Housing sales continue to decline in Saskatoon for 4th consecutive month: Sask. Realtors Association

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The benchmark price for a home in Saskatoon fell a little last month, according to the Saskatchewan Realtors Association (SRA).

In March, the benchmark price was $376,300 and dropped 1.4 per cent to $375,600 in April, an SRA news release said.

However, the city still struggles with low inventory, SRA said. Supply levels are almost 37 per cent below 10-year averages, which is the lowest level reported for April since 2008, the release said.

“Our market continues to struggle with supply and has since the start of the pandemic,” said SRA CEO Chris Guérette. “While inventory challenges remain a concern for us, recent trends point to potential supply relief. Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year.”

Saskatoon has seen declining year-over-year sales for the fourth consecutive month, SRA said. While provincial housing sales are down 21 per cent year-over-year.

The SRA said that higher lending rates have caused homebuyers to seek out lower-priced homes.

“As province-wide figures are showing signs of more balanced conditions, it’s important to keep in mind that there is variation depending on location and price range. Conditions remain exceptionally tight in lower-priced products, while more balanced conditions exist in higher price ranges,” said Guérette.