Great news for 2019 buyers, looking to purchase their first home or potentially upgrade into that bigger space. The Saskatchewan housing market is seeing a steady decline going into 2019.

Local Real Estate Agent Lynn Chipley, "Certainly we are seeing much more interest in the market, considering houses have become so much more affordable. And we're seeing a lot of renters buying into the market, that was most of the market in 2018. We see that still going into 2019. So there is some activity happening in the market and were happy to see that it's certainly nothing like we are used to. But values are down, and we would have to see a significant change for pricing to go the other direction or even just stabilize."

According to the Canadian Mortgage and Housing Corporation, they are seeing a much slower decline in housing. Chipley is optimistic, "Our business is all about supply and demand, and there are obviously fewer people working here than before. When I looked at the numbers the city presented here in terms of 600 fewer residents this year than there were this time last year. Than that equates 2 to 300 households so that certainly there is more available and vacant property. So all of those things add up to depressing the prices over-all."

The Bank of Canada is expecting interest rates to continue to rise between 2.25 percent and 2.75 percent by the end of 2019. That will keep Canadian Budgets going toward the mortgage and other debt payments and less left as disposable income.

It is a buyers market right now Chipley adds, "Its a great opportunity for those who know this is going to be their home, and this is where their work is going to be. There is always going to be work here, and so it's a great time to buy into the market."

With the economic downturn in our area right now, "A lot will hinge on the election both in Alberta and the Federal election in October, and hopefully, we will see some changes there that redirects some things in our economy. I think that's all we can hope for, that's all we can do as individuals we can speak our mind and vote with our feet. I've lived here a long time and this is one of the most optimistic and energetic places regardless, people find a way, they reinvent themselves or take on and diversify. I am always optimistic about Estevan, its a great place to live and people want to live here. So they are going to make things happen here regardless." 

 If you are renting a home, now is the time to buy as the election will determine if we will have a rise in costs for 2020.