Jordan Boyes - Broker/Owner

Boyes Group Realty INC.

306-270-9028

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New property listed in Queen Elizabeth, Saskatoon

I have listed a new property at 404 Isabella ST E in Saskatoon. See details here

Great location and good square footage on this 3 bedroom bungalow in Queen Elizabeth. Property has large living and dining area with hardwood flooring. Some windows have been replaced along with the doors. Home will need some work in completing the back of kitchen, back entry, trim and bedroom. Primary bedroom at the back of house with hardwood flooring. Basement is large and open but best current use would be for storage. Newer and partially covered deck at the back, yard has very little maintenance with large patio. Off street parking at front.

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Bank of Canada raises key interest rate for eighth time, to 4.5 per cent. What you need to know


The interest rate hikes are over — probably.

The Bank of Canada raised its key overnight lending rate for the eighth straight time Wednesday morning, but signalled its rate-hiking campaign could finally be over.

The central bank bumped the overnight rate up by 25 basis points — a quarter of a percentage point — to 4.5 per cent, just what markets had been expecting.

“If economic developments evolve broadly in line with the … outlook, Governing Council expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases,” the Bank said in a news release announcing the 25-basis point increase.

The Bank also said previous hikes have been having their desired effect of slowing inflation by hitting consumer demand.

“There is growing evidence that restrictive monetary policy is slowing activity, especially household spending. Consumption growth has moderated from the first half of 2022 and housing market activity has declined substantially,” the Bank said.

“As the effects of interest rate increases continue to work through the economy, spending on consumer services and business investment are expected to slow. Meanwhile, weaker foreign demand will likely weigh on exports. This overall slowdown in activity will allow supply to catch up with demand,” the Bank predicted.

The Bank also said the Canadian economy likely grew by 3.6 per cent in 2022, slightly higher than it had forecast in October. It also predicts the Canadian economy will grow by just one per cent this year, and by two per cent in 2024

Despite evidence of a slowdown, the Bank justified Wednesday’s increase by pointing to continued high inflation. In December, the Consumer Price Index was 6.3 per cent higher than it was a year earlier. While that was down from 6.8 per cent in November — and a big drop from the 8.1 per cent seen in June — it’s still more than three times the Bank’s two per cent target for inflation.

“With persistent excess demand putting continued upward pressure on many prices, Governing Council decided to increase the policy interest rate by a further 25 basis points,” the Bank said.

The Bank also released its quarterly analysis of the state of the Canadian economy, and for the first time ever, published minutes of its internal debate that led to Wednesday’s decision.

In an attempt to get inflation under control, the Bank raised the overnight lending rate seven times in 2022, most recently bumping it by 50 basis points (half a percentage point) to 4.25 per cent in early December.

The overnight rate began last year at 0.25 per cent, where it had been since the Bank dropped it three times in one month in March 2020, as the global COVID-19 pandemic was declared.

The theory is that by making it more costly to borrow money, people will spend less, eventually driving prices down.


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New property listed in Aspen Ridge, Saskatoon

I have listed a new property at 116 Thakur ST in Saskatoon. See details here

Welcome to 116 Thakur Street located in Aspen Ridge. Brand new home that has just been completed by Edison Built Homes. The outside of the home consists of a mix of vinyl siding, stone, and board and batten. When entering you are greeted with a good sized entry way and a large closet with double doors. Direct entry from the garage leads into the mudroom which has built in cabinets, a bench, and shelving which is perfect for storing all your outdoor clothing. The mudroom leads right into the kitchen area. The kitchen is beautiful with dark cabinetry, under cabinet lighting, quartz counters, and floating shelves. The family room has tons of natural light. Large south facing windows overlooking the back yard, and a feature wall with an electric fireplace make this a perfect space to sit down and relax or to entertain. A 2 piece washroom is also located on the main level. The second floor comes with a awesome bonus room which features vaulted ceilings and makes it a perfect area for a second entertaining space. The primary bedroom has a large window allowing lots of natural light. It comes with a 5 piece ensuite featuring a double vanity, soaker tub, walk in tiled shower with glass door, and a walk in closet! Two additional bedrooms also featuring walk in closets, an additional 4 piece washroom, and laundry are all located on the second floor which makes this level super convenient. The basement is open for development and would have space for an additional bedroom, bathroom, and family area. A double concrete driveway is included and will be completed once the weather permits.

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2022 was once again amazing year and we again owe it all to our wonderful clients. We were able to sell over $100,000,0000 worth of real estate in back to back years despite a shifting market.


We were able to be the lead agents on the Hudson Row project in Rosewood where we sold over 40 townhouse units in the development. We are very appreciative for all the developers that utilize our services, some that date back as far as the first year we were in real estate.


The brokerage has now grown to over 100 agents and staff heading into our 8th year as a company. We have office locations in Saskatoon, Regina and Battleford as we look for opportunities to expand and grow further in coming years. The Property Management division continues to grow, and we will continue to expand the portfolio of properties we are managing and seek opportunities for condominium, commercial and multi family management.


