Benchmark house price breaks new record in Saskatoon

File photo.

Saskatchewan is seeing record benchmark home prices in several communities, including the province’s largest city of Saskatoon.

The benchmark price is an estimate of the value of a typical home in a community, accounting for factors like age, size and number of bedrooms.

The Saskatchewan Realtors Association (SRA) says Saskatoon reported a record benchmark price of $406,500 in July — a 7 per cent increase over the last year.

“Supply constraints, when paired with strong demand, continue to place upward pressure on prices — as evidenced by record benchmark prices in some communities for the second consecutive month,” SRA CEO Chris Guerette said in a news release.

“With just over three months of inventory across the province — below two in some of our larger centres — it remains a challenging time for prospective buyers right now."

• Get the CTV News app for Saskatchewan breaking news alerts and top stories 

Saskatoon saw 520 sales in July, a five percent gain and 20 percent above 10-year averages. Inventory continues to remain tight, with only 1.6 months of supply available in July.

The benchmark price for a home in Saskatoon crossed the $400,000 mark in June, when the price reached $403,500.

Regina saw a 10 percent year-over-year increase in sales in July, with the benchmark price increasing slightly to $318,400.