Saskatoon is one of Canada’s hottest housing markets, as December home sales increased 30 percent year-over-year and the average home price rose 4 percent, according to the Saskatoon Region Association of Realtors.

Expensive homes experienced the largest growth in sales activity, as the 12 units sold between $450,000 to $499,000 represents a 140 percent jump compared to December 2010. Meanwhile, 20 units were sold with prices between $500,000 to $749,999, up 43 percent year over year. The average Saskatoon home value spiked to $312,834 in December after posting a $300,693 mark one year earlier.

“There was more units sold, but also more houses in higher price ranges moved,” SRAR executive officer Jason Yochim told the The Star Phoenix.

“I’m cautiously optimistic that we will see at least a five percent increase in [prices],” he said of Saskatoon’s real estate market in 2012. “Us and Toronto are the two major centres that are going to see the most buoyant real estate market.”

According to a recent Conference Board of Canada report, Saskatoon, Calgary, Edmonton and Regina will experience the most significant economic growth this year, as Saskatoon’s economy is projected to expand 4 percent. With strong economic growth and continued low mortgage rates, housing markets in Alberta and Saskatchewan should remain healthy.

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