Housing sales in Saskatoon above average, inventory levels low

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Housing sales in Saskatoon are well above long-term averages, according to the Saskatchewan Realtors Association (SRA).

There were 538 sales in May, which was nearly identical to sales in May 2022, the SRA said.

However, inventory levels are still below the 10-year average, an SRA news release said.

“Supply levels do vary across different regions of the province,” SRA CEO Chris Guérette said. “For example, much of the inventory declines have been driven by the Regina and Saskatoon markets, while other parts of the province are reporting year-over-year gains.”

Guérette said that buyers and sellers should work with a professional that understands market conditions in their area.

SRA said tighter market conditions were putting pressure on property prices.

The benchmark price for a home in Saskatoon was $380,100 in May, SRA said. That is a monthly gain of nearly two per cent. The provincial benchmark price was also up two per cent at $329,600.

Overall, there were 1,736 sales in Saskatchewan, a four per cent year-over-year decline, SRA said. However, the number is 20 per cent above long-term, 10-year averages.

“Saskatchewan continues to benefit from a strong economy which is helping offset some of the impacts of higher lending rates, keeping sales activity above levels seen before the pandemic,” said Guérette. “Despite ongoing inventory challenges, our market is once again showing its resilience as sales remain above long-term averages.”