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The Saskatchewan Realtors® Association has just published their most recent (Feb 2023) Sask Residential Market update for the province. This gives a look at how the 2023 winter market is progressing and they are reporting that:

SASKATCHEWAN FARING BETTER THAN OTHER MARKETS DESPITE INVENTORY CHALLENGES

There were 854 sales recorded across the province in February, a year-over-year decline of 19 per cent. However, while sales are down year-over-year, sales activity remains stronger than pre-pandemic levels and above long-term, 10-year averages.

As seen in prior months, Saskatchewan continues to report new listings and inventory levels significantly below long-term trends. There were 1,360 new listings in February, down 18 per cent year-over-year and nearly 28 per cent below 10-year averages. While the months of supply did push above six months, inventory levels were down 6 per cent year-over-year and 31 per cent below 10-year averages.

“We continue to see higher lending rates and supply challenges contribute to a pullback in sales,” said Association CEO Chris Guérette. “I’m beginning to sound like a broken record, but our biggest concern is still inventory levels, specifically in the more affordable segment of our housing continuum.”

The provincial benchmark price reached $318,500 in February, slightly higher than the $317,400 recorded the month prior and 0.4 percent higher than February 2022.

“Year-over-year sales declines were to be expected as we returned to a more balanced market where sales activity is more consistent with the historical 10-year averages,” said Guérette. “Saskatchewan remains one of the most affordable jurisdictions in the country with a resilient market that is well-positioned for stable demand in home ownership.”

Check out the image gallery below to see some key information in this market update. Details on the 2023 Winter statistics from each local region across the province can also be found in the full media release from the SRA in the news section of their website by clicking here.

Local regions covered by this Sask residential market update include:

  • Saskatoon and Region (including Martensville, Warman, and Humboldt)
  • Regina and Region
  • Melfort and Region
  • Moose Jaw and Region
  • North Battleford and Region (including Meadow Lake)
  • Prince Albert and Region
  • Swift Current and Region
  • Yorkton and Region (including Melville)
  • South East Saskatchewan and Region (including Estevan and Weyburn)

If you have questions or concerns about needing to buy a property right now or about real estate you own… Feel free to reach out to us. We are here to give you service and advice. Initial consultations are always free.

Post Author: flatlands_admin