For the sixth month in a row, Saskatchewan has seen sales at above-average levels: 757 in December, a year-over-year jump of 19 per cent and 13 per cent above long-term, 10-year averages, the Saskatchewan Realtors’ Association (SRA) reports.
Above-average behind 2022 levels
However, the sales boost didn’t quite surpass 2022 levels, as it was three per cent lower than that time year-over-year. This is something that was forecasted and due much in part to slower detached home sales (semi-detached and apartment home sales improved).
Lower inventory levels
At the same time, new listings dropped, bringing inventory levels down by more than 16 per cent year-over-year last month. This brought them almost 35 per cent under the 10-year average.
Higher prices for more affordable property types
Prices have gone up for more affordable housing like apartment, row and semi-detached properties, while detached homes sold for similar prices as they did in 2022. December’s benchmark price of $319,300 was down from $324,400 in November and almost 2 per cent above December 2022.
“Higher lending rates continue to push prospective buyers to seek more affordable options within our market, while inventory levels within that market segment remain extremely tight,” SRA’s CEO, Chris Guèrette, notes. “When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”
Regional highlights
Year-over-year sales went up in all regions across the province, except the Northern, and are much higher than long-term averages. The new listings drop has kept inventory low, with the tightest conditions being in Saskatoon-Biggar (4.42 months of supply) and Regina-Moose Mountain (5.43 months of supply). More balance was found in Swift Current-Moose Jaw (8.65 months of supply), Yorkton-Melville (8.84 months of supply) and Prince Albert (8.43 months of supply).
Regina
The City of Regina reported 188 sales in December, a year-over-year increase of almost 25 per cent and 24 per cent above long-term trends. New listings decreased by 12 per cent, bringing inventory over 33 per cent below long-term city averages. Regina saw a benchmark price of $299,800, which was down from $308,500 in November and four per cent below December 2022.
Saskatoon
Saskatoon reported 230 sales in December, a year-over-year increase of 14 per cent and 10 per cent above long-term, 10-year averages. New listings were almost 45 per cent below the 10-year average, and price growth, with a $374,100 benchmark price, was about five per cent above December 2022.
“Saskatchewan’s housing market continues to benefit from the economic success in our province, including a strong labour market and record population growth,” Guèrette says. “Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers.”
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