Saskatchewan housing market dealing with 'exceptionally low' inventory

Home sales in Saskatoon eased in January, but inventory levels remain ‘exceptionally low’ according to the Saskatchewan Realtors Association (SRA.) It says while prices remained relatively stable since the end of 2021, they are nearly six percent higher year-over-year.

 

 

The SRA says new listings in Saskatoon are starting to fall back compared to levels normally seen at this time of year. It adds across the province, inventories are at their lowest levels in ten years.

 

 

“Inventories still remain relatively low, but if new listings continue to improve relative to the sales, this should eventually translate into improved supply and better market balance,” said SRA CEO Chris Guérette.

 

 

The SRA says the total residential benchmark price in Saskatoon in January was $328,600.

 

 

The organization says it's working to learn more about what'ss affecting the supply of homes. That includes everything from lending rates to remote work, increased immigration and economic growth.

 

 

“With changes expected in lending rates, the 2022 housing market is not expected to see the demand levels as 2021," Guérette added. "However, it is still early in the year, and like I've said before, my biggest concern for 2022 is inventory."