Saskatoon 

For the second month in a row, sales activity eased over last year’s record levels. Despite the decline, levels continue to remain well above longer term trends. Some of the pullback in sales can be in part due to some of the supply challenges in the market. Year-to-date there have been 942 new listings, far lower than the over 1,100 new listings that we typically see at the start of the year. Inventory levels also remain low with 985 units available at the end of February, over 30 per cent below the 10-year average. 

The pullback in sales combined with a pullback in inventory has done little to provide more balance in the market. In fact, with just over three months of supply in February, conditions are like last year and at levels not seen since 2012. 

Persistently tight market conditions have contributed to further price gains. The residential benchmark price reached $330,600 in February, higher than levels recorded over the past several months. However, there are some signs that the pace of benchmark price growth is easing. After the first two months of the year, the benchmark price increased by over five per cent; far lower than the annual gain of over eight per cent recorded in 2021. 

Saskatchewan

February sales in the province reached 1,059, an eight per cent decline relative to last year. While the year is starting out with sales that have slowed compared to last year, it is important to note that housing demand continues to remain strong as levels are over 22 per cent higher than what we typically see at the start of the year and nearly 40 per cent higher than average levels recorded throughout the 2015–2020-time frame. 

While there have been some signs of improving new listings relative to sales, inventory levels remained lower than levels we traditionally see in the market and the months of supply averaged just over five months. The five months of supply in February is slightly lower than levels expected at this time of year. 

“There is a significant amount of uncertainty weighing on the economy. While this could have some impact on demand, supply levels are still low providing some cushion should demand taper further. Conditions also vary significantly based on location, property type and price range because real estate is very local,” said Saskatchewan REALTORS® Association CEO Chris Guérette. 

Most of the decline in sales was driven by pullback in the detached sector. However, some of this could be related to the lower inventory levels. Detached inventories in February were 3,643 across the province 30 per cent below 10-year averages and the lowest the market has seen since 2010. 

“Last month we started to raise an alarm bell about inventory levels in Saskatchewan,” said Guérette. “Now that we’re two months into the market, that dip in inventory levels being the lowest we’ve seen since 2010 is concerning. That’s why we’re working harder than ever to build a fuller picture of Saskatchewan’s housing continuum so we can identify where the gaps are and build smartly and collaboratively for growth.” 

Benchmark prices in the province have remained stable over the past several months, but on a year-to-date basis remain over five per cent higher than last year’s levels. If the inventory can better meet demand as we move through the spring, it should support more stability in prices this year. 

The Saskatchewan REALTORS® Association (SRA) provides leadership and services that support 1,500 Realtors in Saskatchewan through technology, education, and advocacy. SRA is also the provincial trusted voice invested in bringing expert insight to public policy makers on matters that affect growth, housing, real estate, and the creation of wealth in our communities. For more information, visit: www.saskatchewanrealtorsassociation.ca and www.realtor.ca.

Saskatchewan set a housing sales record with 17,387 sales in 2021, a new high which surpassed the previous record in 2007 by 17 per cent. While the pandemic has triggered vast disruptions and challenges for some sectors of the economy, housing boomed. “Improved savings from those not financially impacted by COVID-19, combined with low lending rates has supported the strong sales environment we saw throughout 2021.

For Saskatchewan, this shift was welcome news as the economic landscape pre-pandemic caused challenges in the housing market,” said SRA CEO Chris Guerette. While new listings did improve this year, inventory levels still trended down throughout most of the year. 2021 inventory levels in the province were 16 per cent below long-term trends, a significant shift from a few years ago where supply levels hit record highs. Reductions in inventory and strong demand ensured the market favored the seller throughout most of the year. This resulted in an annual benchmark price gain of over seven per cent. While the price gains were significant, it was not enough to erase the losses recorded throughout 2015- 2019 and prices remain three per cent below the 2014 high. There is also significant variation depending on property type and location. In Saskatchewan, single family home prices are only one per cent below previous highs, whereas condominium properties remain 17 per cent below the 2014 high.

“Housing is an important component to the overall economy and the availability of affordable ownership options can help attract people to a city. Creating a robust system of affordability metrics that considers supply, average salaries and housing prices is something policy makers should be incorporating into their analysis,” said Guerette. Despite recent economic uncertainty caused by the Omicron variant, inflationary pressure is expected to persist, and lending rates are expected to rise. This will weigh on housing sales in 2022. However, we are entering the New Year with low levels of inventory indicating it will take some time for the market to shift toward more balanced conditions. With tight conditions expected to persist throughout the earlier part of the year, we could continue to see some price growth in 2022 albeit at a much slower pace than was experienced in 2021.

With 5,403 sales in 2021, Saskatoon not only reached record highs but was 19 per cent higher than the previous record set in 2014. While new listings also improved this year it was not enough to prevent inventory levels from declining. On average inventory levels in saskatoon this year were 19 per cent lower than the 10-year average. Strong sales and falling supply levels caused the months of supply to average under three months this year. It has not been that low on an annual basis since 2006. The tighter market conditions help support the significant price gains recorded this year. While the pace of growth has slowed from earlier in the year on an annual basis prices improved by over eight per cent. Thanks to gains in the single-family market prices have recovered from the highs set back in 2014. However, this is not the case in the condominium market where prices remain well below previous highs.

