A Saskatoon real estate group has forecasted an even worse housing shortage for the future, saying it will hinder provincial growth goals.
Chris Guérette, the CEO of the Saskatchewan Realtors Association, said if the provincial government has any hope of reaching its goal of 1.4 million people by 2030, more homes need to be built in the province.
“From apartments to condos, to single-family homes, to row housing — anything that is considered a home that someone would want,” Guérette said. “You want to have a housing continuum that is strong enough that allows people to move within it with relative ease.”
Guérette said Saskatoon is looking at 2.6 months of housing inventory.
“We are always concerned about inventory levels because that means, are we ready to accept that growth, are we ready to accept those people into our province,” Guérette asked.
A report from the Saskatchewan Realtors Association stated the city of Saskatoon’s sales declined for the fourth consecutive month in April.
“We are seeing the market start to align to seasonal trends in terms of sales and listings,” said Guérette. “We are still outperforming the market compared to what it was like pre-pandemic.
The report said this was the lowest supply levels in Saskatoon have been in April since 2008, nearly 37 per cent below 10-year averages.
“That is still concerning to us, although we are starting to see some relief there, so if that were to continue over a certain amount of months, certainly we would start to see a more balanced market.
“It is important for governments to be very aware of the different policies and the different impacts in the landscape that can impact real estate.”
Interest rates, inflation, construction costs and delays can all impact the success of the housing market throughout a given year.
Guérette also noted that the labour shortage facing the province right now also impacts real estate.
The city of Regina’s sales also slowed for the fourth month in a row, sitting slightly below 10-year averages.
The city has 3.43 months of supply, up from 2.96 in March.