Sign up for the battlefordsNOW newsletter

Home price increase in area higher than provincial trend

Aug 9, 2017 | 11:47 AM

This year has been a good time for homeowners wanting to sell their homes with average prices increasing significantly in the past five years.

Prices for homes in both the town of Battleford and the city of North Battleford have gone up, with the town seeing the highest rise. 

Jason Yochim, chief executive officer with Saskatoon Region Association of Realtors, said “it’s a good sign” when home prices show an increase. 

Looking at July average prices in 2017 compared to five years ago, the town of Battleford had higher increases compared to the city.

The town increased from $249,055 five years ago to $351,500 at the same time in 2017. The town’s July 2017 prices are also higher than the provincial average.

“The town of Battleford had some economic activity happening around it that would have probably driven prices up,” said Yochim.

He added agriculture has been strong in the area, which helps boost the economy.

Yochim said the development of the North Battleford Energy Centre power station, located in the rural municipality of North Battleford, which started operations in 2013, has also benefited the economy.

There have also been a number of new home builds in Battleford offering consumers more options.

“Anytime you see a good demand, and an increase in pricing then that’s a very positive sign,” said Yochim.

The city of North Battleford saw an increase from an average of $159,116 five years ago to $229,211 for the same time this year.

Yochim added homeowners looking for a  community in which to live are also looking at the different amenities available to suit their needs. He said there are a number of factors that can cause housing prices to go up, including conomic growth, new development, and consumer demand.

“It’s always based on supply and demand,” Yochim said. “If there is more of a demand and it is exceeding the supply, it is going to drive those prices up faster.”

In comparison, average prices in the province increased from $273,025 five years ago to $279,163  in July 2017.

“We probably would have had the biggest chunk of that increase back around 2012-2013,” Yochim said. “Then, prices probably stabilized a bit. Maybe even some of that gain was lost, but overall we are still up a little bit over five years ago.”

He added some of the demand in general across the province may have decreased a little of late in light of the slower economy.

 

angela.brown@jpbg.ca

On Twitter: @battlefordsNOW