Saskatchewan’s red hot residential real estate market is showing no signs of cooling off.
Buyers stepped up in record numbers in July in every region of the province, according to the provincial Realtors Association as 1,850 homes changed hands, eleven-percent higher than last year and a staggering 30-percent over the 10-year average.
This strong demand eats into the volume of inventory on the market so, not surprisingly, prices are going up. July’s activity was the 25th consecutive month of above-average sales which pushed the provincial benchmark price up $2,000 to more than $370,000. Saskatoon’s benchmark led the way, rising to $430,000.
A string of cities saw their local markets achieve new milestones with record benchmark prices in Humboldt, Meadow Lake, Melville, Regina, Saskatoon, Swift Current and Yorkton. The increase was highest in Humboldt at 17-percent with Melville was right behind at 16-percent. In all, eight communities posted double-digit price increases.
All of this points to the underlying strength of the provincial economy as population growth drives the demand for more housing, fueling the need for new construction in all regions.
