Royal LePage said Saskatoon housing prices showed declines during the second quarter of 2019.
The aggregate price of a home in the city decreased by 2.6 per cent year-over-year to $359,895, according to Royal LePage’s house price survey released on Wednesday.
When comparing year-over-year, the median price of a two-storey home decreased three per cent in the second quarter to $388,470. At the same time, the median price of a bungalow decreased by 2.2 per cent to $327,325.
“What happened behind the scenes this spring is that we saw demand was up nine per cent year-to-date compared to last year and that’s a really strong growth number,” Matt Miller, who is the broker and owner of Royal LePage Saskatoon Real Estate, said in a press release.
“We are moving from a buyer’s market into a more balanced one.”
WATCH (May 21, 2019): Housing report predicts Saskatoon, Regina homes to drop in value
Miller predicts prices to remain relatively flat in the third quarter, with perhaps some small increases. He added the effects of the mortgage stress test are still being felt.
“If you look at the Saskatoon real estate market, the contraction mirrors what is happening in the economy and it is similar to other commodity-dependent regions,” Miller said.
The price of a home in Canada increased by 1.1 per cent year-over-year to $621,696 in the second quarter, according to the Royal LePage national house price composite.