Saskatchewan set a housing sales record with 17,387 sales in 2021, a new high which surpassed the previous record in 2007 by 17 per cent. While the pandemic has triggered vast disruptions and challenges for some sectors of the economy, housing boomed.

“Improved savings from those not financially impacted by COVID-19, combined with low lending rates has supported the strong sales environment we saw throughout 2021. For Saskatchewan, this shift was welcome news as the economic landscape pre-pandemic caused challenges in the housing market,” said SRA CEO, Chris Guérette.

While new listings did improve this year, inventory levels still trended down throughout most of the year. 2021 inventory levels in the province were 16 per cent below long-term trends, a significant shift from a few years ago where supply levels hit record highs.

Reductions in inventory and strong demand ensured the market favored the seller throughout most of the year. This resulted in an annual benchmark price gain of over seven per cent. While the price gains were significant, it was not enough to erase the losses recorded throughout 2015- 2019 and prices remain three per cent below the 2014 high.

There is also significant variation depending on property type and location. In Saskatchewan, single family home prices are only one per cent below previous highs, whereas condominium properties remain 17 per cent below the 2014 high.

“Housing is an important component to the overall economy and the availability of affordable ownership options can help attract people to a city.  Creating a robust system of affordability metrics that considers supply, average salaries and housing prices is something policy makers should be incorporating into their analysis,” said Guérette.

Despite recent economic uncertainty caused by the Omicron variant, inflationary pressure is expected to persist, and lending rates are expected to rise. This will weigh on housing sales in 2022.

However, we are entering the New Year with low levels of inventory indicating it will take some time for the market to shift toward more balanced conditions.

With tight conditions expected to persist throughout the earlier part of the year, we could continue to see some price growth in 2022 albeit at a much slower pace than was experienced in 2021.

The Saskatchewan Realtors® Association (SRA) provides leadership and services that support 1,500 Realtors in Saskatchewan through technology, education, and advocacy. SRA is also the provincial trusted voice invested in bringing expert insight to public policy makers on matters that affect growth, housing, real estate, and the creation of wealth in our communities. For more information, visit: www.saskatchewanrealtorsassociation.ca and www.realtors.ca.

For the second month in a row, sales in the province slowed relative to activity recorded earlier in the year and sales last August. While sales declined by nearly 12 per cent compared to last August, levels remain above long-term trends.

“Last year, August sales hit a new record high for the month, so while the year-over-year decline this month seems significant, it is important to note that sales are still at levels that are far better then what were seen in August prior to the pandemic.  Sales have been far stronger than anyone expected throughout the pandemic, and recent shifts are likely a reflection of the market returning to more normal levels as the rest of the economy starts to recover,” Comments Chris Guérette, Saskatchewan REALTORS® Association CEO.

While there have been some signs of shifting conditions over the past several months, it has not erased the gains that were seen throughout the year.  Thanks to gains across all property types on a year-to-date basis, sales in the province are currently sitting at a new record high.

Easing sales in August were also met with a reduction in new listings.  This helped prevent any significant changes to inventory levels which at 9,461 units is far lower than levels recorded since 2014.  Nonetheless, slower sales relative to the inventory in the market caused the months of supply to increase to just below 7 months in August.  This is the first time since February that levels have risen this high.

The shift to more balanced conditions will help support more stability in prices.  As of August, the benchmark price across Saskatchewan was $287,900, similar to levels reported last month but nearly seven per cent higher than levels reported last year.  Prices gains in the detached sector of the market have narrowed the gap nearly recovering from previous highs.

“Activity can vary significantly depending on the location and property type.  For instance, when considering the two largest cities in the province, home prices have recovered in Saskatoon while there remains a significant spread from 2012 levels in Regina.  For both buyers and sellers in this market, it is important to understand the local conditions,” Comments Guérette.

The Saskatchewan Realtors® Association (SRA) provides leadership and services that support 1,500 Realtors in Saskatchewan through technology, education, and advocacy. SRA is also the provincial trusted voice invested in bringing expert insight to public policy makers on matters that affect growth, housing, real estate, and the creation of wealth in our communities. For more information, visit: www.saskatchewanrealtorsassociation.ca and www.realtors.ca.

Sales were down 11% in Saskatoon (going from 539 to 480), up 67% in Martensville (going from 15 to 25), and down 42% in Warman (going from 43 to 25). In Humboldt, sales were down 37% (going from 19 to 12), while in the larger region, sales were down 14% (going from 756 to 653). Sales in Saskatoon were 23% above the 5-year average (and 18% above the 10-year average), 76% above the 5-year average (and 32% above the 10-year average) in Martensville, and 3% below the 5-year average (and 6% below the 10-year average) in Warman. In Humboldt, sales were 20% above the 5-year average (and 7% above the 10-year average), while in the larger region, sales were 21% above the 5-year average (and 17% above the 10-year average). Year-to-Date (YTD) sales in Saskatoon rose 47% over last year (increasing from 2,317 to 3,407), rose 56% in Martensville (increasing from 106 to 165), and rose 48% in Warman (increasing from 143 to 211). Year-to-Date (YTD) sales in Humboldt rose 53% over last year (increasing from 19 to 12), while YTD sales in the larger region rose 46% (going from 3,208 to 4,686).

