Sask. housing inventory drops to 18-year low with 'no signs of improving'
The squeeze on housing in Saskatchewan is getting tighter, and there doesn’t seem to be an end in sight.
Housing sales in Saskatoon jumped 22 per cent year-over-year in February, according to the latest numbers from the Saskatchewan Realtors’ Association (SRA).
That helped push inventory down 26 percent over the same period, and the supply remains 50 per cent below long term trends.
But it’s not just Saskatoon that’s seeing a housing crunch.
The SRA says inventory levels across the province have dropped to an 18 year low.
“Despite inventory levels being at their lowest point reported in February since 2006, strong detached sales are again leading another month of above-average sales in our province,” said SRA CEO Chris Guérette in a news release.
“Buyers are acting swiftly when new supply comes onto the market, preventing any inventory growth — even more so in our larger centres. This strong demand is driving price gains in many markets across the province.”
Regina is also seeing housing supply fall, as inventory dropped 25 per cent year-over-year in February.
Meanwhile, prices continue to rise across the province.
In Saskatoon, the benchmark price for a home has gone up six per cent in the last year to $388,300. That’s just ahead of the provincial average of five per cent.
“Though it is a small sample size right now, a month-over-month jump of over $10,000 in the provincial benchmark price is significant, with some markets reporting monthly increases in excess of $15,000,” said Guérette.
“We’re quickly approaching a busy spring market, and the inventory situation in many markets across our province is showing no signs of improving. We’ll continue to monitor closely how these supply challenges are impacting prices.”
CTVNews.ca Top Stories
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
DEVELOPING Hamas accepts Gaza ceasefire proposal from Egypt and Qatar
Hamas said it has accepted a ceasefire deal proposed by Egypt and Qatar, which seeks to halt the seven-month war with Israel in Gaza, prompting Israel to say it would send a delegation to negotiate – though it warned the proposal remained far from the 'necessary requirements.'
An American soldier was arrested in Russia and accused of stealing, U.S. officials say
An American soldier has been arrested in Russia and accused of stealing, according to U.S. officials. The soldier was stationed in South Korea and was in the process of returning home to the United States, but travelled to Russia.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Competition Bureau launches inquiry into Lululemon over 'greenwashing' allegations
Canada's Competition Bureau has launched an inquiry into Vancouver-based Lululemon following a complaint from members of an environmental group.
NDP calls out Conservatives for effort to quash pharmacare legislation
The federal New Democrats are calling out Conservative Leader Pierre Poilievre and his party for trying to block the bill that could pave the way for millions of Canadians to access birth control and diabetes coverage.
Canadian gov't proposes new foreign influence registry as part of wide-spanning new bill
Democratic Institutions Minister Dominic LeBlanc tabled legislation in the House of Commons on Monday proposing a suite of new measures and law changes aimed at countering foreign interference in Canada. Bill C-70 proposes to enact a new 'Foreign Influence Transparency and Accountability Act.'