SASKATCHEWAN — Saskatchewan reported 1,259 home sales in October, a year-over-year gain of 11 per cent and nearly 13 per cent above 10-year trends, a report from the Saskatchewan Realtors Association (SRA) says..
Above-average sales are due to gains in the detached, apartment and townhouse/row-style sectors. Despite year-to-date sales remaining slightly below last year, Saskatchewan continued to report sales activity stronger than the 10-year average.
Supply challenges continued to persist, as inventory levels fell by over 15 per cent compared to last year and remained over 30 per cent below the 10-year average, the association continued.
Adjustments to sales and inventory levels, paired with declining new listings, resulted in fewer than five months of supply, a 23-per-cent year-over-year decrease and over 40 per cent below 10-year averages.
“Higher lending rates continue to impact both demand and new listings in our market, which is likely preventing even stronger October sales numbers,”
“Prospective move-up buyers are facing challenges amid higher interest rates and ongoing inflationary pressures, and we’re seeing a trickle-down effect with limited supply growth in the lower price ranges, which remain extremely competitive.”
With four-and-a-half months of supply, the province is reporting the tightest conditions heading into November since 2007. Yet, home prices remained relatively stable, with benchmark prices of $327,300 in October, down from $328,000 in September and up nearly two per cent from October 2022.
“Our market continues to demonstrate its resilience, as many have predicted, and we’re once again reporting strong sales despite inventory challenges, inflationary pressures, and higher lending rates,” said Guérette.
“Saskatchewan is affordable, we’re growing at the fastest pace in over a century, and we’re well positioned for stable demand in home ownership.”
