The Saskatchewan Realtors’ Association (SRA) reports 1,006 sales across the province last month, a 10 per cent year-over-year increase. This makes November the fifth consecutive month of year-over-year sales increases in Saskatchewan. A lot of this is a result of rising activity in the Regina and Saskatoon regions. Year-to-date sales stayed above long-term, 10-year trends.
There was a small boost in year-over-year new listings, though not enough to offset above-average November sales. This caused more inventory retractions, particularly for homes priced below $400,000. Inventory went down by over 16 per cent year-over-year and stays over 30 per cent below 10-year averages.
“Housing market continues to benefit from a strong economy, record employment and population growth”
“Saskatchewan’s housing market continues to benefit from a strong economy, record employment and population growth,” SRA CEO, Chris Guérette, says. “These factors, when paired with our relative affordability, continue to support above-average monthly sales and stable demand in home ownership.”
In November, months of supply went above five months, slightly higher than what was reported earlier this year but still over 40 per cent below the 10-year average. Almost all of the growth was in higher-priced properties. The province saw a small decrease in its benchmark price of $324,400, which was less than October’s $327,300 but up about 2 per cent from November last year.
“Our market continues to outperform many regions across the country, as we once again report strong sales levels and prices that are holding relatively steady,” says Guérette. “Where we are similar to other markets, however, is that we are experiencing persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”
Regional highlights
Despite monthly fluctuations, Saskatchewan’s year-to-date sales activity lessened throughout all regions in November, the lowest drop being in the Swift Current-Moose Jaw region. Though year-to-date sales have decreased, the Regina-Moose Mountain, Saskatoon-Biggar, Swift Current-Moose Jaw and Yorkton-Melville regions saw sales well above long-term, 10-year trends.
As of last month, the Saskatoon-Biggar region is still seeing the tightest conditions in the province, with just over 3.5 months of supply.
Benchmark prices varied across the province in November, with year-over-year increases in Estevan, Humboldt, Melville, Moose Jaw, Prince Albert, Saskatoon, Weyburn and Yorkton. On the other hand, year-over-year price drops occurred in Meadow Lake, Melfort, North Battleford, Regina and Swift Current.
For more information, review the provincial and regional data.
