In June, Saskatchewan experienced 1,675 home sales, which was a one per cent decrease from the previous year but nearly 10 per cent higher than the 10-year average, according to the Saskatchewan Realtors’ Association (SRA). Sales of homes priced above $400,000 showed improvement, offsetting the decline in homes below $300,000 due to inventory shortages.
Above average sales for 12 consecutive months despite inventory issues
New listings in June decreased by 14 per cent compared to the previous year and were down 21 per cent from the 10-year average, leading to a 19 per cent annual drop in inventory and more than a 40 per cent decline from long-term trends. Nonetheless, Saskatchewan has maintained above-average sales for 12 months in a row.
Despite the recent Bank of Canada rate decision, higher lending rates and rising home prices continue to drive demand for more affordable housing options, notes SRA CEO, Chris Guérette. The demand, coupled with decreasing supply in lower price ranges, limits choices for potential buyers and hampers stronger monthly sales figures due to insufficient inventory in this market segment.
In June, the residential benchmark price in Saskatchewan reached $343,300, up from $340,400 in May and almost 5% higher than June 2023. Several areas, including Humboldt, Martensville, Melfort, Prince Albert, Saskatoon, and Warman, reported record benchmark prices, with Saskatoon surpassing the $400,000 mark for the first time.
Despite ongoing supply challenges, housing demand remains strong in Saskatchewan, particularly in the more affordable market segment in the two largest centers, according to Guérette. Real estate conditions vary by region, making it tough for potential buyers at present.
Price trends
The province’s residential benchmark price in June was $343,300, a $2,900 increase from May and almost 5% higher than the previous year.
Home prices rose in many regions in June, with the largest monthly gains in the Saskatoon-Biggar and Swift Current-Moose Jaw regions. Melfort reported the highest year-over-year price gain for the second consecutive month, with prices over 12 per cent higher than last year.
Saskatoon surpassed the $400,000 mark for the first time, and several other regions, including Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, Meadow Lake, North Battleford, and Prince Albert, saw year-over-year price increases.
Regina
Regina recorded 380 sales in June, a 4 per cent increase from the previous year and 14 per cent above the 10-year average.
Inventory levels slightly improved month-over-month, resulting in 2.06 months of supply, up from 1.69 in May, but still down 30 per cent year-over-year and nearly 50 per cent below long-term trends. The benchmark price in Regina was $318,100 in June, down from $320,000 in May, and 0.5 per cent higher than June 2023.
Saskatoon
Saskatoon saw 540 sales in June, matching last year’s figures and 15 per cent above the 10-year average.
Limited supply options are likely hindering stronger sales in the city, with inventory levels at their lowest point since June 2007. Saskatoon reported a 26 per cent year-over-year decrease in inventory, remaining over 53 per cent below the 10-year average. The city achieved a record benchmark price of $403,500 in June, up from $397,200 in May and over 7 per cent higher than June 2023.
Review the full report, including by province, city, CMA/CA, economic region, and census division.
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