SASKATCHEWAN - Saskatchewan reported 1,398 home sales in September, an eight-per-cent year-over-year increase and nearly 15 per cent above long-term, 10-year trends, the Saskatchewan Realtors Association says.
September marked the 15th consecutive month of above-average sales, with sales levels amongst the strongest ever reported for the month.
Strong gains in the detached sector drove much of the year-over-year sales growth, accounting for nearly 73 per cent of monthly sales. Sales levels also improved across nearly every region, with year-to-date sales on pace to be the second highest on record.
“Record population growth, favourable economic conditions, and an improving labour market continue to support strong demand in Saskatchewan’s housing market,” said CEO Chris Guérette. “When paired with easing lending rates, these factors are, without question, contributing to a 15th consecutive month of above-average sales.”
New listings trended down in September, a two-per-cent year-over-year decline and over 16 per cent below long-term trends. The pullback in new listings resulted in a 17-per-cent year-over-year inventory decline, nearly 40 per cent below the 10-year average — the lowest level reported in September since 2007.
Saskatchewan reported a residential benchmark price of $343,800 in September, down from $344,700 in August and nearly six per cent above September 2023, the SRA added. Meanwhile, all cities reported year-over-year benchmark price increases — with the largest increase (13 percent) in the City of Moose Jaw.
“Benchmark price reflects the price of a typical or average home for a specific location. Average and median prices are easily swayed by what is sold in that time frame,” the SRA explained.
“As a benchmark price is based on a typical home, price changes more accurately represent true price changes in the market as it is an apples-to-apples comparison.”
