Royal LePage issued its market survey forecast this week where it predicts new mortgage rules will slow the housing market next year – but prices are still expected to rise about 5 per cent.
Royal LePage says some potential buyers looking to upgrade may delay a move because a new stress test for home buyers who don’t need mortgage insurance is expected to reduce the maximum amount they’ll be able to borrow.
Royal LePage doesn’t provide data for Saskatoon but says home prices in Regina are expected to increase 0.7 per cent in 2018 rising to an aggregate price of $329-thousand, 2-hundred-89 dollars.
The company attributes upward pressure from both home prices and sales will come from employment in a “modestly improving energy sector and international immigration”.
Royal LePage also points out Saskatchewan is heavily reliant on potash and energy so any improvement in either sector could lift home prices in 2018.