The Saskatchewan Realtors Association says the number of houses up for sale is declining and yet the number of sales in July was a 9 per cent increase year-over-year and nearly 13 per cent above the long-term ten year averages. CEO Chris Guerette says much of the increase in sales was in the properties below $300,000.

She believes the higher interest rates are causing some homeowners to hold on to what they have as they wait to see what happens, whether they are upsizing or downsizing, so there are fewer homes on the market in the over $300,000 price range. Record-high benchmark prices were reported last month in Saskatoon, Prince Albert, Yorkton and Meadow Lake. Saskatoon’s record-high benchmark price last month was up 0.3 per cent at $384,200. Prince’s Albert’s record was a 1.2 per cent rise at $256,800. It was a 1.6 per cent rise in Meadow Lake at $271,300 and Yorkton saw 4 per cent rise in the benchmark price at a record $250,300.

Across Saskatchewan, the benchmark price reached $333,100 in July, a $1,600 increase from June and a $3,500 increase from May. Estevan was the only region to report both yearly and monthly price decreases, with a 1.7 per cent drop in the benchmark price in July at $214,200.

The inventory crunch is especially affecting the larger cities. Guerette says Saskatoon is experiencing the largest crunch in inventory right now, with about two months of supply, which is 50 per cent below the ten year average and 26 per cent year-over-year. Regina experienced a year-over-year decline in sales of less than one per cent last month.
However, Guerett notes that a pullback in both sales and new listings prevented any significant change to the inventory challenges.