The COVID pandemic has done nothing to dampen the residential real estate market in this province. If anything, it has accelerated it.
This story is somewhat typical of what is going on across the country. October was a hot month in much of the nation with even the hot markets like Toronto seeing activity increase. Out there, though, COVID has shifted attention away from the downtown core to the suburbs as people realize if they are going to work from home, the commute is not an issue so they want a yard.
Our here where everywhere is like the suburbs we’re seeing similar action. In Regina and Saskatoon, for example, the amount of inventory on the market is equal to 3 or 4 months of sales. And sales are occurring faster than new listings are coming on the market.
In other centres, like Moose Jaw or Prince Albert, North Battleford, Yorkton and Weyburn-Estevan, the lack of inventory is not quite as severe, but much tighter than the 5-year average. As a result, prices are rising as consumers display considerable confidence in their long-term prospects.