The Saskatchewan Realtors Association says Saskatchewan continues to fare better than most regions in the country when it comes to selling homes.

The SRA says record sales of apartment condominiums were not enough to offset declining sales in detached homes, which meant a 12 per cent decline in residential sales in 2022. While sales have eased relative to last year which was a record year, the 15,334 recorded sales in 2022 were 15 per cent higher than long-term averages.

The organization points out that Saskatchewan continues to report sales stronger than pre-pandemic levels while many markets across the country are experiencing a strong shift in demand.

Sales eased across all regions of the province this year, with declines ranging from 27 per cent in Melfort to two per cent in Swift Current. Despite the pullback in sales relative to 2021, a record year, all regions reported sales that were either consistent with or above long-term trends.

The City of Saskatoon reported 4,587 sales in 2022, a 15 per cent decline over last year’s record high but over 12 per cent higher than 10-year trends. The SRA says supply is a continued challenge because new listings have dropped and saw a 14 per cent decrease from long term averages in 2022. In Regina the 3,609 sales reported in 2022 is over 23 per cent higher than long-term trends and well above pre-pandemic activity.

Association CEO Chris Guérette says the housing market is changing as consumers adjust to higher lending rates and rising costs of living. The benchmark price for a house in Saskatoon in December was $362,100. The next highest is Regina at $311,500.

“With prospective buyers having to qualify at higher rates, our biggest concern heading into the new year is the lack of supply in homes priced below $500,000.”