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Sask. home sales declining, more people falling behind on mortgages in Sask
The federal government is instituting significant changes to Canada's mortgage rules aimed at ensuring homeowners will survive an increase in interest rates. (File image/ The Canadian Press
Published Wednesday, June 6, 2018 9:42PM CST
Last Updated Thursday, June 7, 2018 11:10AM CST
More people in Saskatchewan are continuing to fall behind on their mortgage payments, and recent numbers show the trend is climbing.
The latest report from the Canadian Bankers Association says Saskatchewan leads the country in residential mortgages in arrears at 0.78 per cent.
That’s approximately one in every 130 mortgages. It’s the highest level seen in the province since 1992, and more than three times the national average of 0.24 per cent. The percentage in Saskatchewan has more than doubled since 2014.
The report shows Saskatchewan is followed by Atlantic Canada (0.54 per cent), Alberta (0.45 per cent, Manitoba (0.31 per cent), Quebec (0.29 per cent), B.C. (0.15 per cent) and Ontario (0.10 per cent).
Meanwhile, home sales in Saskatoon are declining according to the Saskatoon Region Association of Realtors.
Their latest report shows in May, home sales in Saskatoon declined 13 per cent year-over-year. And year to date sales are down seven per cent.
“Although the sales to listing ratio is moving towards balance, I emphasize we are still in a buyer’s market” said Jason Yochim, CEO with the Saskatoon Region Association of Realtors, in a news release.
Homes sales in Saskatoon have declined in just about every price range. The only exception we’re homes under $200,000, which saw a 30 per cent increase in sales.
“Saskatoon remains a buyer’s market. However, homes that are priced to market and in good condition will still command great interest and in some cases competing offers.” says Yochim.
The sale price of homes is also on the downswing.
The year-to-date average sale price in Saskatoon was $334,449, a 4 per cent decline from the same time last year. Meanwhile, the medial home sale price is $320,000, below the five year average of $341,980.