Last month, Saskatchewan reported 1,507 residential property sales, the Saskatchewan Realtors Association (SRA) reports.

This was a 7.0 per cent year-over-year decline but over 12 per cent above long-term averages, with August marking the 14th consecutive month of above-average sales. This is unlike other Canadian markets, SRA’s CEO, Chris Guérette, points out.

 

Relative affordability and strong employment continues to support provincial housing demand

 

The sales-to-new-listings ratio decreased from levels over the last few months, thanks to few new listings compared to sales.

This prevented an even greater monthly decline in inventory. That said, inventory levels still decreased by 17 per cent year-over-year and are 40 per cent below long-term averages.

“Saskatchewan’s relative affordability, when paired with employment gains and falling unemployment rates, continues to support strong housing demand in our province,” notes Guérette.

 

‘Very significant’ price growth in Saskatoon and Moose Jaw

 

Less supply, especially in the lower price ranges, are pushing prices upward: last month the province reported a residential benchmark price of $344,700, a 6.0 per cent year-over-year jump.

“Inventory levels remain over 40 per cent below average province-wide and in our two largest centres — and we’re seeing the impact that can have on prices,” says Guérette.

She notes that almost all regions of the province saw year-over-year price growth in August. This was as high as 11 per cent in Moose Jaw and 9.0 per cent in Saskatoon — something she describes as “very significant.”

 

Regina

 

Regina reported 387 sales last month, 8.0 per cent above year-over-year and 29 per cent above long-term trends. Year-to-date sales consist of 2,765 units, 15 per cent higher than last year despite ongoing inventory issues — levels declined by 22 per cent year-over-year and remain over 40 per cent below long-term trends. The city’s benchmark price was $319,700 in August, 3.0 per cent above the year prior.

 

Saskatoon

 

Saskatoon reported 457 sales last month, 13 per cent below year-over-year and 14 per cent above long-term trends. Inventory remains over 48 per cent below long-term trends, and Saskatoon still reports the province’s tightest market conditions. Its benchmark price was $404,900 in August, over 8.0 per cent above the year prior.

 

Review the full report, including by province, city, CMA/CA, economic region and census division.