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
Air Canada walks back new seat selection policy change after backlash
Air Canada has paused a new seat selection fee for travellers booked on the lowest fares just days after implementing it.
Province boots mayor and council in small northern Ont. town out of office
An ongoing municipal strike, court battles and revolt by half of council has prompted the province to oust the mayor and council in Black River-Matheson.
3 law officers serving warrant are killed, 5 wounded in shootout at North Carolina home, police say
Three officers on a U.S. Marshals Task Force serving a warrant for a felon wanted for possessing a firearm were killed and five other officers were wounded in a shootout Monday at a North Carolina home, police said.
'Shocked and concerned': Calgary principal charged with possession of child pornography
A Calgary elementary school principal has been charged with possession of child pornography, authorities announced Monday.
Health authority confirms cockroaches at B.C. hospital, insists they 'do not bite'
The Vancouver Island Health Authority is downplaying what staff describe as a cockroach infestation in a medical unit of Saanich Peninsula Hospital.
Toronto police arrest 12 people, lay 102 charges in major credit card fraud scheme
Toronto police say 12 people are facing a combined 102 charges in connection with an investigation into a major credit fraud scheme.
Winner of US$1.3 billion Powerball jackpot is an immigrant from Laos who has cancer
One of the winners of a historic US$1.3 billion Powerball jackpot last month is an immigrant from Laos who has had cancer for eight years and had his latest chemotherapy treatment last week.
Britney and Jamie Spears settlement avoids long, potentially ugly and revealing trial
Britney Spears and her father Jamie Spears will avoid what could have been a long, ugly and revealing trial with a settlement of the lingering issues in the court conservatorship that controlled her life and financial decisions for nearly 14 years.
WATCH 'Double whammy': What happens if you don't file your taxes by the deadline
The clock is ticking ahead of the deadline to file a 2023 income tax return. A personal finance expert explains why you should get them done -- even if you owe more than you can pay.