Home sales strong but inventory remains low, realtors association says

Saskatchewan continues to see strong numbers in home sales, even as inventory remains a challenge.

According to the Saskatchewan Realtors Association, the province saw 1,841 home sales last month, up six per cent on a year-over-year basis and 24 per cent over the 10-year average. The largest gains were seen in the Swift Current, Moose Jaw and northern regions of the province.

But strong homes sales have kept inventory levels low in the province. The association said inventory numbers are the lowest it has seen since 2008.

The low end of the market is seeing the biggest inventory challenges, the association said, with the sharpest decline in homes priced under $300,000.

“Our housing market continues to report strong monthly sales figures despite persistent inventory challenges,” Chris Guérette, the association’s CEO, explained in a statement.

“An eleventh consecutive month of above-average sales is quite impressive when you consider how challenging it can be for prospective buyers in some markets in our province right now.”

With inventory low, prices rose across all home types last month, and especially in apartments and townhouses.

The residential benchmark for the province was $340,400 in May, up from $339,800 in April and a four per cent increase over May of 2023. Regina’s residential benchmark was $320,000, while Saskatoon’s was $397,200.

Guérette said the market is tightest in Regina and Saskatoon, which have less than two months’ supply on the market. She said she expects prices will continue to increase as a result.

“With further rate cuts on the horizon likely to spur additional demand – and no immediate inventory relief in sight – we expect tight conditions to continue to place upward pressure on prices across the province,” Guérette explained.