Saskatchewan has seen above-average sales for six consecutive months: 757 in December, a 19 percent increase year-over-year and 13 percent higher than the 10-year average, according to the Saskatchewan Realtors’ Association (SRA).
However, the sales surge was still three percent lower than the same period in 2022. This was expected and mainly due to slower detached home sales (semi-detached and apartment home sales rose).
Meanwhile, new listings fell, reducing inventory levels by over 16 percent year-over-year last month. They were almost 35 percent lower than the 10-year average.
Prices have increased for more affordable housing such as apartment, row and semi-detached properties, while detached homes sold for similar prices as in 2022. December’s benchmark price of $319,300 was lower than $324,400 in November and almost 2 percent higher than December 2022.
“Higher lending rates continue to push prospective buyers to seek more affordable options within our market, while inventory levels within that market segment remain extremely tight,” SRA’s CEO, Chris Guèrette, notes. “When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”
Year-over-year sales increased in all regions of the province, except the Northern, and were much above long-term averages. The drop in new listings kept inventory low, with the most severe conditions in Saskatoon-Biggar (4.42 months of supply) and Regina-Moose Mountain (5.43 months of supply). More balance was seen in Swift Current-Moose Jaw (8.65 months of supply), Yorkton-Melville (8.84 months of supply) and Prince Albert (8.43 months of supply).
Regina
The City of Regina had 188 sales in December, a nearly 25 percent rise year-over-year and 24 percent higher than long-term trends. New listings went down by 12 percent, bringing inventory over 33 percent under long-term city averages. Regina had a benchmark price of $299,800, which was lower than $308,500 in November and four percent under December 2022.
Saskatoon
Saskatoon had 230 sales in December, a 14 percent growth year-over-year and 10 percent higher than the 10-year average. New listings were almost 45 percent under the 10-year average, and price growth, with a $374,100 benchmark price, was about five percent higher than December 2022.
“Saskatchewan’s housing market continues to benefit from the economic success in our province, including a strong labour market and record population growth,” Guèrette says. “Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers.”
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