Saskatoon real estate market in March was 'tightest' since 2008: realtors association

A house for sale is pictured in the Brighton neighbourhood in Saskatoon on Jan. 6, 2020. (Chad Leroux/CTV Saskatoon)

Saskatoon housing prices have risen by around $40,000 since the start of the COVID-19 pandemic, according to the Saskatchewan Realtors Association.

"Low inventory and strong sales resulted in further tightening of the market. With just over two months of supply in March, this is the tightest March Saskatoon has seen since 2008. Persistently tight conditions have continued to affect prices which trended up again this month and currently sit over three per cent higher than last years’ levels," the group said in its monthly report.

Inventory levels in March were 19 per cent below this time last year and 31 per cent below a typical March.

Sales, while eased over last year’s record level, were still the second-highest on record and over 40 per cent higher than the 10-year average for March.

"While new listings did trend up compared to the levels seen over the previous six months, thanks to continued strong demand, it was not enough to cause a substantial change in the inventory situation in the city," the report said.

Provincially, economic conditions have been improving across most sectors bringing gains in employment and reductions in the unemployment rate, the report says.

"This along with relatively low lending rates is likely supporting further confidence in the housing market and continued strength in demand."