We may have seen the first hint of a change in the direction of Saskatchewan’s residential real estate market.
Now, one data point does not make a trend but when that point is an outlier we want to take a closer look.
This week’s report on sales of residential property in the province in July shows things slowing. The benchmark prices were down in the major cities – the first time in months – as the number of transactions fell below last year’s pace. Regina fell $7,000 while Saskatoon posted a decline of $1,000.
Nonetheless, they remain ahead of the ten-year average, not surprising given that the province’s population has been growing through that period which should mean more sales today than a decade ago.
Despite the reduced volume, the market remains tight. Inventory levels still favor sellers but buyers last month seemed to be holding back a bit. Prices were up in most cities but even the biggest gains were single digit increases. Estevan topped the list with the benchmark price rising eight-percent compared to 13-percent in June.
