Saskatchewan real estate market thrives in July

While many sectors have struggled to deal with the COVID-19 pandemic, the Saskatchewan real estate industry is trending upwards.

Across the province, sales were up by 56 per cent in July compared to July of 2019. Inventories were down and the median sales price went up by just shy of three per cent.

The Saskatchewan Realtors Association said in a release the numbers suggest “that people are still eager to buy and take advantage of the opportunities that exist.”

Irv Tremblay, a realtor with Sutton Group Results Realty in Regina, agrees the market is currently thriving.

“It’s an ideal time for both (buyers and sellers). It’s a balanced market right now,” he said.

In Regina, homes stayed on the market for an average of 48 days, down from 54 days last year. Inventory in July was 47.5 per cent lower than last year as well.

Tremblay thinks those numbers mean it’s a great time to put your home up for sale.

“Many sellers really don’t know that the market is as good as it is … They kind of think the market is depressed, not only with COVID but for a couple of years, but it isn’t. The market is very strong …,” he said.

“If you’re a seller, you should put your house on the market because you don’t have a lot of competition in some areas. That does sell your home faster and usually for a higher dollar value. Buyers have to remember as that happens, prices are going to move up.”

His point is backed up by the numbers. Median home prices in Regina went from $277,500 in July of last year to $300,000 last month.

Tremblay believes a jump in the real estate market also helps strengthen the local economy in other ways.

“Most people who purchase homes have a lot of add-on sales. There are home inspections, upgrading the home … They usually spend money, so it really helps the economy. There are a lot of spinoffs to every house sale,” he said.

When the pandemic struck Saskatchewan in mid-March, real estate was hurt as badly as most other sectors. However, Tremblay thinks it has done a good job of rebounding.

“We haven’t seen much resistance from sellers or buyers from listing their homes, having their homes shown, or looking at homes,” he said. “They’re confident they can do that and still be safe.”