Real estate sales have dropped for the third consecutive month in Saskatoon, according to the Saskatchewan Realtors Association (SRA).
Inventory levels are still a concern and supply levels are nearly 37 per cent below long-term averages, an SRA news release said.
“Tight conditions in the Saskatoon market are placing upward pressure on home prices and we expect this trend to continue as inventory challenges persist,” SRA said.
“Higher lending rates continue to impact what buyers are able to purchase, which is creating tight conditions in the more affordable segment of our housing market,” CRA CEO Chris Guérette said in the release.
“When paired with declining inventory levels, specifically in homes priced under $300,000, there simply isn’t enough choice for prospective buyers looking in that price range right now.”
Despite the inventory shortage, SRA said sale levels were consistent with long-term 10-year averages.
“Our market is once again showing its resilience, as we continue to report sales above long-term averages,” said Guérette. “That said, we continue to keep a close eye on supply levels across the province. Saskatchewan is growing at its fastest pace in over 100 years and ensuring that supply matches this growth is crucial to maintaining our affordability advantage.”
The benchmark price for a home in Saskatoon went up two per cent from last year to $376,300. That is higher than the overall provincial benchmark price of $321,400, which also increased from $318,500 in February.
Housing sales across the province dropped year-over-year by 20 per cent, SRA said. New listings fell by over 17 per cent since last year, the release said.
“In the first quarter of 2023, properties priced below $400,000 contributed to the largest decline in new listings,” SRA said.
