The Saskatchewan Realtors Association says home sales increased in July and that the more affordable homes remain highly competitive.
In total, the province recorded 1,560 sales for the month, which the association says is a year-over-year increase of nine per cent and almost 13 per cent above 10-year averages.
It said inventory levels across the province remain an issue despite a slight increase last month.
Inventory levels were 11 per cent lower than in previous years and over 30 per cent lower than the 10-year average.
“Higher lending rates continue to impact both buyers and sellers, with many consumers seeking more affordable options in our market,” association CEO Chris Guérette said.
“Potential move-up buyers are less likely to list in the current rate environment. When paired with persistent inventory challenges, the more affordable segment of the market remains extremely competitive.”
The association said supply conditions remain tighter than last year and much lower than long-term trends.
It added that due to the tighter market conditions month-over-month price gains have reached a provincial benchmark price of $333,100, up from $331,500 in June and $329,600 in May.
“Our market continues to benefit from a strong economy and record population growth, which is proving to help offset some of the impact caused by another policy interest rate increase by the Bank of Canada,” Guérette said.
Saskatoon reported 497 sales for July.
This is an 11 per cent year-over-year increase and is almost 16 per cent higher than the 10-year average.
While the city saw a slight increase in inventory, strong sales stopped any major changes to inventory levels.
Saskatoon also hit a record benchmark price of $384,200, which is up from $381,400 in June and $380,100 in May.
Leslie Wotherspoon is a realtor with REMAX Saskatoon and said the housing market is very active.
“It’s more of a seller’s market where the demand is outweighing the inventory or the product that’s out there,” Wotherspoon said.
She said they are frequently seeing sellers getting competing offers.
Wotherspoon suggested that buyers need to have their ducks in a row, adding that people should be pre-approved and have their paperwork ready to make the sale process as efficient as possible.
“You just have to put your best foot forward.”
She said there is frustration for buyers, pointing to cases where homes sell before they even get the chance to look at them.
Regina saw 352 sales in July, which was a one per cent year-over-year decline, but was still almost 17 per cent higher than the 10-year average.
The association said the city saw a pullback from both sales and listings.
The city hit a July benchmark price of $319,200, which is up from $318,700 in June and $316,100 in May.
Looking across the province, the association said many regions reported year-over-year and monthly price growth, with only the Estevan area reporting both a yearly and monthly price decrease.
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