Across the province, new house listings and overall inventory were both down 30 percent in January.

The Saskatchewan Realtor Association’s Director of Public Affairs, Cole Zawislak says Saskatoon reported 201 sales last month, which is consistent with past data, however, Saskatoon saw the lowest number of new listings in January since 2008, which is 35 per cent below averages for this time of year.

In Regina, 134 sales happened in January, which is below long-term trends for that month. Regina had the lowest level of listings seen since 2010. Inventory levels, especially in homes prices below $300,000, were well below the 10-year average as well.

On top of fewer choices, Zawislak adds that rising lending rates paired with inflation have also impacted the decisions of perspective homebuyers.

On the bright side, he says the housing market is resilient, and sale levels are finally returning to normal, average, pre-pandemic levels.