If you are a first time home buyer, the market is more in your favour than if you are moving into a larger or newer home.
A Canada Mortgage and Housing market assessment report considers both Saskatoon and Regina to have “strong evidence of problematic conditions”.
CMHC spokesperson Goodson Mwale says in the report that covers the first half of the year housing starts are down, but there is still a large inventory out there.
That means prices are coming down a bit, so what was considered a strong over valuation in the market is now deemed moderate.
Mwale stresses that the housing start numbers are up for multi-unit homes like townhouses and condos, and not so much for single family homes.
The problem lies with the economic situation in the province with fewer jobs and population growth slowing.
CMHC expects modest improvement in the market in line with the economy, for next year and through.