Homes in Saskatchewan selling faster as March sets sales record

It’s a good time to buy a home in Saskatchewan, if you can find one you like.

The real estate market in the province set a March sales record, up 85 per cent from March 2020, according to the Saskatchewan Realtors Association. The MLS Home Price Index composite was up close to nine per cent, from $255,800 to $278,400.

“The real estate market has been really brisk. It has been what people describe as a seller’s market because of such limited inventory. Buyers are having a tough time finding that perfect house,” said Craig Adam of RE/MAX Crown Real Estate.

While inventories were down in 23 of the 24 markets the association tracks, sales were up about 108.8 per cent in Saskatoon and 70 per cent in Regina.

Adam explained the low inventory is due to a number of factors but, overall, supply is not able to keep up with demand.

“With interest rates at record lows, it’s a good time for buyers to jump into the market. Certainly prices have come down a lot in the Regina and area over the past five to seven years, so now is a time buyers can afford it,” said Adam.

Homes in Saskatoon stayed on the market an average of 36 days in March, down from 55 days in the same month last year. That’s below both the five-year average of 52 and 10-year average of 47.

In Regina, homes stayed on the market for an average of 41 days in March, down from 68 days last March. That compares to the five-year average of 57 days and the 10-year average of 46 days.

Some buyers may be used to going back for a second or third look at a home and sleeping on it overnight, but Adam explained that’s just not the case anymore for his clients.

“You might write five, 10 offers with the buyer and they might not get any of them. So it can be very frustrating for clients that are trying to find their first home, or are just trying to buy any home,” said Adam.

Even though the market favours sellers, Adam’s best advice is to price your house accordingly.

“Price it to where the market is right now and if your house goes over that, then that’s the market dictating where it should be,” he said. “Don’t try to guess where you might end up because, still, if you overprice your house, even in a market that’s very strong, that will hurt you in the long run.”