Sales volume was down 10% in the Saskatoon, going from $191.5M to $172.5M in 2021 (27% above the 5-year average, and 23% above the 10-year average). In Martensville, sales volume was up 86%, going from $4.8M to $8.9M (94% above the 5-year average, and 47% above the 10-year average) and in Warman, sales volume was down 44%, going from $17.1M to $8.9M (7% below the 5-year average, and 7% below the 10-year average). Sales volume was down 33% in Humboldt, going from $3.9M to $2.6M (14% above the 5-year average, and 6% above the 10-year average), while in the region, sales volume was down 13%, going from $258.4M to $225.6M (28% above the 5-year average, and 24% above the 10-year average). YTD sales volume in Saskatoon was $1,247.6M (an increase of 57% from last year), $56.2M in Martensville (an increase of 94% from last year), and $54.0M in Warman (an increase of 52% from last year). YTD sales volume in Humboldt was $20.9M (an increase of 60% from last year), while in the region, YTD sales volume was $1,638.5M (an increase of 57% from last year).

In Saskatoon, the number of new listings in July 2021 fell 7.5%, going from 819 to 758 (2.7% below the 5-year average and 4.5% below the 10-year average). The number of new listings fell 20.7% in Martensville, going from 29 to 23 (39.7% below the 5-year average and 40.1% below the 10-year average) and fell 29.7% in Warman, going from 37 to 23 (48.2% below the 5-year average and 49.8% below the 10-year average). In Humboldt, the number of new listings fell 42.4%, going from 33 to 19 (20.8% below the 5-year average and 15.6% below the 10-year average), while in the region, new listings fell 13.9%, going from 1,206 last year to 1,039 this year (9.1% below the 5-year average and 10.1% below the 10-year average). YTD new listings in Saskatoon rose 23.2% (going from 4,541 to 5,596), rose 29.0% in Martensville (going from 179 to 231), and rose 8.6% in Warman (going from 256 to 278). In Humboldt, YTD new listings fell 25.3% (going from 162 to 121), while in the larger region, the number of new listings to date rose 14.9%, going from 6,621 to 7,608. Active listings fell 0.1% in Saskatoon (down from 2,387 to 2,385), fell 11.8% in Martensville (down from 110 to 97), fell 19.6% in Warman (down from 138 to 97), fell 28.6% in Humboldt (down from 112 to 80), and fell 8.9% in the region (down from 3,947 to 3,595).

Months of supply in Saskatoon stood at 5.0 months (which is 12.2% above the level last year and 34.3% below the 5-year average), while the sales to listing ratio was 63.3%, suggesting that market conditions are balanced. Months of supply in Martensville stood at 3.9 months (which is 47.1% below the level last year and 64.7% below the 5-year average), while the sales to listing ratio was 108.7%, suggesting that market conditions favour sellers. Months of supply in Warman stood at 3.9 months (which is 38.4% above the level last year and 51.5% below the 5-year average), while the sales to listing ratio was 108.7%, suggesting that market conditions favour sellers. Months of supply in Humboldt stood at 6.7 months (which is 13.1% above the level last year and 55.1% below the 5-year average), while the sales to listing ratio was 63.2%, suggesting that market conditions are balanced. Months of supply in the larger region stood at 5.5 months (which is 5.5% above the level last year and 38.3% below the 5-year average), while the sales to listing ratio was 62.9%, suggesting that market conditions are balanced.

Homes in Saskatoon stayed on the market an average of 41 days in July, down 3.2% from 42 days last year (but below the 5-year average of 49 days and below the 10-year average of 43 days). Homes in Martensville stayed on the market an average of 45 days, down 54.1% from 99 days last year (but below the 5-year average of 77 days and below the 10-year average of 65 days) while homes in Warman stayed on the market an average of 45 days, down 33.8% from 68 days last year (but below the 5-year average of 56 days and below the 10-year average of 57 days). Humboldt saw Homes stay on the market an average of 123 days, up 82.8% from 67 days last year (and above the 5-year average of 85 days and above the 10-year average of 84 days), and homes in the region were on the market an average of 47 days, also down from an average of 54 days last year (and 19.9% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—varied across different centres in the region. Saskatoon saw the residential benchmark price rise 8.6% year-over-year, going from $305,100 to $331,400. The residential benchmark price in Martensville rose 11.4% (going from $359,400 to $400,400) and rose by 11.8% in Warman (going from $371,100 to $400,400). The residential benchmark price in Humboldt rose 8.4% (going from $193,800 in 2020 to $210,000 this year).

The Saskatchewan Realtors® Association (SRA) provides leadership and services that support 1,500 Realtors in Saskatchewan through technology, education, and advocacy. SRA is also the provincial trusted voice invested in bringing expert insight to public policy makers on matters that affect growth, housing, real estate, and the creation of wealth in our communities. For more information, visit: www.saskatchewanrealtorsassociation.ca and www.realtors.ca.

