The weather on the prairies is heating up, and the real estate market is still hot. Pardon the real estate pun but it fits. The real estate market in Saskatoon remains at a historic level, as sales volume, total sales dollars and new listings are well above the 10-year average.

I will continue to use a comparison to the 10-year average, rather than just comparing to last year’s stats, as one year ago we were in the early stages of the pandemic, and just about everything was in a holding pattern, including real estate.

This May sales volume came in at $222.7M which is 45.5 per cent above the 10-year average. This is the value of all the real estate that traded hands in May.

The number of transactions in May was 576 for the Saskatoon area. This is 33.8 per cent higher than the 10-year average.

Finally, the number of new listings in the Saskatoon area was 1,015, which is up 9.6 per cent over the 10-year average.

The average selling price in Saskatoon is up 13.1 per cent from last year, going from $292,000 to $330,300. The average selling price for a house in April was $321,000, so we see that the price of house here in Saskatoon is starting to pick up speed as well.

I want to change gears a little bit from our discussion on investment properties. I want to mention some things that we can do to increase the value of the home that we are living in.

There is an article on the HGTV website that discusses these points in details, but I will give a quick overview. You can find the article here: https://www.hgtv.com/ lifestyle/clean-andorganize/which-homeimprovements-pay-off.

1. Kitchens and bathrooms:

Most people have heard that these are the two of the most important areas to update in your home. You have heard this because it is true. Minor kitchen remodelling can get your up to 100 per cent of your investment back when you sell your property. Smaller projects like updating fixtures and vanities in bathrooms, in addition to larger projects like replacing tubs and showers, provide good value and will net you a good return when it comes time to sell.

2. Home maintenance:

These seemingly small jobs can save you big money in the long run, and therefore keep more money in your pocket (maybe for an investment property). Inspect your roof on a regular basis throughout the summer to ensure you haven’t lost any shingles in a wind storm. Check the seals on the flashings on the roof and clean the gutters regularly. You would be surprised how much stuff can end up in your gutters in a very short time. Keeping your roof maintained will ensure you don’t end up with water in your attic, and eventually in your house. Having functioning gutters will keep the water away from your foundation and prevent a foundation issue over the long term. Definitely keep your downspouts down. This will move the water away from the foundation. Make sure you are changing your furnace filter every three months. This allows your furnace to breath well. Have your ducts cleaned at least every two or three years. This will also help to prolong the life of your furnace. A fresh coat of paint in just about any area in the house will always go a long way in adding value.

3. Increase your curb appeal.

Painting the exterior of the house is a great way to spruce things up. This includes the garage door as well. Keep your trees and shrubs pruned and neat. This shows potential buyers right away that they owners take care of the property.

4. Add more space to your home.

This can be accomplished many different ways. You can turn an unused bedroom into office, complete with shelving and a desk. Add a sunroom by screening in part of an existing deck. As people are spending more time at home over the last year, they are looking for a way to maximize the space they have.

One thing I will mention is that the cost of building supplies, particularly lumber, has increased significantly in the last 12 months. This will add a significant amount to the cost of most home improvement projects as I am learning first hand. I am repairing a deck, rather than starting over and building a new one.

There are many things that you can do to increase the value of your home, as well as increase the functionality for you as you live there. Do your research and decide what will make the most sense for you whether you are thinking of selling in the next month or two or if you plan on staying put for the next 10 or 20 years.

(Brad Chisholm is a Realtor and real estate investor based in Saskatoon. You can find him at bradleychisholm.exprealty.com or email him at brad.chisholm@exprealty.com.)

-Brad Chisholm