SASKATOON – Declining sales coupled with elevated inventory levels has turned Saskatoon’s housing market into a buyer’s market.
“The reality is that our market is feeling the effects of slower economic times,” said Jason Yochim, CEO of the Saskatoon Region Association of Realtors (SRAR).
“If someone is serious about selling their home, they need to sharpen their pencil regarding price to ensure a successful sale.”
According to SRAR, sales are down in nearly every price range, but most notably in the $450,000 to $500,000 and the $750,000 to $900,000 ranges. They also reported the home price index has remained flat, indicating stability in pricing, but expect that to decline slightly as new listings outpace total sales.
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There are currently over 2,000 listings in Saskatoon, up 26 per cent from a year ago. The sales-to-active listing ratio in August was 39 per cent, well below the five year average of 54 per cent.
Total sales are down 12 per cent so far this year, with 329 homes changing hands in August.
Housing starts have also been affected, with construction started on 510 new single-family homes this year, down 28 per cent from the same period last year. There has been a slight upswing in multi-family starts, an increase of 10 per cent to 798 units.
“It’s important to keep in mind that regardless of the market conditions, homes still sell, provided they are properly priced to the market,” said Yochim.
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