This brokerage began in 2015, with myself, a handful of agents and one full time staff. We had signed a 5 year lease on a space at Quebec Avenue. After a few short months we found ourselves having to try negotiate our way out of the lease so we could purchase a building. An early and expensive lesson about running a business. This allowed us to purchase 714 Duchess Street, which is still our head office today.


I think that's still what I love about this everyday. Each day will present new issues, new challenges in the market, constant changes and we have somehow been able to adapt throughout the years to grow to where we are today.


SASKATCHEWAN CONTINUES TO FARE BETTER THAN MANY REGIONS ACROSS THE COUNTRY


Record sales of apartment condominiums were not enough to offset declining sales in detached homes, resulting in a 12 per cent decline in residential sales in 2022. While sales have eased relative to last year, a record year, the 15,334 recorded sales in 2022 were 15 per cent higher than long-term averages.


As many markets across the country are experiencing a strong shift in demand, Saskatchewan continues to report sales that are stronger than pre-pandemic levels. There were 25,089 new listings in 2022, a seven per cent decline from the year prior and well below long-term trends. While the pace of inventory decline did ease over the second half of the year, 2022 inventory levels were 11 per cent below levels seen last year and 25 per cent below 10-year averages. Much of the decline in supply was driven by properties priced below $500,000, resulting in tight conditions in the lower-priced segment of the market.


“Without question, higher lending rates are contributing to the pullback in sales. We saw the Bank of Canada raise interest rates seven times in 2022,” said Saskatchewan REALTORS® Association CEO Chris Guérette. “When paired with declining inventory levels, particularly in homes priced below $500,000, we do see that having an impact on sales.” Following strong growth throughout the spring, benchmark prices began to ease toward the end of the year. While many regions have recently reported downward price adjustments, home prices rose on an annual basis.


Overall benchmark prices for 2022 were over four per cent higher than the year prior. “The housing market is changing as consumers adjust to higher lending rates and rising costs of living. That said, Saskatchewan continues to fare better than many regions across the country and we expect that to continue in 2023” said Guérette. “With prospective buyers having to qualify at higher rates, our biggest concern heading into the new year is the lack of supply in homes priced below $500,000.”


While many regions have experienced recent downward price adjustments, home prices rose on an annual basis. Annual benchmark price gains ranged from a low of one per cent in Moose Jaw to a high of seven per cent in Warman. The growth in prices in 2022 saw many regions set new record highs, with the exception of Estevan, Swift Current and Weyburn.


The City of Saskatoon reported 4,587 sales in 2022, a 15 per cent decline over last year’s record high but over 12 per cent higher than 10-year trends. Supply continues to be a challenge, as new listings have eased significantly and were 14 per cent below long-term averages in 2022. Meanwhile, inventory levels eased even further, resulting in average supply levels 31 per cent below long-term trends. While a pullback in sales relative to inventory levels in the second half of the year did allow the months of supply to rise, the market remains far tighter than what we would traditionally see in Saskatoon.


On an annual basis, benchmark prices rose nearly five per cent over 2021 levels.


The average price of a Canadian home that sold in December was $626,318, a decline of more than 12 per cent from where it was the same month a year ago. The Canadian Real Estate Association, which represents more than 150,000 realtors across the country, released new numbers about the country's housing market on Monday, showing that the number of homes sold and the prices they fetched were both sharply lower in December than they were the same month a year earlier.


Sales fell by more than 39 per cent from December 2021's level. And prices were also well down from an average of $713,500 at the end of 2021, and a peak of $816,720 reached in February 2022, before the Bank of Canada started aggressively raising lending rates. The realtor group says the average selling price can be misleading since it is easily skewed by sales of expensive homes in places like Toronto and Vancouver. So it tabulates a different number — known as the House Price Index — that adjusts for the volume and type of housing sold. The HPI was down by 13 per cent from its peak last year, with Ontario and British Columbia seeing the biggest declines, while just about everywhere else saw either small declines or even slight increases in some cases.


Rishi Sondhi, an economist with TD Bank, says that while it's clear that Canada's housing market has cooled significantly from its red-hot status earlier in the pandemic, the numbers for December "signal that a bottom in the housing market may be forming." Prices fell by 0.3 per cent on a monthly basis, the smallest decline since the market began correcting in March. "With new listings dropping significantly last month and the level remaining low, there are no real signs so far that forced selling is dominating the supply picture." Looking ahead to 2024 Growth in sales and average prices should return to positive territory in 2024 on an annual average basis, as the economist anticipates inflation will be contained and the economy should begin to heal after a weak performance in 2023.


The outlooks projects sales activity will increase, though at a pace that will continue to lag pre-pandemic levels for much of the year. Sondhi says that improving housing demand will likely stoke renewed price growth, but a still-constrained affordability backdrop will be a limiting factor. “Regionally, broad-based price gains are likely in 2024. However, we expect some mild outperformance in the Prairies and Newfoundland and Labrador as those markets continue to benefit from a favourable affordability gap,” the report states. “In contrast, tougher affordability conditions in Ontario, B.C. and across much of the Atlantic should restrain growth.


“ Sondhi cautions, “If higher interest rates and economic weakness result in significant amounts of forced selling on the part of homebuyers, price growth could be weaker than we expect.”


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