Prices remain near peak for Saskatoon real estate, CREA

While housing prices are dropping in other markets, Saskatoon prices are barely off their peak prices, the Canadian Real Estate Association (CREA) said.

Statistics by the organization show that housing prices across Canada have dropped by an average of 3.3 per cent.

Yet, even with dropping prices, 60 per cent of markets saw lower housing sales, CREA said.

The markets that saw the biggest drop in sales include Greater Vancouver and the Fraser Valley, Edmonton, the Greater Toronto Area (GTA) and Montreal, according to CREA.

“There were no big surprises in the November housing numbers, with the data showing the same trends of lower sales and moderating prices we’ve been seeing for a number of months now,” said Jill Oudil, Chair of CREA.

“While the interest rate situation facing buyers is unlikely to improve over the first half of 2023, it is more likely to remain the same. However, it may also be the first spring market in a number of years where buyers have a shot at not being out-competed for properties that catch their eye,” Oudil said.

The CREA said the national average home price in Canada was $632,802 in November, which is down 12 per cent from the same time last year. However, with sales in the Greater Vancouver and Greater Toronto areas, that number dropped by $123,000.