It is something we're used to in Calgary but for Saskatoon it's a new phenomenon. "In January and February we were absolutely navigating in unchartered waters. We're not comfortable yet but we're getting a good feel about where the market is going," says Janzen. What's driving the market might surprise you. According to Janzen local buyers are very active, but the pressure is predominantly coming from Alberta. "The Calgary investor and also speculators are coming in to Saskatoon and buying property sometimes sight unseen. They really believe that Saskatoon is the next hotbed of real estate. An average home in Saskatoon cost 160,000 in December of 2006. Now homes are selling for 220,000. an increase of 35 per-cent in only 6 months! "On average you're looking at 5-6 offers on a property and we've had as high as 31 offers and a property sell for 78,000 over the asking price, says Janzen.

New developments such as "The Willows" are popping up. They are luxury homes costing well over a million dollars, but it's not just residential property getting gobbled up by Alberta investors. "There's a tremendous demand for apartment blocks. In fact I was talking to one of our realtors and he has 3 blocks going up for sale and through word of mouth there is a lineup of buyers," Janzen reveals. Foreign investors are also playing a part. "A lot of interest out of Texas, Houston, areas like that. Southern U.S. and even a syndicate out of New York," says Janzen.

Prices in Saskatchewan are still well under the national average, but people in Regina aren't used to bidding wars. Realtor Lee Ann Allan says it gets mentally defeating for buyers to go and try and get a house and not get it go and try and get a house and not get it. "We really have to educate our clients these days, gone are the days let's go out and look at 6 houses which one would you like to put an offer on," says Allan. There's no way of knowing if, and when, the sun will set on this unpredictable market.