Leo & Taylor Morrison

As the summer air slowly cools, the days become shorter, and kids return to school, the real estate market settles… Or does it?

The real estate market in Saskatchewan follows a seasonal business cycle like most other markets in the country. For example, ice cream is a delicious and refreshing treat on a hot summer day, but hot chocolate is more common in the middle of January when it’s -40 degrees. The same general idea applies to the real estate economy. The late spring and early summer months are the busiest times of the year for realtors. During this COVID-19 era of low-interest rates, houses may continue to sell at a rapid pace.

“Historically the real estate market tends to slow down around August compared with June and July, which is no different for 2020. June and July’s exceptional market performance suggested that August also would have higher sales numbers than in 2019. Sales across the province were up 46% from 2019. The markets made up nearly all the lost sales from the outbreak of the pandemic. SRA CEO Jason Yochim said, “August tends to be when things start to slow down a little, but we’re still hearing reports of multiple offers and of houses being sold almost as soon as they’re listed.” Moving forward in September, we can expect the market to follow historical trends and slow down but also expect to see higher sales numbers than September 2019.”

-Léo & Taylor Morrison

SASKATOON

Sales in Saskatoon were up 41.8% from August 2019. Sales dollar volume increased by 55.5% from $105M to $163.3M. Listings increased 7.7%. Homes in the city are spending an average of 42 days on the market. The median home price is $336,000, an increase of 8.7% from last year. Saskatoon is exerting a sellers’ market with a 59.1% ratio.

SASKATOON REGION

Sales in the Saskatoon region were up 47.7% from August 2019. Sales dollar volume increased by 18% from $1,076.9M to $1,271.2M. Listings increased 6.9%. Homes in the region are spending an average of 50 days on the market. The median home price is $327,900, up by 11.9% from last year. Saskatoon region is exerting a sellers’ market with a 60.3% ratio.

PRINCE ALBERT

Sales in Prince Albert were up 18.6% from August 2019. Sales dollar volume increased by 20% from $9.2M to $11M. Listings fell 15%. Homes in the city are spending an average of 104 days on the market. The median home price is $205,000, a decrease of 4.7% from last year. Prince Albert is exerting a sellers’ market with a 100% ratio.

PRINCE ALBERT REGION

Sales in the Prince Albert region were up 18.5% from August 2019. Sales dollar volume increased by 21.4% from $91.9M to $111.5M Listings fell 9.6%. Homes in the region are spending an average of 89 days on the market. The median home price is $216,000, a decrease of 4% from last year. Prince Albert region is exerting a sellers’ market with a 78.7% ratio.

Any questions? Feel free to get in touch with us and we’d be happy to explain it all!

With respect, 
Taylor and Léo 

Taylor & Léo Morrison 
Colwell Banker Signature
(306) 370-8474
[email protected]

You may have heard about new rules to qualify for a mortgage. We sat down with mortgage expert, Jenn Slater with OneStreet mortgage, to provide you with everything you need to know.

CMHC has tightened their rules on qualifying for a mortgage and there have been three pretty significant changes. Read below for the changes on qualifying rules start- ing on July 1st, but also some good news on current rules to qualify! Slater shares your ‘need to know’ information before the change this July:

NUMBER 1 – Borrowing your down payment is no longer an option. 
We used to be able to let clients borrow their downpayment, or even a portion of it, from a loan or line of credit. This is no longer an option, so buyers will have to ensure they have their full down payment, a minimum of 5%, available for their purchase before taking the next step.

NUMBER 2 -Minimum credit score of 680.
At least one of the borrowers must have a minimum credit score of 680 to qualify for a mortgage, however, this has recently also become more difficult. Equifax (where we get credit reports from) recently changed their system and many scores have appeared lower than they previously did. So be sure to always be on top of your credit, pay your payments on time, and try not to use more than 75% of your limit on revolving credit like credit cards or lines of credit.

NUMBER 3 – Debt to income ratios reduced.
The debt to income ratios have been reduced. I (Jenn Slater) previously could use 39% of a borrowers income for housing costs (mortgage/taxes/ heat) and 44% of their income for overall payments (mortgage/ taxes/heat/all other payments, like loans, lines of credit, student loans, etc.) These ratios have been dropped to 35% for housing costs and 42% for overall payments. Now for the good news. CMHC is one of three mortgage default insurers required when a buyer has less than 20% for a down payment. Although CMHC has reduced their qualifying rules and made it more difficult to qualify, at least one of our other insurers has indicated they will NOT be changing their qualifying rules and they will continue to allow buyers to qualify for a new home as of our current rules.

