Today, the Bank of Canada reduced its policy rate by 50 basis points (0.50%), bringing it down to 3.25%. This marks the fifth rate cut this year, paving the way for lower borrowing costs for Canadians. Lenders are expected to respond by reducing their prime rates, with most forecasted to drop to 5.45%, while TD Bank’s mortgage prime rate may fall to 5.60%.

For the full details, check the official Bank of Canada statement here.

What Does This Mean for You?

1. Variable-Rate Mortgages

• Lower Interest Costs: With the anticipated drop in prime rates, you’ll soon see reduced interest charges.

• Fixed Payments: If you have fixed payments, more of each payment will go toward reducing your mortgage principal.

• Adjustable Payments: If your payments fluctuate with the prime rate, you can expect a lower monthly payment. For example, a $100,000 mortgage loan may see a reduction of $28/month (based on a 25-year amortization).

2. Fixed-Rate Mortgages

• No immediate changes. Your payments remain the same since your rate is locked.

3. Loans Tied to the Prime Rate

• Personal loans and lines of credit will also benefit from lower interest rates, saving you money on interest charges.

Looking Ahead

The Bank of Canada’s next rate decision is scheduled for January 29, 2025. The economic data leading up to this decision will determine whether another rate cut is on the horizon.

This latest cut offers a unique opportunity for homeowners and borrowers to reassess their financial strategies.

How Can I Help You?

As an award winning real estate professional and mortgage associate, I’m here to guide you through these changes. Whether you’re looking to refinance, renew your mortgage, or understand how this impacts your financial plan, I’m just a call away.

Let’s chat about how you can make the most of today’s lower rates. Reach out anytime—I’d love to help!

About Joshua LeBlanc

With over a decade of experience, Joshua LeBlanc is a trusted mortgage associate and real estate expert based in Estevan, Saskatchewan. As an award-winning top producer, Joshua has helped countless clients navigate the complexities of mortgages and real estate investments.

As 2024 draws to a close, the Estevan real estate market showcases a mix of challenges and opportunities for buyers and sellers alike. Whether you're planning to buy, sell, or simply keeping an eye on the local housing market, understanding these trends is key. Here's a breakdown of the latest real estate statistics for Estevan in November 2024, brought to you by the Saskatchewan Realtors Association (SRA).

Key Highlights for November 2024

Sales Performance

• Total residential sales: 8 units, reflecting a 33% year-over-year decline.

• Detached homes: 6 units sold, down 25% compared to November 2023.

• Apartments: 2 units sold, maintaining the same volume as last year.

• Other categories, such as row/townhouses and mobile homes, recorded no sales, highlighting a 100% decline in these segments.

New Listings

• Estevan saw 11 new residential listings in November 2024, down 15% year-over-year.

• Detached homes saw 5 new listings, a sharp 44% decrease, indicating shrinking options for buyers.

• On the flip side, apartment listings increased by 150%, with 5 new units entering the market.

Inventory and Supply

• Total residential inventory stood at 48 units, a 48% decline compared to last year.

• Months of supply (the time required to sell all inventory at the current sales pace) decreased to 6 months, down 23% year-over-year, pointing to a more competitive market for buyers.

Days on Market (DOM)

• The average time to sell a home in Estevan was 85 days, a 23% improvement compared to last November.

• Detached homes sold faster at 66 days, while apartments had the longest DOM at 141 days.

Pricing Trends

• The average residential price jumped to $201,750, a significant 37% year-over-year increase.

• Detached homes led the charge with an average price of $242,333, up 48% year-over-year.

• Apartments saw the biggest price drop, with the average price falling 38% to $80,000, presenting potential opportunities for buyers.

Year-to-Date Performance (January to November 2024)

• Total residential sales: 146 units, down 6% compared to the same period in 2023.

• Detached homes: 109 sales, reflecting a moderate 5% decrease.

• Apartments: 23 units sold, a slight decline of 4%, with average prices down 19% to $100,865.

What Does This Mean for Buyers and Sellers?

