Despite facing inventory challenges, the real estate market in Saskatchewan remains strong, with sales activity higher than pre-pandemic levels and above long-term, 10-year averages, according to the Saskatchewan Realtors Association (SRA).
The association recorded 854 sales across the province in February, a year-over-year decline of 19 per cent. However, inventory levels were down six per cent year-over-year and 31 per cent below 10-year averages, and the months of supply remained under four months in many regions.
Chris Guerette, CEO of SRA, acknowledged that higher lending rates and supply challenges continue to be the primary reason for the pullback in sales and expressed concern about the low inventory levels, particularly in the affordable segment of the housing continuum.
Benchmark price up slightly year-over-year
February price trends varied across the province, with prices increasing in Melfort, Prince Albert, Saskatoon and Yorkton.
According to SRA, in most regions, price adjustments were relatively small as we continue to return to more balanced conditions.
The provincial benchmark price reached $318,500 in February, slightly higher than the previous month and 0.4 per cent higher than February 2022.
Regina & Saskatoon
The city of Regina reported a benchmark price of $310,200 in February, while Saskatoon reported a benchmark price of $372,400.