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Perfect time for sellers in Saskatchewan real estate market

The Saskatchewan Realtors Association says sales activity in July eased across most regions in the province contributing to the year-over-year decline in sales reported. However, on a year-to-date basis, every region continues to see sales activity that is either consistent or far stronger than long term trends. THE CANADIAN PRESS/Sean Kilpatrick

For people who analyze statistics for a living, interpreting numbers is often about perspective.

For example, take home sales in Saskatchewan last month.

The province saw a 10-per cent reduction in home sales from 2021. However, last year was a record year for home sales in Saskatchewan.

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“Overall, most regional markets are starting to shift away from the exceptionally tight market conditions seen earlier in the year,” the Saskatchewan Realtors Association said in a press release.

“However, most regional markets still face conditions that are tighter this July then they were last year.”

One of the reasons for the reduction is the spending issues many people are facing as inflation has drove prices of everyday items up. Another reason the market has slowed is the simple fact it’s summer and people aren’t home.

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“People are on holidays, they’re out farming and so typically we see a slower market and people are maybe not used to that because during the pandemic we had a market that was very busy throughout the year,” said Chris Guérette, the CEO of Saskatchewan Realtors Association.

“So we are returning to sort of pre-pandemic activity during this time of the year.”

Buyers are more leaning towards more homes priced under $400,000, which as a result means less are available and slowing down sales.

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“Inventory levels trended up in July over previous months, but every region still faced inventory levels that were lower than the previous year and long-term averages,” the press release read.

“Overall, most regional markets are starting to shift away from the exceptionally tight market conditions seen earlier in the year.  However, most regional markets still face conditions that are tighter this July then they were last year.

Guérette said overall, the provinces market it a lot more stable than other places.

“We know that we won’t have the drastic ups & downs that other large municipalities are facing & other provinces are facing at the time right now. So that means places like Ontario and B.C are seeing some really large dips and some swings.”

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Guérette said it is a sellers’ market right now, with the average price of a home in Saskatchewan going up to $335,000.

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