SASKATCHEWAN REAL ESTATE SETS MARCH SALES RECORD

Saskatoon and Region (including Martensville, Warman, and Humboldt)

Sales were up 108.8% in Saskatoon (going from 273 to 570), up 113.3% in Martensville (going from 15 to 32), and up 115.4% in Warman (going from 13 to 28). In Humboldt, sales were up 240.0% (going from 5 to 17), while in the larger region, sales were up 102.1% (going from 380 to 768). Sales in Saskatoon were 72.9% above the 5-year average (and 66.4% above the 10-year average), 102.5% above the 5-year average (and 82.9% above the 10-year average) in Martensville, and 35.9% above the 5-year average (and 15.7% above the 10-year average) in Warman. In Humboldt, sales were 107.3% above the 5-year average (and 136.1% above the 10-year average), while in the larger region, sales were 70.7% above the 5-year average (and 65.2% above the 10-year average). Year-to-Date (YTD) sales in Saskatoon rose 66.2% over last year (increasing from 722 to 1,200), rose 47.4% in Martensville (increasing from 38 to 56), and rose 91.7% in Warman (increasing from 36 to 69). Year-to-Date (YTD) sales in Humboldt rose 130.8% over last year (increasing from 13 to 30), while YTD sales in the larger region rose 66.1% (going from 984 to 1,634).

Sales volume was up 118.0% in the Saskatoon, going from $94.7M to $206.5M in 2021 (82.4% above the 5-year average, and 76.7% above the 10-year average). In Martensville, sales volume was up 113.1%, going from $4.8M to $10.2M (103.9% above the 5-year average, and 80.6% above the 10-year average) and in Warman, sales volume was up 122.3%, going from $5.1M to $11.4M (46.9% above the 5-year average, and 27.3% above the 10-year average). Sales volume was up 307.0% in Humboldt, going from $1.1M to $4.3M (118.4% above the 5-year average, and 150.0% above the 10-year average), while in the region, sales volume was up 114.4%, going from $124.9M to $267.8M (80.3% above the 5-year average, and 75.4% above the 10-year average). YTD sales volume in Saskatoon was $427.8M (an increase of 78.4% from last year), $18.5M in Martensville (an increase of 54.3% from last year), and $27.1M in Warman (an increase of 105.2% from last year). YTD sales volume in Humboldt was $7.3M (an increase of 180.9% from last year), while in the region, YTD sales volume was $556.9M (an increase of 80.5% from last year).

In Saskatoon, the number of new listings in March 2021 rose 53.8%, going from 602 to 926 (23.3% above the 5-year average and 24.0% above the 10-year average). The number of new listings rose 94.1% in Martensville, going from 17 to 33 (1.8% below the 5-year average and 12.2% below the 10-year average) and rose 37.1% in Warman, going from 35 to 48 (5.7% above the 5-year average and 10.4% below the 10-year average). In Humboldt, the number of new listings rose 73.3%, going from 15 to 26 (26.2% above the 5-year average and 33.3% above the 10-year average) , while in the region, new listings rose 47.1%, going from 855 last year to 1,258 this year (16.7% above the 5-year average and 16.3% above the 10-year average). YTD new listings in Saskatoon rose 23.4% (going from 547 to 675), rose 6.3% in Martensville (going from 26 to 28), and rose 4.7% in Warman (going from 36 to 37). In Humboldt, YTD new listings rose 31.6% (going from 13 to 17), while in the larger region, the number of new listings to date rose 17.5%, going from 784 to 921. Active listings fell 12.0% in Saskatoon (down from 1,454 to 1,279), fell 34.1% in Martensville (down from 85 to 56), fell 41.7% in Warman (down from 120 to 70), fell 8.8% in Humboldt (down from 91 to 83), and fell 21.2% in the region (down from 2,715 to 2,140).

Inventory in Saskatoon stood at 2.2 months (which is 57.9% below the level last year and 53.5% below the 5-year average), while the sales to listing ratio was 61.6%, suggesting that market conditions favour sellers. Inventory in Martensville stood at 1.8 months (which is 69.1% below the level last year and 71.0% below the 5-year average), while the sales to listing ratio was 97.0%, suggesting that market conditions favour sellers. Inventory in Warman stood at 2.5 months (which is 72.9% below the level last year and 55.3% below the 5-year average), while the sales to listing ratio was 58.3%, suggesting balanced market conditions. Inventory in Humboldt stood at 4.9 months (which is 73.2% below the level last year and 58.6% below the 5-year average), while the sales to listing ratio was 65.4%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 2.8 months (which is 61.0% below the level last year and 55.2% below the 5-year average), while the sales to listing ratio was 61.0%, suggesting that market conditions favour sellers.

Homes in Saskatoon stayed on the market an average of 36 days in March, down 34.5% from 55 days last year (but below the 5-year average of 52 days and below the 10-year average of 47 days). Homes in Martensville stayed on the market an average of 40 days, down 39.4% from 66 days last year (but below the 5-year average of 57 days and below the 10-year average of 53 days) while homes in Warman stayed on the market an average of 60 days, up 200.0% from 20 days last year (and above the 5-year average of 52 days and above the 10-year average of 53 days). Humboldt saw Homes stay on the market an average of 107 days, down 51.8% from 222 days last year (but below the 5-year average of 145 days and below the 10-year average of 110 days), and homes in the region were on the market an average of 47 days, also down from an average of 66 days last year (and 24.4% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—varied across different centres in the region. Saskatoon saw the price of the benchmark composite home rise 8.2% year-over-year, going from $290,500 to $314,300. The price of the benchmark composite home in Martensville rose 15.1% (going from $353,800 to $407,100) and also rose by 15.0% in Warman (going from $359,700 to $413,500). The price of the benchmark composite home in Humboldt rose 8.5% (going from $177,800 in 2020 to $192,900 this year).

