Saskatoon could see increase in housing prices in 2023

Saskatoon housing prices could increase this year, according to a recent report.

The Conference Board of Canada has forecasted a three per cent increase in home prices for Saskatoon.

It’s something the CEO of the Saskatchewan Realtors Association (SRA) Chris Guérette said did not surprise her.

“Even despite the sales going down, we're still seeing some price increases. That to me is an indication that the demand is still there and still putting that pressure on prices,” she told CTV News.

However, the construction of new homes will drop, according to the Conference Board of Canada.

The organization said that housing starts are expected to fall by six per cent. That is still lower than the 10 per cent forecasted nationally.

But it's something Guérette said needs to change.

“If the supply cannot keep up with demand and we get into a point where that starts to heat up and unravel a bit too quickly. That's when we will see some pretty steep increases.”

She said the Saskatchewan Housing Continuum Network has forecasted a need for between 94,000 and 144,000 housing units in the next eight years to keep up with demand.