For Buyers:

• Tight inventory: With fewer homes on the market, buyers may face more competition, particularly in the detached home segment, where prices are rising (48% increase).

• Opportunities in apartments: With average prices down (38% decline) and more listings available, apartments offer affordability and potential value.

For Sellers:

• Detached home sellers: This is an excellent time to list your property, as rising prices and shorter days on market make it a seller's market for detached homes.

• Quick sales: With an average DOM of 66 days for detached homes, well-priced properties are moving faster than before.

Looking Ahead

As Estevan enters the holiday season and gears up for early 2025, the local housing market is likely to remain competitive. Tight inventory levels and rising prices in certain categories may create favorable conditions for sellers, while buyers can still find value in segments like apartments.

Whether you're considering buying, selling, or investing, understanding the nuances of the Estevan real estate market is essential to making informed decisions.

Contact an Estevan Real Estate Expert

If you're looking to navigate the Estevan housing market, give me, Joshua LeBlanc a call! Let’s discuss your goals and how you can take advantage of current market conditions. With tailored advice and expert guidance, I can help you make the most of Estevan’s real estate opportunities.

Who Is Looking for a House? Insights from the Estevan Real Estate Market with Joshua LeBlanc

The Estevan real estate market is dynamic and ever-evolving. Understanding who’s searching for homes, their preferences, and their intentions is key to making informed decisions. Recent insights from REALTOR.ca provide a detailed look into buyer behavior, helping sellers, buyers, and investors navigate Estevan's market more effectively.

I’m Joshua LeBlanc, an award-winning real estate agent and mortgage assocaite based in Estevan, Saskatchewan, and I’m here to help you understand what’s happening in our local housing market.

Price Preferences in Estevan

In Estevan, affordability is a key driver for homebuyers. Here’s what the numbers tell us about popular price ranges:

Minimum Price Range

• $300,000: The most common starting point, with 10.9% of searches (345 visitors).

• $200,000: Close behind at 10% (315 visitors).

• $400,000: Attracting 8.7% (274 visitors).

• $500,000: Preferred by 7.8% (247 visitors).

• $250,000: Targeted by 7.4% (233 visitors).

Maximum Price Range

• $300,000: The top choice, capturing 10.9% of searches (620 visitors).

• $400,000: Close at 10.5% (598 visitors).

• $350,000: At 9.5% (538 visitors).

• $500,000: Sought by 8.1% (461 visitors).

• $250,000: Rounding out with 7.7% (438 visitors).

This shows a strong focus on properties between $200,000 and $400,000, ideal for first-time buyers and families looking to settle in Estevan.

Property Types in Demand

Estevan buyers have varied needs, but the majority are focused on residential homes:

• Any Property Type: 72.9% of visitors are open to options (11,253 searches).

• Residential Homes: 29.2% are specifically searching for houses (4,502 visitors).

• Condos/Strata: Attracting 6.5% of interest (1,000 visitors).

• Vacant Land: Sought by 1.6% (248 visitors).

• Multi-Family Units: Representing 1% (152 visitors).

For sellers, this means residential homes dominate the market, while buyers interested in condos or multi-family units have unique opportunities.

Demographics of Estevan Real Estate Searchers

Understanding who’s looking for homes in Estevan helps tailor strategies effectively:

Age Groups

• 25–34 years old: 39.4% of visitors.

• 35–44 years old: 29%.

• 45–54 years old: 31.6%.

The majority of searchers are in their prime earning years, looking for homes that accommodate growing families or career advancements.

Gender

• Male: 53%.

• Female: 47%.

This near-even split reflects the diverse makeup of buyers in Estevan.

Why Are People Searching in Estevan?

Here’s what motivates real estate searches in our market over the next six months:

• Buy Again: 31% plan to upgrade or relocate.

• First-Time Buyers: 28.7% are entering the market for the first time.

• Investors: 21.8% are looking for opportunities.

• Browsing Listings: 18.4% are researching future moves.

• Selling a Home: 14.9% are preparing to list their properties.

• Renting: 5.7% are exploring rental options.

• Tracking Market Trends: 4.6% are market watchers.