Samantha Krahn

Director of External & Government Relations

Saskatchewan REALTORS® Association

If you’re house shopping, there’s probably one question that’s been on your mind often: “What size home should I buy?” At a glance, the answer seems obvious: as big as you can afford! But that’s only a small piece of the puzzle. Home size matters on many levels from personal preference to resale value, future plans, your budget, and more.

How do you find the ideal home size for you and your family? Here are three things you need to consider:

The Truth About Square Footage

A foot is a foot, right? When it comes to the square footage of your future home that may not be the case. Measuring the size of a house isn’t incredibly precise. More often than not, the size will change depending on which appraiser is measuring and what mechanism they’re using to determine the square footage: measuring tape, laser measure, or eyeball. The reality is that there are no universal standards when it comes to measuring your home size.
What does this mean for you? You need to choose your home size not by the numbers but by the feel. Don’t put too much stock in the listing size on paper, but instead find out in person if each room, bathroom, and living area is large enough for your needs. It’s not about how other individuals answer the question, “What is a good sized house?” It’s about you, your family, and how big a place feels in person.

Your Budget
While your budget isn’t the only thing you should consider, it needs to be one of the critical factors in determining your ideal home size. And that may be little more complicated than you think. What matters when it comes to your budget?

 Loan Size: The larger the house, the more expensive—most of the time. Make sure the average house size of your real estate listings fits with your pre-approved loan budget.

 Monthly Budget: Large houses are expensive to keep up. As you increase your square footage expect to pay more in electricity, water, gas, cleaning, and more. If you have a tight allocation for monthly expenses, don’t go overboard on a large house without factoring in these other costs.

 Your Future: Are you planning to have more kids? Do you need a new car? Are you counting on getting a raise at work? If you’re expecting your financial situation to change, make sure your home budget fits the modifications.
Your Preferences and Needs

Your Preferences and Needs
Your particular wants and needs should have the most significant impact on the home you choose. Make sure you’re truthful and honest with yourself about your expectations and needs. For example, if you eat out regularly and hate cooking, there’s no need to spend on a gourmet kitchen! You’d be better served looking for a home with a smaller kitchen and a bigger living room.

To help you determine your preferences, here are ten questions you should ask yourself:

1. Do you like small and cozy or do you need room to spread out?
2. How many people are in your family and how much space does each person need?
3. Do you have any hobbies or jobs that require extra space? (If you work from home, you’ll need an office. If cars are a passion, you’ll want a more substantial garage)
4. How often do you have visitors over? (If you have parties every few weeks and relatives visit a few times a year, you might want more space for guests)
5. Are you planning to have more kids or have an elderly relative move in with you?
6. What size of house have you been excited about in the past?
7. How much storage do you need? (Closet space and built-ins can be a big space saver)
8. How large is your furniture, and how much do you have? (If you have a king-sized bed, you want a big master bedroom)
9. What’s your five-year plan? (Upgrading your home to a larger size can be difficult; make sure the home you choose can last for years)
10. How much outdoor space do I want?

The key to purchasing the right-sized home for you 

you is being realistic. Make sure you really sit down with your family to discuss what you need, want, and can afford.

Source: Coldwell Banker Blue Matter

Sales in  Saskatoon were up 40.5%, going from 306 in October 2019 to 430 in October 2020, and up 42.6% in the overall region, going from 411 to 586.  In Saskatoon, sales were 32.5% above the 5-year average (and 30.5% above the 10-year average), while in the larger region, sales were 29.8% above the 5-year average (and 26.6% above the 10-year average). Year-to-Date (YTD) sales in Saskatoon rose 14.9% over last year, increasing from 3,168 to 3,641, while YTD sales in the larger region rose 20.1%, going from 4,258 to 5,114.

Sales volume was up 56.4% in the city, going from $96.7M to $151.2M in 2020 (38.9% above the 5-year average, and 33.5% above the 10-year average). YTD sales volume in the city was $1,260.3M, an increase of 20.1% from last year. In the region, sales volume was up 26.2%, going from $1,338.0M to $1,688.0M (38.1% above the 5-year average and 34.0% above the 10-year average). YTD sales volume increased 26.2% in the region, rising from $1,338.0M in 2019 to $1,688.0M in 2020.

In Saskatoon, the number of new listings in October 2020 rose 4.0%, going from 599 to 623 (5.1% below the 5-year average and 6.9% below the 10-year average), while in the region, new listings fell 2.5% from 857 last year to 836 this year (9.8% below the 5-year average and 11.7% below the 10-year average). YTD new listings in the city fell 3.5%, going from 6,992 to 6,744, while in the larger region, the number of new listings to date fell 6.2%, going from 10,245 to 9,610. Active listings fell 20.6% in Saskatoon (down from 1,729 to 1,372) and fell 25.6% in the region (down from 3,145 to 2,341).

Inventory in Saskatoon stood at 3.2 months (which is 43.5% below the level last year and 43.5% below the 5-year average), while the sales to listing ratio was 69.0%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.0 months (which is 47.8% below the level last year and 43.4% below the 5-year average), while the sales to listing ratio was 70.1%, suggesting that market conditions favour sellers.

