Saskatoon's housing inventory lowest in 10 years

The number of homes for sale in Saskatoon has dropped to its lowest level in over a decade, according to the Saskatchewan Realtors Association (SRA).

SRA said that sales activity in the city has seen a 15 per cent year-to-date decline.

“Much of the decline in sales continues to be driven by a pullback in detached sales,” the SRA said in its monthly update on sales trends.

However, sale levels still remain higher than pre-pandemic and 10-year averages.

The benchmark price in Saskatoon for November was $367,800, which is about three per cent higher than last year, according to the SRA.

Provincially, housing sales have dropped by 32 per cent over last year’s record high, the SRA said.

“Higher lending rates and inflationary pressures are impacting housing demand across the country,” SRA CEO Chris Guérette said in the update..

“That said, our market remains resilient, and the biggest concern is a lack of supply in homes priced below $500,000. It’s increasingly clear that the lack of supply is in the more affordable segment of our continuum.”

Guérette said there are signs that the provincial real estate market could fare better than many markets across Canada.