The Saskatchewan Realtors Association (SRA) reports that in January, the province witnessed a surge in real estate activity with 776 sales, marking a 24 per cent increase year-over-year and nearly 18 per cent above the 10-year average.
Driven primarily by robust detached home sales, this marks the seventh consecutive month of above-average sales.
“Prospective buyers can continue to expect tight market conditions when searching for more affordable properties”
Despite the strong sales, new listings declined, leading to a reduced inventory of 4,562 units, the lowest January level seen since 2010. Inventory levels plummeted by 18 per cent year-over-year, especially in the competitive segment below $400,000. However, properties priced above $600,000 saw some relief in inventory, though not enough to offset declines at lower price points.
SRA’s CEO, Chris Guérette, notes, “Higher lending rates have driven many purchasers to seek out more affordable products, resulting in further inventory declines in the more affordable segment of our market.”
Guérette continues to say that January failed to bring new listing relief to this area, and “Prospective buyers can continue to expect tight market conditions when searching for more affordable properties.”
Stable demand should be supported by favourable economic conditions and lower lending rates
Prices across all property types rose year-over-year, with row/townhouse-style properties experiencing the most significant gains. The provincial benchmark price reached $319,600 in January, up nearly 1 per cent from January 2023.
“While real estate is local and market conditions vary based on property type, price range, and location – our biggest concern is the lack of inventory across many markets in our province,” Guérette says. “Despite persistent inventory challenges, the predicted easing of lending rates and favourable economic conditions should continue to support stable demand for home ownership in Saskatchewan.”
Regional highlights
All regions saw increased sales activity, particularly Regina Moose-Mountain and Saskatoon-Biggar. However, inventory levels remained below last year’s levels, leading to supply levels. This is especially true in Saskatoon-Biggar, which has under four months of supply.
Price trends
Price trends varied across Saskatchewan, as several communities witnessed price gains and others experienced slight decreases. The range was wide, from Melfort seeing a 10 per cent year-over-year increase, to Swift Current’s decline of nearly 3 per cent.
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