Homes in Saskatoon stayed on the market an average of 42 days in October—down 20.8% from 53 days last year (but below the 5-year average of 51 days and below the 10-year average of 46 days). Homes in the region stayed on the market longer than homes in the city at 50 days on average in 2020, but also down from an average of 63 days last year (and 16.4% below the 5-year average).

Median home prices in Saskatoon went from $302,500 to $330,000 (an increase of 9.1%) and were approximately 2.5% above the 5-year and 0.9% above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 0.3% from $322,700 to $323,600. Year-to-date, the median home price in Saskatoon was $331,065 which is 3.7% above the $319,300 price from the same time last year. Median home prices in the region went from $287,500 to $320,000 (an increase of 11.3%) and were approximately 4.8% above the 5-year and 3.4% above the 10-year average median price. Year-to-date, the median home price in the region was $314,252 which is 4.7% above the $300,110 price from the same time last year.

If you are wondering about the value of your property, don't hesitate to reach out to me for that conversation.  I would love the opportunity to "catch up" and provide you with current information.

* Above stats provided by Chris  Gbekorbu, Economic Analyst, Saskatchewan REALTORS® Association

The Saskatoon housing market continued its 2019 trend toward balance last month, as REALTORS® listed fewer but sold more homes than in the previous November, reported the Saskatoon Region Association of REALTORS® (SRAR) Wednesday.

City listings fell 16 per cent to 451 from 534, as sales jumped 20 per cent to 243 from 203. Although the average price was down three per cent, to $333,295 from $343,361, dollar volume rose 16 per cent to $81 million, up from $69.7 million.

Including the surrounding region, new listings were down 12 per cent to 694 from 791, while sales rose eight per cent to 317 from 294 for a dollar volume of $102.3 million, up one per cent from $101.7 million.

In the region alone, including communities such as Warman, Martensville and Dalmeny, new listings fell 11 per cent to 159 from 179, and sales were down nine per cent to 58 from 64. However, the average sales price rose four per cent to $314,650, up from $301,490, for a dollar volume drop of five per cent to $18.2 million.

“It’s encouraging to see strength in sales and a slight decline in listings coming to the market, to keep it balanced,” said Jason Yochim, CEO of the Saskatchewan REALTORS® Association (SRA.) All Saskatchewan REALTORS® associations will amalgamate under the SRA banner in January, 2020.

Year-to-date numbers reflect similar trends. So far this year, and with only one month to go, Saskatoon agents have listed 7,443 homes to the MLS®, down three per cent from 2018’s 7,646, and sold 3,401, up seven per cent from 3,167. Sales are also up from 2017’s 3,286.

The average sales price of $331,457 is statistically the same as last year’s, bringing the dollar volume up seven per cent to $1.1 billion, up from just over $1 billion.

In the region, 900 homes have sold so far in 2019, down five per cent from last year’s 943, and listings have fallen three per cent to 2,789 from 2,874. Dollar volume is down eight per cent to $265.5 million from $289.8 million. The average price dropped four per cent to $295,141 from $307,352.

At the end of the month, Saskatoon had 1,534 homes on the market, down 11 per cent from 1,716 at the same time last year, while the region had 947 homes, down eight per cent from 1,032.

“It’s healthy for the market to see the number of active listings continue to shrink slightly,” said Yochim. “Two years ago, we were tipping over 2,100 at the high-water mark, so 1,500 is certainly good.”

* statistics received from SRAR, Jason Yochim, CEO of SRA

As the weather cooled in October, residential sales in Saskatoon, Prince Albert and the Battlefords warmed over last year, the Saskatoon Region Association of REALTORS® (SRAR) reported today.

In the city of Saskatoon, sales rose seven per cent to 306, up from last October’s 285, helping to drive the dollar volume up five per cent to $97.5 million from $92.6 million. Listings also rose marginally to 599, up one per cent from 591. The average selling price fell two per cent to $318,450, down from $325,016.

Trevor Schmidt, interim CEO of SRAR, noted that the average five-year median sales price — $333,154 has not changed much over the past several years.

“This year, we’re tracking at the same level as the five-year average,” he said. “The market is neither high nor low; it has stabilized.

Another indication of stability in the Saskatoon market is the average length of time it takes to sell a home. Both in October and year-to-date, that average was 54 days.

“The five-year average is 55,” noted Schmidt. “Things have been quite stable considering what’s happened with the economy.”

“It shows the importance of using a REALTOR® to price properties according to what’s happening in the market, which helps foster a quicker sale.”

Year-to-date, 6,992 homes have been listed to the Multiple Listing Service® System (MLS®), down two per cent from 7,111 in 2018. Of those, 3,160 have sold, up seven per cent from 2,962, at an average price of $331,349 — statistically stable with last year’s $332,012. The dollar volume broke through the billion-dollar mark to $1.05 billion, up six per cent from $983.4 million last year.

In Saskatoon and area, which includes such communities as Dalmeny, Warman and Martensville, sales rose five per cent to 414, up from 393, in October. Year-to-date sales are up three per cent to 4,213 from 4,072, and also up from 4,099 in 2017.

