Supply challenges persist, but some positive market signs are now apparent, report says
While supply remains a constant challenge, the Saskatchewan housing market is steadily moving towards more balanced conditions, according to the Saskatchewan Realtors Association.
The province saw a total of 1,216 home sales in April, representing a 21% annual decline. However, seasonal trends indicated that new listings trended up above levels seen earlier this year.
“Although inventory levels experienced a 4% year-over-year decline and remain over 30% below 10-year trends, the adjustments in sales and new listings have resulted in the months of supply rising to nearly five months,” the SRA said in its latest market report.
“Recent trends point to potential supply relief,” added Chris Guérette, CEO of the association. “Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year.”
The region’s benchmark price reached $323,600 in April, up from $321,400 in March despite slightly below the prices recorded in April 2022.
“As province-wide figures are showing signs of more balanced conditions, it’s important to keep in mind that there is variation depending on location and price range,” said Guérette.
“Conditions remain exceptionally tight in lower-priced products, while more balanced conditions exist in higher price ranges. Higher lending rates have driven more purchasers to seek out lower priced options, while it is proving more difficult for existing homeowners to move up in the market.”