New reports are painting a bleak picture for Saskatchewan’s housing market.
More homeowners in the province are falling behind on their mortgages, while home sales in Saskatoon continue to decline.
A report from the Canadian Bankers Association shows the percentage of people in Saskatchewan behind three months or more on residential mortgages has reached 0.7 per cent — the highest level in 24 years and more than twice the national average of 0.28 per cent.
Saskatchewan had the most people per capita in arrears followed by Atlantic Canada (0.62 per cent), Alberta (0.47 per cent), Quebec (0.35 per cent), Manitoba (0.33 per cent), B.C. (0.20 per cent) and Ontario (0.12 per cent), the report shows.
Another report, from the Saskatoon Region Association of Realtors, shows home sales in Saskatoon are down in 2017.
The city’s sales have dropped five per cent year-over-year so far, with a notable decrease in April of 16 per cent.
The SRAR says the number of active listings in April was lower by 10 per cent compared to April of last year, while inventory levels in the city remain quite high, with a total of 1,975 active listings at the end of April.
Saskatoon is “firmly in a buyer’s market,” according to the realtors association.
Jason Yochim, the CEO of the Saskatoon Region Association of Realtors, says the market conditions do not favour speculative selling.
“Today's consumers are very well informed and, with many homes to choose from, are not afraid to move on if the seller is unwilling to respond to an offer at market value,” Yochim said.
People who are listing their home need to understand the importance of proper pricing in a buyers’ market, he said.
