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Buying a home in Saskatoon is more expensive than ever

Buying a home in Saskatoon is more expensive than ever

CBC25-04-2025

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Buying a home in Saskatoon is more expensive than ever. Housing prices have hit at an all-time high, and inventory is at its lowest since 2008, pushing prices further up.
All different property types, including detached homes, apartments and townhouses, reached all-time high prices in March, going up around $5,000 in value every month over the last year, according to real estate experts.
The Home Price Index benchmark tracks the sale price of specific types of properties over time. It's the real estate equivalent of the CPI (consumer price index).
On average, the four property types have risen in value by almost eight per cent compared to March of last year, 37 per cent compared to five years ago, and 218 per cent compared to 20 years ago.
Low inventory
As of April 23, there are only 425 available units that don't already have a conditional offer accepted. That's about a month's worth of inventory.
"If no new homes were listed for the next month, there would be no inventory left within a month. Everything would be sold out in a month at that rate," said Josh Buchanan, a real estate analyst.
He says it's really difficult for those wanting to enter this competitive housing market due to a lack of inventory and high prices leading to bidding wars.
Some homes in Saskatoon have been sold for $100,000 over the asking price, and others were being sold anywhere between $30,000 to $50,000 over asking price, with bidding wars driving prices further up.
Almost 70 per cent of homes sold in Saskatoon in April were purchased at or above the asking price, according to a real estate expert.
"Even if they [first-time homebuyers] could afford to get in the market, it's like they're just getting outbid. So they're just getting priced out of the market or just giving up," Buchanan said.
He said there just aren't enough homes in Saskatoon to meet the demands of its growing population.
No luck for first-time homebuyer
Abdullah Abrar, 25, moved to Saskatoon from Lloydminster, Alta., with his family a few years ago. They've been in the market since last summer with a $500,000 budget for a house, but haven't had any luck finding one.
"It's frustrating because we were renting at the moment, and we were looking last year too, so we're just trying to get something soon," Abrar said.
He said most new homes being built won't be ready this summer, and what's on the market is too overpriced. The only option he has left is extending his rental lease and hoping for better luck next buying season.
"We looked at a house over in Brighton that was like $420,000 and now it's $470,000, in less than a year," he said.
Abrar said even if he finds a place he's interested in, there's a lot of pressure to make an offer and buy within a day.
"You're spending like half a million, you're in it for the next 20 years or so of your life. It's frustrating. You have to be quick on your decision, and it could turn out good or it could turn out bad," he said.
Abrar says right now he is helping his family buy a home in the city. He wants to settle down in Saskatoon and start his own home-buying journey, too, but that dream seems to be slipping farther away.
Rising rents and affordability
Experts say the unbalanced housing market is also impacting the rental market.
Inesh Rai, a Saskatoon realtor, says many renters who want to become homeowners can't find a home they can buy. They're losing on multiple offers they make and, like Abrar, being forced to give up and continue renting.
"That's increasing demand on the rental market. Rents are going up as well because more people are giving up on buying," Rai said in an interview.
He fears that Saskatoon and Saskatchewan may not remain as affordable as they've been in the past.
"When my family and I first moved to Canada, we were in Ontario for the first four or five years, and there was no chance in hell we were ever gonna put our foot through the door, buy a house," he said.
They moved to Prince Albert, Sask., where Rai grew up, and where his parents were able to buy their first home because of the affordability that Saskatchewan offered.
"I'm terrified that that affordability is going away," he said.
What can homebuyers do?
Rai said you should get a pre-approved mortgage so you know what you can afford and make an offer quickly.
He suggests going to a local real estate professional and asking them what is the best chance you have of getting accepted in this market, and to make your offer quick and desirable.
Buchanan said that the solution to this unbalanced housing market is to build more housing.
"I think there needs to be strategies for construction. I like the idea of building multi-unit complexes that attract young working professionals without kids and retired individuals who maybe don't have kids at home anymore."
He said that Saskatoon needs at least 1,000 additional units to balance out the market but that won't happen overnight, so the city stands to see high prices and cutthroat bidding wars for some time at least.

