Saskatoon home sales declined in September, real estate association says

Home sales continued to drop in Saskatoon in September, yet activity has stayed above pre-pandemic levels.

That's according to the latest market update from the Saskatchewan Real Estate Association (SRA).

Saskatoon has seen an 11 per cent year-to-date decline in sales, the SRA said in a news release.

“Saskatchewan residents are not immune to the impacts of interest rate increases and ongoing inflationary pressures,” SRA CEO Chris Guérette said in a press release.

“That said, our housing market continues to fare better than many other regions in the country and we expect that to continue.”

The decline in sales coincided with a drop in listings, which prevented inventory levels from improving, the SRA said.

Inventory levels are still lower than long-term averages, according to SRA.

“However, slower sales relative to market inventory allowed the months of supply to rise above three months for the first time since February,” the SRA said.

The benchmark price in Saskatoon is $377,800, meaning prices are six percent higher than last September.

“Elevated commodity prices and a rebound in agricultural production have Saskatchewan on track to post strong economic growth this year,” Guérette said.

“This growth will support jobs in the province and help offset some of the impact that higher lending rates are having on the housing market."