Saskatchewan Real Estate Is Red Hot, And Sees No Cooling Trend In Sight

Saskatchewan real estate is red hot, and sees no cooling trend in sight. But, don not despair, decent homes with decent prices can still be found.

In a city where the average selling price of houses is now $265,000, the report says first-time buyers looking for something affordable in Saskatoon are still finding bungalows in good condition for under $200,000 in west-end neighbourhoods such as Confederation Park, Fairhaven, Meadow Green, Mayfair and Westmount.

There are also condos to be had in apartment conversions in neighbourhoods such as Hudson Bay Park.

Should a first-time buyer look at going into a $200,000 detached house in the Saskatoon real estate market, carrying costs for a $180,000 mortgage would sit at about $1,150 a month for a conventional 25-year mortgage or about $976 for a 40-year mortgage. Those numbers were calculated by Re/Max using TD Canada Trust financing at 5.75 per cent for a five-year term. The mortgage rate payments were calculated before Tuesday's Bank of Canada half-point rate cut. Article