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Located within 30 kilometres of the northern margin of the Athabasca Basin, the Projects host 25 kilometres of prospective strike length along the Grease River Shear Zone ("GRSZ"), a crustal-scale structural corridor up to five kilometres wide with interpreted structural splays to the north. Unlike other major structural zones in the Athabasca Basin, that have yielded large high-grade uranium discoveries, the GRSZ has seen very limited exploration to date with less than 20 historical drill holes northeast of Fond du Lac and only 3 historical drill holes on the Projects. Significant Uranium Endowment Limited historical exploration efforts during the 1960's and 1970's comprised low-resolution airborne radiometric survey and surface sampling campaigns targeting Beaverlodge-style mineralization, that typically occurs in granitic rocks. Numerous outcropping uranium occurrences were discovered ranging from 222 ppm to 1.6% U 3 O 8. Lake sediment sampling from regional survey across northern Saskatchewan also detected the highest uranium values in the Province within the Projects area, and follow-up lake sediment sampling in the 1970's confirmed this extreme and extensive lake sediment anomalism, ranging from 52 to 1,870 ppm U in Perron Lake on the Aspen Project. In addition, ground follow-up of airborne radiometric anomalies also uncovered numerous REE occurrences, highlighted by values including 2.4% and 3.1% Total REE. Exploration Approach and Target Models The Projects warrant a modern, systematic exploration approach utilizing current exploration models. Exploration programs including; 1) airborne geophysical surveying (electromagnetic ("EM"), magnetic and radiometric), 2) ground surveys (mapping, radiometric prospecting and soil/rock sampling), and 3) exploration drilling, is envisaged to realize potential for: Priority 1: Unconformity-related, basement-hosted uranium deposits These 'Athabasca-style' high-grade (>1% U 3 O 8) deposits (e.g. Arrow, Eagle Point) are associated with basement graphitic rocks along major structures below the Athabasca Basin sandstone (eroded away in the Projects area). Faulted graphitic rocks (softer and less resistant to erosion) would therefore not typically outcrop in the Projects area and would occur in valleys covered by surficial materials (soils, till and/or lakes). Although rarely outcropping, graphitic lithologies have been recorded historically in the Projects area. 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Exploration targeting will focus on locating geological settings with potential for large tonnages of mineralized leucogranites/pegmatites. Airborne geophysical surveying, especially in areas with no historical airborne radiometric survey, is expected to identify new radiometric anomalies for investigation along with the numerous historical occurrences. Priority 3: Pegmatite-hosted rare earth element deposits There is an endowment of rare earth elements within pegmatites in this region of northern Saskatchewan, that includes Hoidas Lake (2.6Mt @ 2% Total REE) and Alces Lake (16% Total REE over 16 m drill hole). The Projects include a number of historical REE occurrences ranging from 0.2 to 3.1% Total REE in SDMI occurrences specific for REE that were discovered during historical prospecting for uranium but have not been followed-up. Further field investigation and sampling is warranted to determine grade and tonnage potential of these occurrences. The recently constructed Saskatchewan Research Council Rare Earth Processing Facility in Saskatoon, the first of its kind in North America, provides a strategic advantage to the discovery of REE resources in Saskatchewan. Granting of Long-Term Incentives The board of directors of the Company has approved the granting of 1,170,000 incentive stock options (the "Options") and 250,000 deferred share units (the "DSUs") pursuant to the Company's Stock Option Plan and DSU Plan to its directors, officers, contractors and employees. Directors and officers were awarded 950,000 of the Options which are exercisable at a price of $0.53 per share, expire on May 28, 2030 and vest over a three-year period. 