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
Trump confronts repeated boos during raucous Libertarian convention speech
Donald Trump was booed repeatedly while addressing Saturday night’s Libertarian Party National Convention.
This type of screen time has the worst effect on kids: experts
According to some experts, there is one type of screen time that is continuously excessive, and it's having a severe effect on our children.
Family of toddler found dead at small-town Ont. daycare no closer to answers after year of investigation
A year has passed since two-year-old Vienna Irwin was found on the property of a home-based daycare in small-town Ontario, but her family says they are no closer to answers of what happened that day.
Grayson Murray, two-time PGA Tour winner, dead at 30
Two-time PGA Tour winner Grayson Murray died Saturday morning at age 30, one day after he withdrew from the Charles Schwab Cup Challenge at Colonial.
Humboldt Broncos crash victims and families react to decision to deport truck driver
The family of one of the victims of the Humboldt Broncos bus crash in 2018 says they are 'thankful' for a decision by a Calgary immigration board to deport the driver of the truck involved.
Fatal plane crash reported near Squamish, B.C.
The Transportation Safety Board of Canada has confirmed it is working with local Mounties and the BC Coroners Service after a plane crash near Squamish, B.C. Friday night.
'God forgives but we don’t': Loud outburst from stabbing victim’s family during sentencing hearing
An emotional outburst in a London, Ont. courtroom Friday disrupted the sentencing hearing of a woman who pleaded guilty for her part in the death of 29-year-old Mohammed Abdallah.
Three dead after vehicle plunged down a 100-foot embankment in Shediac, N.B.
Three people have died after a vehicle veered off the road in Shediac N.B., Friday morning.
Appeal denied for Edmonton soldier accused of trying to kill her 3 children
An Edmonton woman found guilty of trying to kill her three children has been denied an appeal.