Paul Martin Commentary
House prices are continuing their upward trend.
The March figures on residential real estate sales show one common theme: home prices in every major community in the province went up last month. It took the provincial benchmark to $374,000 – up a bit more than $10,000 from $364,000 in February.
The provincial realtors’ association attributes the increases to the persistence of low inventories. And when buyers have fewer choices, they make stronger offers in hopes of deterring competitors looking for properties.
This situation puts Saskatchewan out-of-step with other parts of Canada where inventories are rising and prices are falling.
Provincially, there were 1800 new listings last month, a level that is tracking 25-percent below historical trends despite a growing population base while overall inventory is running 45-percent behind the ten-year average. In the Regina-Moose Mountain corridor that hit 64-percent.
The organization is hoping improved weather will not only bring May flowers but higher volumes of listings as well. Without this change prices will continue to rise, dampening our affordability claims.