40,000 DSUs were granted to the Company's directors for director fees for the year ended December 31, 2024. In addition, 210,000 DSUs were granted to directors, officers and employees that will vest in accordance with the Company's DSU plan. Technical Disclosure Historical results are derived from the Saskatchewan Mineral Deposit Index ("SMDI") and assessment reports available in the Saskatchewan Mineral Assessment Database ("SMAD") as detailed in the references below. Historical results have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these results relevant to assess the mineralization and economic potential of the property. Historical Results References Regional lake sediment data is derived from the Geological Survey of Canada ("GSC") digital compilation dataset, published 20 November, 2019 and most recently modified 9 November, 2023, available at the following link: which contains information licensed under the Government of Saskatchewan Standard Unrestricted Use Data Licence (Version 2.0). Details regarding the Fond du Lac Uranium Deposit can be found in the publication by Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin May,1982. "Fond-du-Lac uranium deposit". Quoted ranges of historical uranium concentration in outcrop samples derive from maximum and minimum values from SDMI uranium occurrences (#5418 and #1589 specifically referenced) within the license areas. Highlight values for Total REE content in historical samples reference SDMI occurrences #3314 and #5383. The minimum value quoted in the range of historical values (for SDMI occurrences specific to REE) derive from #5384. Details regarding the other REE occurrences in far northern Saskatchewan can be found using the following references/links: Alces Lake: Appia Rare Earths and Uranium Corp. ( Hoidas Lake: SMDI#1612. As per the 2014 NI 43-101-compliant technical report by Barr Engineering Co., the mineral resource estimates for the JAK Zone at Hoidas Lake include measured resources of 963,808 tonnes at 2.142% TREE, indicated resources of 1,597,027 tonnes at 1.958% TREE, and inferred mineral resource of 286,596 tonnes at 1.784% TREE, or 2.139% TREO Spruce Project References: SMAD Assessment File Numbers 74O07-0002, 74O07-0031, 74O09-0023 and 74O09-0024. Pine Project References: SMAD Assessment File Numbers 74O09-0001, 74O09-0019, 74O08-0076, 74O09-0024, 74O09-0019 and 74O09-0024. Also Fulcrum Metals PLC news release September, 7 2023. Aspen Project References: SMAD Assessment File Numbers 74O07-0032, 74O09-0003, 74O09-0004, 74O09-0019, 74O09-0020, 74O09-0023,74O09-0024, 74O08-0076, and MAW01857. Quoted ranges of uranium concentration in parts per million in Perron Lake derive from 74O09-004. Birch Project References: SMAD Assessment File Numbers 74O10-0002, 74O10-0003, 74O10-0008. Fir Project: SMAD Assessment File Numbers 74O09-0023, MAW02300. The historical results are also fully referenced on Fortune Bay's website ( under each Project within the Technical Disclosure section. Qualified Person The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101. About Fortune Bay Fortune Bay Corp. (TSXV: FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Poma Rosa Project), both with exploration and development potential. The Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan, which have high-grade potential. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at or by contacting us as [email protected] or by telephone at 902-334-1919. About Neu Horizon Neu Horizon is a public unlisted Australian company focused on discovering and developing Tier 1 uranium deposits in premier exploration jurisdictions. Through this exciting new partnership with Fortune Bay, the company has access to a dominant land package with over 100,000ha of prime exploration ground covering three projects in Sweden and five projects in Canada. Sweden is Europe's leading mining nation and also hosts the world's largest low-grade uranium resource within the Alum-shale, where Neu Horizon has a significant landholding. The company aims to take advantage of the Swedish Government's plans to lift the 2018 moratorium on uranium exploration and mining to delineate a significant European uranium deposit. Canada's Athabasca Basin is the world's leading source of high-grade uranium. Access to this land package along the northern rim of the basin provides Neu Horizon direct access to this underexplored uranium exploration frontier. These strategic projects align Neu Horizon with the global demand for clean, sustainable and low-carbon energy, by taking advantage of both countries' rich uranium resources and supportive mining legislation. On behalf of Fortune Bay Corp. "Dale Verran" Chief Executive Officer 902-334-1919 Cautionary Statement Regarding Forward-Looking Information Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at SOURCE Fortune Bay Corp.

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