Real Estate Blog - January, 2024

Tax- Free Savings Account

Posted by Jill Bird on January 21st, 2024

Saving for your first home just got a little easier. The First Home Savings Account (FHSA) offers a smart new way to save for your first home, on a tax-free basis.

What is the FHSA?

The FHSA combines the features of a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). It works like an RRSP when contributing and acts like a TFSA when making withdrawals. This means contributions are tax- deductible while qualifying withdrawals are non- taxable.

As a type of registered plan, you can hold investments in it to help reach your goal of owning a home faster. There’s no minimum balance required to open an account and you can hold a wide range of investment products.

The best part is that…

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Saskatchewan Secondary Suite Incentive Grant Program

Posted by Jill Bird on January 12th, 2024

Unlocking New opportunities with the Secondary Suite Grant

The Saskatchewan Secondary Suite Incentive (SSI) grant program is designed to improve housing affordability by generating supplementary income for homeowners and increase the availability of rental units in our communities. The grant program will provide 35% of the cost to build a new secondary suite at an owner’s primary residence, to a maximum grant of $35,000 per qualifying property.

A qualifying property is a new private, self-contained residential unit and includes basement suites, laneway homes, garden suites, and garage suites. The qualifying property must include a full kitchen and full bathroom and must meet all national, provincial and municipal bylaws, codes and standards. The…

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December 2023 Real Estate Market Update for Saskatoon

Posted by Jill Bird on January 10th, 2024

In December, Saskatoon's real estate market showcased robust performance with 230 sales, marking a 14% increase from the previous year and surpassing the long-term 10-year averages by 10%. However, this surge in sales was accompanied by a decrease in new listings, leading to a continued decline in inventory levels, nearly 45% lower than the 10-year average in the Bridge City.

The scarcity of available properties reinforced tight market conditions, contributing to modest price growth. Saskatoon reported a benchmark price of $374,100 in December, representing a notable increase of over 5% compared to December 2022.

The total inventory for December stood at 691, marking a 23% decrease year over year, further underlining the limited availability of properties…

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