Saskatchewan reported record-high housing sales in August, despite fewer options on the market.
“Saskatchewan is once again reporting strong sales despite ongoing inventory challenges, inflationary pressures and higher lending rates,” said Chris Guérette with the Saskatchewan Realtors Association.
“Higher interest rates are pushing more purchasers to seek out more affordable options in the market, and, as a result, we continue to experience significant supply challenges in the lower price ranges of our market.
“These persistent supply challenges are likely preventing even stronger sales activity in August.”
According to the group, 1,631 sales in August spiked a year-over-year increase of 11 per cent — nearly 25 per cent above 10-year averages.
It also said the province will experience the tightest market conditions in September since 2007.
“Record sales and low inventories caused the provincial months of supply to drop below four months – below three months in Regina and below two in Saskatoon – reflecting the tightest market conditions seen heading into September since 2007,” read the realtors association report.
It noted that Saskatchewan’s benchmark price eased slightly in August, fuelled by Regina, Moose Jaw, Swift Current, North Battleford, Estevan, and Weyburn areas.
Melfort, Prince Albert, and Humboldt sat at record-high prices.
“Unfortunately, when housing supply fails to meet the increased demand, as seen in other jurisdictions across the country, inventory challenges become a real concern and affordability can be eroded,” said Guérette.
“We continue to keep a very close eye on inventory levels, specifically in the more affordable segment of our market.”
Regina reported 359 sales in August with a benchmark price of $313,100.
Saskatoon reported 528 sales, a year-over-year increase of 20 per cent, and a benchmark price of $378,300 — well above the $364,900 reported in January.
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