Newcomers and first-time homebuyers to drive Saskatoon housing market in 2023
File photo.
Newcomers and first-time homebuyers will drive Saskatoon’s housing market in 2023, according to predictions released by Remax on Tuesday.
The Saskatoon Housing Market Outlook also predicts an increase in infill development and flipped properties, according to their website.
According to Remax, 2023 will be a seller’s market for single family dwellings, but a buyer’s market when it comes to condos.
The average home price was forecasted to increase from $370,019 in the first part of 2022, to $381,119 in the new year.
Across the county, Remax predicted a 3.3 per cent decline in average residential sales prices for 2023.
The real estate company also foresees balanced market conditions across about 60 per cent of the country.
A Remax survey found that 60 per cent of Canadians own their own home and 73 per cent said it was the best long-term investment, which was up from 49 per cent in 2021. However, 45 per cent said they were concerned that rising interest rates will prevent them from buying a home in the near future.
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