Housing sales jump 18% in Saskatoon during April

WATCH ABOVE: The Turnkey Group talk about factors in the recent uptick in Saskatoon's housing market.

CORRECTION: A previous version of this story incorrectly stated the HPI price for a single-family home in Saskatoon for April was $301,900. The story has been corrected to reflect the correct HPI price of $306,900.

Housing demand in April was the strongest it has been in three years, the Saskatchewan Region Association of Realtors (SRAR) said.

SRAR reported Friday sales jumped 18 per cent for the month compared to April 2018.

READ MORE: CMHC says vulnerability still exists in Saskatoon’s housing market

Homes purchased for the month totalled 513 for the region, compared to 433 last year and 414 in April 2017.

“People came out of hibernation and said, ‘it’s time,’” SRAR CEO Jason Yochim said in a statement.

“We’re seeing the beginning of a spring market, which is nice.”

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Year-to-date sales are up seven per cent, with 1,440 homes purchased, compared to 1,342 in 2018 and 1,368 in 2017.

SRAR said possible factors influencing the market are stable interest rates and low prices.

READ MORE: Mortgage stress test, PST continue to affect Saskatoon’s new home market

Another factor is less inventory on the market, Yochim said.

“There’s less inventory and people are buying what they’re finding on the market,” Yochim said.

“It’s feeling more like it’s time to make that move.”

The HPI benchmark price for a single-family home in Saskatoon rose 1.7 per cent from the previous month to $306,900, but remained down 0.7 per cent from a year ago.

The townhouse benchmark was up 1.2 per cent month-over-month to $214,000, but is off 4.8 per cent year-over-year.

There was a slight uptick of 0.3 per cent in apartment condo prices to $171,300, but down 4.6 per cent from April 2018.

WATCH BELOW: ‘Shocking’ house foreclosure numbers in Saskatoon

‘Shocking’ house foreclosure numbers in Saskatoon
‘Shocking’ house foreclosure numbers in Saskatoon

SRAR said the number of new homes listed in April fell two per cent to from 787 to 774 compared to a year ago, and listings for the year are off three per cent, from 2,594 to 2,511.

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Overall, SRAR said Saskatoon is a balanced market, with a 49 per cent sales-to-listing ratio.