Though COVID has been making it more difficult for everyone, we want to ensure that you have all the necessary information going forward into buying a home. 

Any questions? Feel free to get in touch with us and we’d be happy to explain it all!

With respect, 
Taylor and Léo 

Taylor & Léo Morrison 
Colwell Banker Signature
(306) 370-8474
[email protected]

Jenn Slater 
Mortgage Associate 
306.220.9622 
[email protected]

As a First Time Home Buyer, where do you start? There is so much information out there that finding the proper steps can be overwhelming… We are here to provide you with the 9 steps required to buy that we use with all our clients!

STEP 1 – Budget and save up.
An effective budget will map out your plan to set aside money for your down payment and any additional closing costs. Many first-time homebuyers are surprised when we share how little you actually need to purchase a home. Let’s put the rumors to rest… A minimum down payment on a home in Saskatchewan is 5% of the purchasing price. For example, a $130,000 home requires, from you, $6,500 down payment. Or, a $300,000 home requires a $15,000 down payment. Once you have the down payment, you are ready for Step 2!

STEP 2 – Get Pre-approved
A pre-approval is free and accomplished by a mortgage broker or banker. What they do is take a look at your entire financial situation to determine how much purchasing power you have; aka whether you can afford a $130,000 home or a $300,000 home.

STEP 3 – Call us.
And we will guide and help you through the entire home buying experience: from the moment you get pre-approved (step 2) to well after the possession day to ensure you are settled and happy in your new home. Having been part of a real estate team that has been in the industry since ’87, we have all the tools ready to help you find the perfect home, negotiate to get the best deal and ensure you are always properly protected. Think about your immediate needs, future plans, and lifestyle. With this in mind, you will have a good idea of what we are looking for in a home: location and home specifics. I will then send you homes that match your criteria and others I believe may be a good fit. Once you see a property/properties that pique your interest, together we start home shopping! We do this process until we find the right home.

STEP 4 – Make an offer.
Once we find a home and want to make an offer, paperwork is involved. This paperwork includes the price, conditions (ex: home inspection), deposit, and possession date. When completing the paperwork, we suggest making the offer conditional on the outcome of the selected home inspections. After finalizing the paperwork, we will present the offer to the sellers’ agent. The seller then has the option to either accept, reject, or counter the offer.

STEP 5 – Finalize the deal.
When we have an accepted offer (the sellers accept our offer and conditions), our job is to remove all the conditions stated in the offer. For example, this is when I contact your mortgage broker or banker to ensure the financing is in place, pull title on the property, organize home inspection, etc. Once we receive the final approval of your mortgage and all conditions are satisfactory, we are ready to remove the conditions! This means the sale is final and the home is yours.

STEP 6 – Home insurance.
It is important and most of the time mandatory to have home insurance in place prior to possession. It guards your lender’s investment against loss or damage caused by covered risks like a fire or vandalism.

STEP 7 – Set up utilities.
This should be done at least 14 days prior to possession to ensure the services are turned on at your new place for the day you move in. Visit www.expressaddress. com. This site provides a convenient and simple method to connect, transfer or disconnect residential services for telephone, electricity, natural gas, water, and security services as well as updates your address for everything from your driver’s license and health cards to pet licenses.

STEP 8 – Sign at your lawyers.
When you meet with your real estate lawyer, the first question they will ask is whether you have home insurance lined up (see step 6). When meeting with the lawyer, they will walk you through the paperwork required in order to transfer the house in your name, ensure payments are finalized, and organize your property taxes. At this time, you will be required to provide your downpayment in either a certified cheque or e-transfer.

STEP 9 – Possession Day!!!!
This is the day you gain legal possession of the home. Your lawyer completed the paperwork and you receive the keys. Congratulations on your new home!

Any questions? Contact us! We are here for you.

