that you’ll need more time to see and evaluate the home, so they don’t book another appointment too soon after yours.
• Spend extra time in the neighbourhood and surrounding area. Drive the streets. Go for a walk. If possible, chat with neighbours you run into.
• Get all the facts you can about the home and surrounding area. You’ll want to take a close look at crime statistics, property turnover, demographics, etc.
• Don’t rush your travel plans when going to see a listed home. Try to arrive for the viewing relaxed and energized (rather than stressed and fatigued), so you can see the property in an unhurried manner.

Following these simple tips can bring you a lot closer to finding your faraway dream home.

There were 1,691 sales reported across the province in June, a year-over-year decline of six per cent. While year-over-year sales were down, Saskatchewan again reported sales levels well above long-term, 10-year historical averages.

As seen in prior months, inventory levels remain a significant challenge in certain regions of the province. Despite a slight increase from last month, inventory levels were nine per cent below levels seen in the previous year and over 30 per cent below the 10-year average. Inventory challenges continue to impact the more affordable segment of the market, with homes priced below $300,000 reporting a 17 per cent decline in inventory in June.

“While higher lending rates are impacting sales activity, continued employment growth and Saskatchewan’s relative affordability advantage are preventing a significant pullback in sales,” said Association CEO, Chris Guérette. “Our province continues to report strong sales despite persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”

The slight monthly inventory increase did support a modest gain in the months of supply. However, with just under four months of supply, conditions remain lower than levels traditionally seen in June. Tighter conditions again resulted in month-over-month price gains, as Saskatchewan’s benchmark price reached $331,500 in June, up from $329,600 in May.

“Our market continues to demonstrate resilience amid interest rate hikes, ongoing inflationary pressures, and concerns over a national recession,” said Guérette. “We continue to keep a close eye on inventory levels and how tighter market conditions may impact prices moving forward.”

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Regional Highlights
Sales activity has eased across many regions in the province throughout the first half of the year. However, the Swift Current- Moose Jaw Region was the only region to see activity fall below long-term trends.

While adjustments in inventory levels did vary across the province, all regions continue to report inventory below long-term, 10-year trends. Year-over-year inventory levels have improved in the Swift Current-Moose Jaw and Yorkton-Melville regions, while the Saskatoon-Biggar region is currently reporting the tightest conditions in the province

Price Trends
The benchmark price varied across Saskatchewan communities in June. As most cities report year-over-year and monthly price growth, the cities of Swift Current, North Battleford, and Yorkton experienced monthly and yearly price decreases. Additionally, the Humboldt region reported its highest benchmark price on record in June

City of Regina

The City of Regina reported 367 sales in June, a year-over-year decline of nearly 10 per cent. While year-over-year sales levels eased, they remain over 11 per cent above long-term, 10-year trends.

A pullback in sales and new listings resulted in inventory similar to levels reported last month. Inventory levels in Regina remain nearly 30 per cent below long-term trends, the lowest levels reported in June since 2014.

With only 2.8 months of supply in the Queen City, current conditions are the tightest they’ve been in June over the past decade. Tighter conditions are contributing to monthly price gains as the benchmark price in Regina reached $318,700 in June, up from $316,100 in May.

City of Saskatoon

The City of Saskatoon reported 541 sales in June, up nearly two per cent year-over-year and 17 per cent above long-term trends.

Despite a slight month-over-month improvement in new listings in June, inventory levels remain over 40 per cent below the 10-year average.

Tight market conditions persisted in June, with under two months of supply supporting further price growth in the Bridge City. The benchmark price reached $381,400 in June, up from $380,100 in May.

Purchasing a home is not the same as buying a product off the shelf. You don’t simply pay the price on the tag and know it’s yours. You can’t just see a home for sale and say, “I’ll take it!”, especially if the market is competitive. You need to make an enticing offer.

That offer, of course, would include the price you propose to pay. That price may or may not be the “price tag” or the asking price. In order for your offer to be successful, it needs other ingredients too. For example, winning offers often include evidence that appropriate financing has been arranged. This gives the seller confidence that you can afford the home and that the deal won’t fall through due to an issue with the mortgage.

Also, you may need to put conditions on your offer, such as making it conditional on selling your current home. You’ll need to be careful here. Adding a condition or two may be necessary to protect your best interests, but may also dissuade the seller from accepting your offer.