Unit listings in the city and region fell two per cent to 889 from 904 last month, and also dropped two per cent year-to-date, ending October at 10,710, down from 10,895 in 2018. While the dollar volume was down two per cent in October, to $129.2 million from $132.4 million, the year-to-date volume is up two per cent to $1.365 billion from $1.342 billion.

The region alone saw a six per cent drop in listings, to 208 from 222, in October, and a seven per cent hike in sales to 88, up from 82 last year. Dollar volume in the region fell 13 per cent to $24.7 million from $28.5 million. The average selling price came in at $281,534, down 19 per cent from $348,038.

Active listings ended October down four per cent to 3,442 in Saskatoon and area, from 3,584 in 2018 and also down from 3,725 at this time in 2017. In the city, 1,712 listings were available, down five per cent from 1,808, and 1,020 homes were on the market in the region, down seven per cent from last year’s 1,095.

* statistics received from SRAR, Trevor Schmidt, Interim CEO of SRAR

The first month of autumn had spring in its step as Saskatoon’s residential housing market saw increases in listings, sales and the average price, according to statistics from the Saskatoon Region Association of REALTORS® (SRAR).

Sales rose 14 per cent to 305, up from last September’s 267 and 260 the year before, while the average price was up 10 per cent to $351,741 from $319,534. 

Those factors contributed to a 26 per cent jump in the dollar volume of sales, which came in at $107.3 million — well up from $85.3 million last September and $89.5 million in 2017.

More homeowners decided to put their properties on the market, as well, listing 717 homes, up 11 per cent from 647 last year.

“The market is really balanced right now,” said Trevor Schmidt, interim CEO of SRAR. “With the sales to listing ratio being at 43 per cent, it indicates both sellers and buyers are able to come together and get deals done. It’s a good situation for both seller and buyer.“

"If you go back six months, the market has been trending toward balance.”

Year-to-date, sales in the city are up seven per cent to 2,855 from 2,677, while listings have fallen two per cent to 6,393 from 6,520. The average price of $332,762 is practically unchanged from last year’s $332,757.

In the region surrounding Saskatoon, including the cities of Warman and Martensville, sales were down 11 per cent to 76 from 85 in September while listings rose 14 per cent to 227 from 199. The average selling price, however, was up three per cent to $302,502. Dollar volume came in at $22.9 million, down eight per cent from last year’s $25 million.

Regional year-to-date sales are down five per cent to 755 from 797, and listings are down one per cent to 2,422 from 2,454. The average price so far this year is down three per cent to $295,187 from $303,636, and dollar volume has fallen eight per cent to $222.8 million from $242 million.

At the end of September, active residential listings in the city were down two per cent to 1,896 from last year’s 1,944. Listings in the region were also down two per cent to 1,143 from 1,161.

* statistics received from SRAR, Trevor Schmidt, Interim CEO of SRAR

Saskatoon — Hot weather and summer holidays brought a slight cooling to Saskatoon
and region’s housing market, as sales and total dollar volume fell by 9.8 and 9.4 per cent
respectively from last July.

Multiple Listing Service® (MLS) sales totaled 481, down from 533, while listings rose a
marginal 0.4 per cent to 1,140. Dollar volume fell to $154.7 million from last year’s $170.7
million, reported the Saskatoon Region Association of REALTORS® (SRAR).

“Typically, people think summer will always be busy, but spring is the busiest market,” said
SRAR CEO Jason Yochim. “It tapers off a bit in summer. Winter weather can be brutal, and
people take advantage of summer when it’s here.”

Still, year-to-date numbers remain up over 2018. Sales rose 4.4 per cent to 2,968 from
2,843, while dollar volume is up 2.8 per cent to $964.7 million from $938.7 million. Listings
so far this year are down 2.2 per cent, to 7,724 from 7,900; and well down from 2017’s
8,692.

In the city of Saskatoon, July sales were exactly on par with last year’s 390 transactions
and well up from 310 in 2017. Dollar volume fell 1.7 per cent to $129.4 million, while
listings rose 5.5 per cent to 748 from 709.

Year-to-date, and largely due to a strong spring market, the city’s dollar volume is up six
per cent to $739 million from $696.4 million last year. Sales increased seven per cent to
2,228 from 2,081 and listings fell three per cent to 4,952 from 5,116.

Active listings in Saskatoon are down 5.7 per cent to 1,932 from 2,048 last year, while the
region’s listings are down 0.7 per cent to 1,213 from 1,221.

In July, the city’s sales-to-listings ratio reached 52 per cent, which is considered a balanced
market.

“Inventory levels are still declining, and that’s a good sign,” Yochim said. “The slight
decline over the last three years helps us maintain a balanced market.”

The city’s average price slipped 1.7 per cent to $331,780 in July. Year-to-date the price has
fallen one per cent to $331,649.

“It’s good to see in the city that while the average price dropped in 2017 and 2018, we’re
very close to those values, so it’s levelled a bit,” Yochim said. “Overall, it’s positive; it’s
stable. We’ve seen some good growth in Saskatoon in the last quarter. Our sales numbers
year-to-date are the highest in three years.”

The surrounding region saw less-robust interest from buyers. July sales dropped
nearly 40 per cent to 69 sales from last year’s 114, and dollar volume fell 35 per cent
to $21.5 million from $33 million. Listings were down 3.3 per cent to 291 from 301.

