It might be another sign that the COVID upheaval may be settling down.
The provincial residential real estate market appears to be finding an equilibrium that looks more like pre-COVID than it did during the pandemic when buyers appeared on every street corner and supply could not keep up. Now the gap is narrowing.
The newest numbers from the Saskatchewan Realtors show price increases are moderating as supply and demand come more in line. Sure, the low-interest rates are still a factor that encourages purchases but the pace is slowing. In July of last year, at the height of the pandemic when the urge to acquire a new house seemed strongest, we set a record for sales volume in the province. Last month – a year after the record – the number of transactions had backed off by 15-percent from last year’s peak.
Prices are still rising but the gains are smaller but even so we are still below the record prices set 7 years ago at the pinnacle of the boom.