Negotiation is perhaps the most important part of the buying process. Even if there are no competing offers, there will likely be back-and-forth discussions about price, conditions, closing dates, and more. Savvy negotiating is critical, not only to ensure you get the home, but also that you get it for the lowest price and best terms possible.

Real estate negotiation is not for the timid. It requires in-depth knowledge of the local market, hard-won negotiating skills, and experience. If you’re selling your home, buying a new home, or both, keep in mind the important role that negotiation has in getting you what you want.

If you’re entertaining the idea of selling your home, especially within the next year, one question you might be grappling with is, “Should I sell now, or wait until market conditions are more favourable?”

The answer is simple. Your decision to sell should be guided by your own needs and desires and not by what you think the market will be like months from now.

First of all, it’s nearly impossible to predict the future in the real estate market. Months from now, it could be a buyer’s market, a seller’s market, a quiet market, or even a frenzied market! Who knows? It’s like trying to predict what the weather will be like on this day next year.

And, if you’re also buying a new home, then market conditions play a less important role. After all, if you sell in a seller’s market and get a high price for your home, you’ll also be paying a seller’s market price for your new home.

In most situations, the “right” time to sell is when you’re ready to make a move.

There were 1,736 sales recorded across the province in May, resulting in a four per cent year-over-year decline. However, despite the year-over-year decline, sales levels were 20 per cent above long-term, 10-year averages.

Stronger sales in May were possible due to recent monthly gains in new listings. While the seasonal boost in new listings also caused inventories to trend up over the last month, inventory levels remain lower than levels reported in the previous year. They are at their lowest level reported in May since 2008. While year-over-year inventory levels have improved for homes priced above $300,000, more was needed to offset the declines occurring in the lower price ranges.

“Saskatchewan continues to benefit from a strong economy which is helping offset some of the impacts of higher lending rates, keeping sales activity above levels seen before the pandemic,” said Association CEO Chris Guérette. “Despite ongoing inventory challenges, our market is once again showing its resilience as sales remain above long-term averages.”

Adjustments in both sales and inventories in May caused the months of supply to fall below four months. As expected, tightening conditions contributed to monthly gains in the benchmark price. As a result, Saskatchewan’s benchmark price reached $329,600 in May, nearly two per cent higher than the month prior.
“Supply levels do vary across different regions of the province. For example, much of the inventory declines have been driven by the Regina and Saskatoon markets, while other parts of the province are reporting year-over-year gains. For any buyer or seller active in this market, it will be important to work with a professional to understand how market conditions can vary depending on property type, price range and location.”

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Regional Highlights
Most regions across the province reported year-to-date sales declines in May. However, the Swift Current-Moose Jaw Region was the only region that saw sales activity fall below long-term trends.

Adjustments in new listings resulted in year-over-year inventory level gains in both the Swift Current–Moose Jaw and Yorkton-Melville regions. Despite recent shifts, inventory levels generally remain well below long-term averages across all areas of the province.

Inventory adjustments have kept conditions relatively tight across all regions of the province, but the tightest market conditions are being experienced in the Regina-Moose Mountain and Saskatoon-Biggar regions. Tighter market conditions also resulted in monthly price gains across all regions of the province.

Price Trends
The unadjusted benchmark prices varied across different regions of the province in May, with most regions reporting a monthly gain.

City of Regina

The City of Regina reported 418 sales in May, an eight percent year-over-year decrease. Although sales eased on a year-over-year basis, they remain far higher than the 10-year average and pre-pandemic levels. While new listings did report seasonal monthly gains, inventory levels remain well below what we traditionally see available in May.

Stronger sales compared to new listings prevented any significant change to the inventory challenges Regina is experiencing. This caused the months of supply to fall to 2.4 months in May, lower than the levels seen last year and last month. Tight market conditions resulted in monthly price gains as Regina reported a benchmark price of $316,100 in May.

City of Saskatoon

The City of Saskatoon reported 538 sales in May, nearly identical to sales in May 2022 and well above long-term averages. Despite seasonal gains in new listings, inventory levels remain well below the 10-year average.

Higher sales and lower-than-average new listings prevented any significant change in inventory levels, causing the months of supply to fall to two months. As expected, tighter market conditions are placing upward pressure on home prices. Saskatoon’s benchmark price reached $380,100 in May, a monthly gain of nearly two per cent.