Tight Sask. housing market leads to higher prices in many areas

It’s a seller’s market right now in Saskatchewan for homes. There are fewer homes for sale and yet sales were on the rise in July across the province, according to the Saskatchewan Realtors Association’s monthly report.

SRA spokesperson, Cole Zawislak says July was the 13th consecutive month of above-average sales across the province with a seven per cent year-over-year gain in sales last month, which is over 20 per cent above the long-term, 10-year averages.

That’s alongside housing inventory being down 20 per cent compared to July of 2023 and 40 per cent below the long-term trends.

Across the province, the average home price rose by $1,500 last month to an average of $344,800.

Association CEO, Chris Guérette states, “Limited supply choice, specifically in the more affordable segment of the market, is likely preventing even stronger sales activity in our province.”

In Saskatoon, a record benchmark price of $406,500 was set in July. That’s up $3,000 from June and over seven per cent above July of last year. Regina’s benchmark price in July was $318,400, up $300 from June and a half per cent above July of last year.

Guérette understands it’s a challenging time right now for prospective buyers.

“Supply constraints, when paired with strong demand, continue to place upward pressure on prices as evidenced by record benchmark prices in some communities for the second consecutive month,” she says.

The Saskatoon-Biggar region once again has the tightest market conditions in the province with just over 2 months supply last month, and if you compare cities, Saskatoon had the lowest inventory at 1.6 months supply in July, which is over 50 per cent below the long term average.

The one region which didn’t have a rise in sales or prices last month was the Melville-Yorkton area. Zawislak says the benchmark price was down 1.6 per cent in July at $208,700.

Read more

• Saskatoon plans for affordable housing project on Lakewood Civic Centre site
• How modular housing could speed up construction of much-needed homes
• Saskatoon city council votes in favour of new housing bylaw changes