Despite our growing population, the volume of homes changing hands is slowing.
Saskatchewan’s residential real estate market is showing the same characteristics as much of the country – sales volume is declining and prices are slowly climbing.
Although we’re just a few days into August, we already have the numbers for home sales last month from the Saskatchewan Realtors Association. The new provincial benchmark price is $333,100 which is slightly higher than previous months but the trend is towards the downside as higher interest rates are pushing more and more buyers towards lower-priced options.
The most active category was between $200,000 and $300,000, according to the report and while overall sales volumes is lagging behind the last two years, it is still well above the 10-year average.
Inventory levels are starting to climb as well – modestly but they are rising – although they remain well below what we were seeing five or ten years ago.
The story also varies by community. Estevan was the only city to post price declines for the month and the year-to-date while Saskatoon, Prince Albert, Yorkton and Meadow Lake posted record high benchmark prices last month.