However, the region’s average sales price rose 7.5 per cent to $311,998 in July, up
from last year’s $290,322. To date, the price is down 5.2 per cent to $294,389.

Prince Albert and region saw a burst of activity in July, posting 75 sales for an increase
of 74.4 per cent from last year’s 43. That brings year-to-date sales to 345, up 5.8 per
cent from 326.

Dollar volume jumped accordingly by almost 49 per cent to $16 million, up from $10.8 million last year.

Listings were also up by 4.8 per cent in July to 152, but down by one to 1,052

year-to-date.

Average prices fell in both Prince Albert and region, by 12 per cent to $217,111 in the
city proper and 26.3 per cent to $190,991 in the region.

“A little pent-up demand finally kicked in, which is good. Buyers are seeing the
inventory they’re looking for to purchase,” Yochim said. “As you have lower sales, if it
starts to grow the inventory, you’re going to have more selection.”

The Battlefords region also saw an increase in sales, which rose 8.3 per cent to 39
in July and 2.7 per cent to 225 year-to-date. Dollar volume fell 19 per cent to $7.3
million from last July’s $9 million, and 14.4 per cent to $43.4 million year-to-date.

However, listings fell 12.6 per cent to 111 in July, and are down 10 per cent to 786
year-to-date. The average sales price is down seven per cent this year to $201,053.

Active listings are also down in The Battlefords by 11 per cent to 207, and “sales are
up over last year, so that’s a positive sign,” Yochim said.

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April house sales jump 18 per cent in Saskatoon regio

April housing demand in the Saskatoon region was the strongest in three years, as sales jumped 18 per cent over the same month of 2018.

The Saskatoon Region Association of REALTORS® (SRAR) reported 513 sales on the MLS® system, up from 433 last April and 414 in 2017. Those sales generated a dollar volume of $169.6 million, up 12 per cent from last year’s $152 million and 14 per cent from $147 million in 2017.

Year-to-date, sales are up seven per cent to 1,440, as compared to 1,342 in 2018 and 1,368 in 2017. Dollar volume is up three per cent to $460.2 million from last year’s $447.8 million. The spring market usually brings an increase in listings, and April followed that tradition. Listings rose four per cent to 1,295, although year-to-date listings are down slightly to 3,971 from 3,989.

Compared to the 4,475 properties posted in the first four months of 2017, however, listings are down significantly.

“People came out of hibernation and said, it’s time,” said Jason Yochim, CEO of SRAR. “We’re seeing the beginning of a spring market, which is nice.”

Other factors potentially influencing the market include stable interest rates and lower prices, he added.

“There’s less inventory and people are buying what they’re finding on the market,” Yochim said. “It’s feeling more like it’s time to make that move.”

In the city of Saskatoon, the number of properties brought to market actually fell two per cent in April to 774, down from 787 last year and significantly down from the 842 listed in April, 2017.

Year-to-date, 2,511 homes have been listed, down three per cent from 2,594 in the same period of 2018. Listings in 2017 were considerably higher, at 3,024.

April sales in the city proper came in at 380, up 14 per cent from last year’s 333 and generating a 16 per cent increase in the dollar volume, to $130.4 million. That figure is up from both 2018 and 2017, when $112.7 million and $113.6 million in sales were recorded, respectively.

So far this year, Saskatoon sales are up seven per cent to 1,047, up from 978 in 2018.

The average selling price in the city increased one per cent to $343,121 in April, up from $338,438 last year. Year-to-date, the price remains down by two per cent at $327,995.

The region surrounding Saskatoon, including towns and cities such as Warman, Martensville and Dalmeny, saw a whopping 25 per cent increase in dollar volume to $31 million on 105 sales, up 36 per cent from 77 last year. The average price was down eight per cent to $295,780.

Active listings in Saskatoon as of April 30 were down three per cent to 1,778 from 1,834 last year, and up four per cent in the region, to 1,083.

Stronger sales activity was reflected in Saskatoon’s sales to listing ratio, which at 49 per cent is considered a balanced market.

“It’s an encouraging sign,” said Yochim. “A balanced market offers a good equilibrium, with a good balance of buyers and product from sellers. Depending on how long it lasts, it helps slow the decline in pricing.”

New housing starts are down considerably, which is also affecting the market. March, for example, saw a 33 per cent drop in single family home starts and a 70 per cent fall in multiple units. It will take some time before the rising demand spurs more building, because there is always a lag between an improvement in sales and starts, Yochim said.

Prince Albert and region also recorded improved home sales, which rose 25 per cent to 60 units, up from 48 last year. Dollar volume jumped 26 per cent to $12.2 million from $9.7 million last April. Listings were up a marginal two per cent, to 168 from 165. In the city itself, sales were up 41 per cent to 38.

“That’s encouraging for P.A., because the market was quite depressed for a number of months,” Yochim said.

Activity was less robust in the Battlefords region. Sales rose 17 per cent in April to 35, up from 30 last April, but dollar volume dropped 35 per cent to $5 million from $8 million. Listings, however, fell seven per cent to 138.

Every market, including the strengthening Saskatoon market, comes with its own challenges for buyers and sellers, noted Yochim.

“If you want to know how the recent changes in the market affect your individual home and needs, it’s best to contact a SRAR member. They have the knowledge, experience and objectivity to help you make good decisions about your personal circumstances.”