Residential real estate sales in the province have dropped considerably year over year, and are slightly below the 10-year-average.
But the Saskatchewan Relators Association is saying this return to balance has been coming for some time.
“Provincially, sales are down 21 per cent year over year,” said Cole Zawislak, director of public affairs with the SRA. “That’s kind of to be expected. When you look at the long term trends, the sales levels are consistent with long term trends in the province.”
This year’s number’s are trending towards more balanced conditions, the association said. Year to date, sales levels were on a downward trend from 2014 to 2020, spiked in 2021 and 2022. The 2023 levels are closer to the 10-year average.
The benchmark price in Regina is down 4.6 per cent year over year to $311,200, while in Saskatoon, they’re up 1.4 per cent to $375,600. North Battleford is down 10.4 per cent.
The SRA said conditions remain tight in lower priced products, with more balanced conditions in the higher price ranges.
Depending on the region, the number of homes on the market is down considerably – up to 32 per cent under the ten year average in some areas.
“Regina is over 25 per cent below long term trends and Saskatoon is actually even worse,” Zawislak said. In the Queen City, there is a 21 per cent decrease in new listings and sales are down six per cent.
Higher lending rates that have been seen over the last few months are putting the pinch on homebuyers.
“Conditions remain extremely tight in the lower priced segment of our market, and I think it’s proving difficult for existing homeowners to move up in the market,” Zawislak said.
In addition, markets like Melfort, Prince Albert, Yorkton and Meadow Lake are reporting tightening conditions when it comes to sales and inventory levels.