Why Estevan is a Hotspot for Real Estate

As Saskatchewan’s Energy City, Estevan offers a vibrant community, strong economic opportunities, and a range of housing options to suit every need. From family-friendly neighborhoods to investment properties, the Estevan real estate market continues to attract a diverse audience.

Why Work with Joshua LeBlanc?

As a licensed real estate broker and mortgage expert based in Estevan, Saskatchewan, I specialize in helping clients navigate this competitive market. Whether you’re buying, selling, or investing, I can provide the insights and expertise you need to succeed.

The Takeaway

The Estevan real estate market is brimming with opportunities. By understanding who’s searching for homes and what they’re looking for, buyers and sellers can position themselves for success.

Looking to buy or sell in Estevan? Contact Joshua LeBlanc, your trusted local real estate expert, to start your journey today.

Joshua LeBlanc – Estevan Real Estate & Mortgage Broker
Helping you find your perfect home or next investment property in Estevan and beyond. Reach out today to make the most of the Estevan real estate market.

Estevan Real Estate Market Update: October 2024 - Key Trends and Insights

The Estevan real estate market in October 2024 has shown interesting shifts, with notable increases in sales and average prices amidst declining inventory. Here's a comprehensive look at the latest trends, including sales figures, inventory updates, price points, and what they mean for Estevan buyers and sellers.

Estevan Real Estate Market Trends October 2024

1. Increased Sales Activity
   Estevan recorded 13 total residential sales in October, reflecting an 18% year-over-year (Y/Y) increase. This uptick in sales activity suggests strong buyer demand and reinforces Estevan's appeal as a desirable location for real estate investment.

2. Sharp Decline in New Listings
   October saw a significant drop in new listings, which fell by 60% compared to last year, with only 10 new properties hitting the market. Limited new listings reduce choices for buyers, which often contributes to a competitive market environment in Estevan.

3. Reduced Inventory Levels
   Total inventory levels in Estevan reached only 58 units in October, representing a 43.1% Y/Y decrease. This sharp reduction limits options for potential buyers and could lead to increased competition, particularly in popular property segments.

4. Months of Supply Remain Low
   Estevan’s months of supply measure for October was just 1.3 months, signaling a seller's market with high demand and fewer available listings. Compared to last year, the months of supply has increased by 62% YTD, further highlighting the competitive landscape for buyers in Estevan.

5. Days on Market (DOM) Remain Stable
   Properties in Estevan averaged 82 days on the market (DOM) in October. Although slightly higher than earlier months, this average still supports a steady pace in sales for this region.

Estevan Real Estate Prices – October 2024

1. Residential Benchmark Price Up 4.3%
   The total residential benchmark price in Estevan rose to $202,500 in October, reflecting a 4.3% Y/Y increase. This appreciation indicates growing property value in Estevan as demand continues to outpace supply.

2. Detached Homes Lead the Market
   Detached properties, a popular choice in Estevan, saw a benchmark price of $189,100, up 3.7% Y/Y. Detached homes continue to represent a significant portion of Estevan's residential sales, making this an important segment for both buyers and sellers to monitor.

3. Sales by Price Range
   Properties priced in the $200,000 - $299,999 range are the most active, likely appealing to buyers seeking a balance of affordability and value. This mid-range price point remains highly competitive and is driving significant interest among Estevan homebuyers.

What This Means for Buyers and Sellers in Estevan

• For Buyers: Estevan’s low inventory and rising prices indicate a need to act swiftly when attractive properties become available. Buyers may need to be more flexible and ready to make quick decisions in this competitive market.

• For Sellers: With demand high and new listings limited, this is an opportune time to list a property in Estevan. Sellers can benefit from reduced competition and potentially secure favorable prices.

Estevan Real Estate Market Outlook

Looking forward, Estevan’s real estate market is expected to remain competitive as inventory levels remain tight and buyer demand persists. For those planning to buy or sell, staying updated on local trends and market conditions is essential.

Considering buying or selling a property in Estevan? Reach out for expert advice and to make the most of Estevan's dynamic real estate market in 2024.