Real estate sales in Saskatchewan have fallen 32 per cent compared to last year’s record high, according to new data from the Saskatchewan Realtors Association (SRA).
Despite the decline, the association says year-to-date activity is still 16 per cent higher than long-term trends in the province. The SRA attributes the fall in new listings to homes priced below $500,000, noting that while new listings improved in higher-priced homes, the decline in sales and new listings has prevented inventory gains.
Inventory levels remain 25 per cent below 10-year averages for the second consecutive month.
“Higher lending rates and inflationary pressures are impacting housing demand across the country,” said Chris Guerette, CEO of the SRA. “That said, our market remains resilient, and the biggest concern is a lack of supply in homes priced below $500,000.”
While the benchmark price has trended down from levels reported earlier in the year, the SRA reports that prices remain nearly two per cent higher than levels reported this time last year.
“Market conditions vary significantly across the country, and unlike other markets, we continue to report sales levels well above long-term trends,” says Guerette.
