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
Signs of Alzheimer’s were everywhere. Then his brain improved
Blood biomarkers of telltale signs of early Alzheimer’s disease in the brain of his patient, 55-year-old entrepreneur Simon Nicholls, had all but disappeared in a mere 14 months.
Box tree moths have infested Ontario and experts say more are coming. Here's what to do to protect your garden
An invasive moth species is on the rise in Canada and, if you've planted a certain shrub, it could stand to ruin your garden.
Lyon-bound Air Canada Boeing 787-8 Dreamliner from Montreal turns back midflight due to pressurization alert
Passengers heading from Montreal to Lyon, France on Friday were forced to return home and depart the next day after a pressurization indication was detected in flight.
Oilers dominate Canucks, win to force deciding Game 7
The Edmonton Oilers avoided elimination from the NHL playoffs Saturday night, beating the visiting Vancouver Canucks 5-1 in Game 6 of their second-round series.
The eight most expensive homes for sale in Ottawa this spring
Ottawa's ultra luxury housing market is blooming like the tulips this spring, with a significant increase in the number of homes sold worth more than $2 million.
B.C. pipeline company argues its 'haulers' are not trucks, for tax purposes
A contractor working on the Coastal GasLink pipeline has been denied more than $333,000 worth of tax rebates because pieces of machinery it purchased – and claimed were not trucks – were deemed sufficiently truck-like in B.C. Supreme Court.
$500K-worth of elvers seized at Toronto airport
Fishery and border service officers seized more than 100 kilograms of unauthorized elvers at the Toronto Pearson International Airport on Wednesday.
Usyk beats Fury by split decision, becomes undisputed heavyweight champion
Oleksandr Usyk defeated Tyson Fury by split decision to become the first undisputed heavyweight boxing champion in 24 years.
To plant or not to plant? Gardening tips for May long weekend
May long weekend is finally here, and with the extra time off you may be getting the itch to head out to your garden and plant. However, the old debate whether you should plant now, or wait, is still ever-present.