Taylor and Léo Morrison

 The First Impression 

When preparing to put the home for sale, most sellers focus on making the inside look as appealing as possible. Don’t forget about the exterior too! First impressions count! When potential buyers search for a home online, the first picture they typically see is the outside. That first impression is powerful and lingering. Also, when buyers come to see your home, the first thing they notice is how the home looks from the curb-side. If buyers don’t like it, they can decide to not request a showing for the property or when viewing it, it can influence their perceptions on the rest of the property, regardless of the interior. 

Here are 7 ways to boost the curb appeal with $500: 

1. Pressure wash 
Pressure wash the walkways, home exterior, porch area and windows. Windows can be washed to perfection by connecting a window washing product to the end of the hose. This can be purchased at your nearest home hardware store. 

2. Driveway sealing 
Sealing the driveway makes it look newer. It gives it a dark finish rather than one that is faded. It also covers up some of the cracks the driveway might have. 

3. Use symmetrical planters 
It is proven that people are attracted to symmetry and visual patterns. It also fixes people’s attention to certain places. We suggest locating two attractive planters on either side of the front door to ensure an attractive entry way. 

4. Painting Time 
If we are gearing potential buyers attention to the front door with the attractive planters, consider a fresh coat of paint to really make it pop and look fresh. This will definitely give the front entrance a new look. 

5. Place a Welcome Mat 
Nothing is more welcoming than a simple welcome mat! It’s the one thing buyers actually stop to look at when stepping inside the house. Consider an attractive, happy and cheery mat! 

6. Trim, Mow and Plant 
Trimming hedges, shrubs or other greens can give the exterior a clean cut look and impacts how the property appears from the street. Also, taking care of the lawn is also essential to that tidy look. If there are any flower beds in the front, freshen up the look by taking all the weeds out and planting some fresh little flowers or greenery. 

7. Remove 
Looking at your home from the curb-side, remove all unnecessary items in sight. Ask yourself, are there any unnecessary items such as garbage cans, boxes, etc in the field of vision when walking up to the home? If so, move them. 

These small measures will help you make the best first impression on buyers.

Any questions? Contact us. We are here for you.

Let’s Talk Real Estate | Taylor and Leo Morrison

In a province that is hitting market records in real estate, many questions arise on how business is being conducted to prevent against the spread of COVID-19.

According to a Global News news release, “Saskatchewan real estate market records highest residential sales in 2 years”. Sales in Saskatoon were up 6.2 per cent, going from 258 in March 2019 to 274 in March 2020, and up 7.2 per cent in the overall region, going from 346 to 371. – Global News / April 4th. The Saskatchewan Realtors Association believes the increase could be attributed to uncertainty over what could happen if the pandemic continues and could be a good time for prospective homeowners to make a purchase.”

Also, “Interest rates are the lowest in a long time, they’ve been almost negligible, we have seen a decline in inventory level so there’s a little less to choose from so prices have been coming down in the last three or more years,” CEO, Saskatchewan Realtors Association, Jason Yochim.

COVID-19: On March 26th, real estate was deemed an essential service in Saskatchewan. Although real estate transactions are still being conducted, several important precautions are in place for both buyers and sellers to prevent against the spread of the pandemic.

When viewing properties:

We have best practices requiring buyers viewing properties to execute:

• Only bring to the showing those who are essential in the decision. Virtual showings can be accommodated.
• Nobody attending the showing has travelled in the past 20 days.
• Everyone is wearing gloves.
• Nobody touch anything unnecessary during showings.
• Cough and sneeze into your sleeve or a tissue, then throw away the tissue and wash your hands or use sanitizer..
• Avoid touching your eyes, nose and mouth with unwashed hands.
• If you are ill or are feeling any flu-like symptoms, stay home.

Setting up listings for showings:

We also have a best practices checklist for our sellers to set up their home prior to showings to minimize any unnecessary touching:

• Have a bottle of hand sanitizer available either at entrance or somewhere convenient for potential buyers.
• Turn on all lights.
• Open all closets, all doors and a couple cabinets.

During this pandemic, we are simply changing the way we do business. No these modifications are not convenient however they are essential to practice in order to prevent against the spread of COVID-19.

For any questions regarding how we can help you with buying and or selling real estate during this time, e-mail us. Remember to get information from credible sources as misinformation can spread quickly.

Any questions? Contact us. We are here for you.