November 14, 2022 For immediate release: For the first time in the province’s history, the Government of Saskatchewan has proclaimed November 14-20, 2022, as REALTORS® Week in Saskatchewan. REALTORS® are hands-on community leaders that contribute to the multi-billion-dollar real estate industry. As the province’s second-largest sector by GDP, real estate plays a crucial role in ensuring we have a growing and prosperous economy in Saskatchewan. With each home sale producing approximately $53,000 in additional spinoffs across multiple sectors of the economy, our members are significant contributors to our province every day. “As REALTORS®, we value the collaborative relationship we have with our provincial government on numerous files that help build strong Saskatchewan communities,” said Saskatchewan REALTORS® Association Chairperson Avril Reifferscheid. “We thank the Government of Saskatchewan for recognizing REALTORS® Week and the importance of our profession to the Saskatchewan economy.” REALTORS® Week in Saskatchewan will coincide with REALTORS Care® [...]
INVENTORY LEVELS 25 PER CENT BELOW 10-YEAR AVERAGE November 3, 2022 For immediate release: There were 1,144 units sold across the province in October, a year-over-year decline of 12.3 per cent. While sales continue to ease relative to 2021, a record year, October sales data reflects a year-over-year increase of 1.7 per cent when compared with 10-year averages. The pullback in sales was met with a reduction in new listings, resulting in lower-than-average inventories for this time of year. The monthly decline in sales was enough to cause further gains in the months of supply. With nearly six months of supply in the province, the market continues to return to more balanced conditions, but it is important to note that inventory levels are still over 25 per cent below the 10-year average. “While our market continues to fare better than many others across the country, we are feeling the [...]
SALES RETURNING TO NORMAL, INVENTORY LEVELS REMAIN A CHALLENGE October 4, 2022 For immediate release: Sales activity continued to trend down in September with 1,267 units sold, a year-over-year decline of seven per cent. However, as seen in August, sales levels remain consistent with long-term trends as the market returns to more balanced conditions. New listings were relatively stable on a year-over-year basis but continue to decrease when compared to levels seen earlier this year. Despite adjustments in both sales and new listings, inventory levels also fell in September. Inventories remain nearly 11 per cent lower than levels seen last year and well below long-term averages, which continues to prevent the market from moving into “buyers’ market” territory. “Saskatchewan residents are not immune to the impacts of interest rate increases and ongoing inflationary pressures,” said Saskatchewan REALTORS® Association CEO Chris Guérette. “That said, our housing market continues to fare [...]
SUPPLY LEVELS AT LOWEST LEVELS RECORDED IN AUGUST IN NEARLY A DECADE September 06, 2022 For immediate release: August sales reached 1,466 units, reflecting a year-over-year decline of three percent. While sales continue to ease relative to last year, year-to-date sales of over 11,000 units remain well above long-term averages for the province. As supply levels in the lower price ranges continue to fall, we see a decline in sales driven largely by homes priced below $500,000. New listings fell for the second consecutive month, resulting in a slight reduction in inventories. While the monthly pullback is consistent with seasonal trends, supply levels remain at their lowest levels recorded in August in nearly a decade and significantly below 10-year averages. “Supply remains a challenge in the market and while we are seeing some signs of improvement, the gains are in the upper end of the market and have not [...]
“As expected, gains in lending rates are having some cooling impacts on the housing market causing consumers to seek out more affordable options. The challenge will be product availability in the lower price ranges of the market. Supply levels are improving compared to earlier in the year, however, the year-over-year decline in inventory has been driven by homes priced below $400,000,” comments Chris Guérette, CEO of Saskatchewan REALTORS® Association.
You will notice a change in the benchmark home price this month. Benchmark home prices reflect a typical home to ensure price movements better reflect market activity. Over time the typical home evolves and the MLS® Home Price Index also evolves to ensure the data remains in line with modern housing trends. As of June 1, the benchmark price was recalculated based on a modern typical home. Details on the model adjustments made can be found here . HOME PRICES CONTINUE TO RISE DESPITE SLOWER SALES July 06, 2022 For immediate release: June sales eased over last year’s record levels. However, with 1,808 sales this month, activity is still over 20 percent stronger than long term trends for the province. “While sales have been trending down in the province this year, we cannot lose sight of the fact that sales levels are still amongst the highest levels ever [...]