House prices up 30 per cent

Housing prices in Moose Jaw have jumped 32 per cent over last year's comparable values.
"This year, for the period from July to September, the average house price sale in Moose Jaw was $127,000," said Merv Rayner, president of the Moose Jaw Real Estate Board.
"The average house price was $96,000 for the same period last year. That's a $31,000 increase." That works out to 32 per cent more than one year ago.
The increase in housing prices follows a steady annual increase since the late 1990s.
The price increase is not driven by a shortage of homes on the market.
"We have a good number of listings in all price ranges," Rayner said.
He disagreed with the popular notion that out-of-province buyers, are solely responsible for the housing price boom.
"When you look at the percentage of out-of-province buyers it's not very large."
Only three of his 20 most recent transactions involved out-of-province buyers.
Most of the new buyers are the traditional flow of rural residents into Moose Jaw, he said.
"A lot of people from small towns are moving into Moose Jaw for various reasons: to be close to health care, the shopping."
But out-of-province buyers are paying more for homes.
"They have money to spend. They have just sold their high-priced homes in Alberta or B.C. and have lots of cash."
Different measures show the city is in a housing price boom.
The spread between asking price and selling price has narrowed and so has the time between listing and selling.
"It's not taking as long as it used to sell a home."
And the spread between asking price and selling price in July, August and September ranged from a low of 1.7 per cent in August to a high of 8.3 per cent last month.
The 8.3 per cent gap involved more higher-end properties, he said.
While Rayner expects the usual fall/winter slow period in real estate action, he isn't certain the pattern will repeat.
"(I) wish I had a crystal ball," he said.