Saskatoon real estate sees record benchmark price

Saskatoon hit a record benchmark price of $371,600, according to the Saskatchewan Realtors Association (SRA).

The benchmark price is an estimate of the value of a typical home in a community, accounting for factors like age, size and number of bedrooms.

The new record is a 4.4 per cent increase year over year, according to a SRA news release.

While sales continued to drop in October, they remain higher than pre-pandemic levels.

According to the SRA, inventory remains a challenge for the Saskatoon market, particularly for homes under the $500,000 mark.

“As higher lending rates contribute to the pullback in sales, we are also experiencing a lack of supply in homes priced below $500,000, consumer options are limited right now, and this is likely why sales are down,” said Saskatchewan Realtors Association CEO Chris Guérette.

“While our market continues to fare better than many others across the country, we are feeling the impact of interest rate hikes and ongoing inflationary pressures.”

Last month was the lowest number of new listings on a year-to-date basis since 2012, the news release said.

“Saskatchewan continues to benefit from strong agricultural and commodity markets. This growth should support stable demand in housing ownership as our economy continues to improve,” Guérette said.