Housing prices in Saskatoon decline in Q1: Royal LePage

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Royal LePage said housing prices in Saskatoon declined during the first three months of 2019.

The aggregate price of a home decreased 1.0 per cent to $368,665 from the same period last year, according to Royal LePage’s house price survey released Thursday.

READ MORE: Housing market in Saskatoon warms up slightly in February

The median price for a bungalow fell 3.3 per cent to $326,943, with the median price of a two-storey home increasing 0.8 per cent to $405,253.

Matt Miller said while demand is flat, lower inventory levels should keep prices stable.

“Year-over-year inventory levels are decreasing but still remain healthy,” said Miller, who is the broker and owner of Royal LePage Saskatoon Real Estate. “

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“Demand is flat in the region, but the decline in supply will keep prices stable.”

Miller said similar results are expected in the second quarter, with a gradual sales increase into the summer.

He added housing incentives announced in the federal budget could help stabilize the market.

“While details of the plan will not be released until September 2019, if it helps potential homebuyers access the market, we should see an uptick in demand,” Miller said.

READ MORE: What to know about the new CMHC mortgage incentive

Under the First-Time Home Buyer Incentive, the government would help some first-time buyers by advancing up to 10 per cent of the purchase price of a home so they can take out a smaller mortgage and keep monthly payments lower.

The program would be administered by Canada Mortgage and Housing Corp. (CMHC), the Crown corporation that insures most Canadian mortgages on homes purchased with a down payment of less than 20 per cent of the price.

-With files from

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